Adjusts the assessment of new homesteads in Florida to align with the State Constitution.

The bill modifies the assessment of new homesteads in Florida to ensure they align with the State Constitution. It specifies that if the just value of a new homestead is greater than $500,000, the assessed value will be adjusted so the difference between the just value and the assessed value equals $500,000. If the just value of the new homestead is less than the prior homestead, the assessed value will be calculated based on the ratio of the new homestead's just value to the prior homestead's just value. This change affects property owners establishing a new homestead after January 1, 1994.

Adjusts the assessment of new homesteads in Florida to align with the State Constitution.

The bill modifies the assessment of new homesteads in Florida to ensure they align with the State Constitution. It specifies that if the just value of a new homestead is greater than $500,000, the assessed value will be adjusted so the difference between the just value and the assessed value equals $500,000. If the just value of the new homestead is less than the prior homestead, the assessed value will be calculated based on the ratio of the new homestead's just value to the prior homestead's just value. This change affects property owners establishing a new homestead after January 1, 1994.