Florida S1608 amends property assessment rules for residential and nonresidential properties damaged or destroyed by misfortune or calamity.

Florida S1608 modifies the assessment of property with decreasing just valuation. It prohibits increases in certain assessed valuations if the just value of the property has decreased since the previous assessment. For residential properties, changes, additions, or improvements must be assessed at just value as of the first January 1 after the changes, additions, or improvements are substantially completed. For nonresidential properties, changes, additions, or improvements must also be assessed at just value as of the first January 1 after they are substantially completed.

Florida S1608 amends property assessment rules for residential and nonresidential properties damaged or destroyed by misfortune or calamity.

Florida S1608 modifies the assessment of property with decreasing just valuation. It prohibits increases in certain assessed valuations if the just value of the property has decreased since the previous assessment. For residential properties, changes, additions, or improvements must be assessed at just value as of the first January 1 after the changes, additions, or improvements are substantially completed. For nonresidential properties, changes, additions, or improvements must also be assessed at just value as of the first January 1 after they are substantially completed.