Bill > S0278

This joint resolution proposes a constitutional amendment to limit property tax assessments for new homestead properties. Specifically, if a homestead property had an assessed value of less than $500,000 in the previous year and undergoes a change in ownership, the new assessed value cannot exceed 150 percent of the previous year's assessed value. This means that when someone buys a home that was previously valued at less than $500,000, their property tax assessment will be capped at 1.5 times the previous year's assessment, providing some protection against sudden large increases in property taxes. The amendment is designed to help homeowners by preventing dramatic tax assessment jumps when a property changes hands. The proposed change would take effect on January 1, 2027, and would apply to ad valorem (property) taxation purposes. The resolution requires voter approval and would be placed on a ballot for electorate consideration, allowing citizens to directly decide whether to implement this property tax assessment limitation.

https://www.flsenate.gov/Session/Bill/2026/278