Proposed constitutional amendment to limit property tax increases for homestead and nonhomestead properties with decreasing just valuation.

This bill proposes an amendment to the Florida State Constitution to prohibit increases in the assessed value of homestead and nonhomestead properties if their just valuation has decreased since the previous assessment. The amendment aims to protect property owners from higher property taxes when property values decline. The amendment would take effect on January 1, 2027, and applies to properties subject to the current 3 percent and 10 percent assessment limitations, respectively.

Proposed constitutional amendment to limit property tax increases for homestead and nonhomestead properties with decreasing just valuation.

This bill proposes an amendment to the Florida State Constitution to prohibit increases in the assessed value of homestead and nonhomestead properties if their just valuation has decreased since the previous assessment. The amendment aims to protect property owners from higher property taxes when property values decline. The amendment would take effect on January 1, 2027, and applies to properties subject to the current 3 percent and 10 percent assessment limitations, respectively.