Bill > H1103

This Joint Resolution proposes an amendment to the Florida State Constitution that would allow newly established homestead property, meaning a primary residence, to be assessed for property tax purposes at less than its full market value, or "just value," under specific conditions. Currently, homestead property is assessed at its just value as of January 1 of the year after it becomes a homestead, with annual increases capped at 3% or the rate of inflation. This amendment, however, would create a new provision allowing for a lower assessment if the property was previously taxed as "nonhomestead property" (meaning it wasn't someone's primary residence) and the ownership has not changed. The increase in the assessed value for such a new homestead would be limited to 10% of its previous year's assessment. This change is intended to provide some tax relief to individuals who are establishing a new homestead on property that was previously taxed differently and has remained under the same ownership, and it is set to take effect on January 1, 2025.