Bill > S1192

This bill addresses the assessment of homestead properties that have been elevated to meet flood insurance or building code requirements. It introduces a new provision that allows homeowners who raise their property to comply with flood protection standards to have their property's assessed value frozen for 20 years, with the assessed value not exceeding the pre-elevation value (adjusted for normal limitations). To qualify, property owners must maintain both homeowners' and flood insurance throughout this period. If insurance coverage lapses, the property can be reassessed without the benefit of this limitation. After 15 years, the property's value will be recalculated, and any square footage exceeding 130% of the original property will be added to the assessed value. The bill defines key terms like "elevated homestead property" and "elevation certificate" and provides specific rules for calculating assessments, including exceptions for properties damaged by calamity. Property appraisers can request documentation like elevation certificates to verify eligibility. The provision applies to homestead properties where elevation begins on or after January 1, 2027, and is contingent upon the approval of a related constitutional amendment.

https://www.flsenate.gov/Session/Bill/2025/1192