Bill

Bill > H0775


FL H0775

Assessment of Homestead Property


summary

Introduced
02/19/2025
In Committee
02/26/2025
Crossed Over
Passed
Dead

Introduced Session

2025 Regular Session

Bill Summary

An act relating to assessment of homestead property; amending s. 193.155, F.S.; revising the method of homestead property assessments; requiring assessments be at the most recent purchase price or, in the case of new construction, the cost of construction; requiring reassessment to be the prior assessed value or a specified calculation; requiring changes, additions, and improvements be assessed in a certain manner; amending s. 194.011, F.S.; conforming provisions to changes made by the act; authorizing the Department of Revenue to create a grant program for a certain purpose; authorizing the department to adopt rules; providing a contingent effective date.

AI Summary

This bill revises the method of assessing homestead property values in Florida, focusing on how property is valued for tax purposes. The key provisions include requiring that homestead properties be assessed at their most recent purchase price or, for new construction, at the cost of construction. The bill mandates that annual reassessments can only increase the property's assessed value by a limited amount, typically tied to the prior year's assessed value. When a homestead property changes ownership, it will be reassessed at the new purchase price, with some exceptions for transfers between spouses or family members. The bill also specifies how changes, additions, or improvements to a homestead property should be assessed, generally using the documented cost of those improvements. Additionally, the bill authorizes the Department of Revenue to create a grant program to help local governments offset potential revenue losses resulting from these new assessment methods. The legislation is contingent on the approval of a related constitutional amendment, and it aims to provide more predictability and potentially lower property tax assessments for homeowners.

Committee Categories

Budget and Finance

Sponsors (3)

Last Action

Indefinitely postponed and withdrawn from consideration (on 05/03/2025)

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