Bill > H0775

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.

Budget and Finance

https://www.flsenate.gov/Session/Bill/2025/775