Bill > S0284

This bill creates a new section of Florida law that provides a special property tax assessment method for small businesses, defined according to existing state statute. Under this legislation, real property owned and used for commercial purposes by a small business will be assessed at just value starting January 1 of the year following initial qualification, with subsequent annual increases in assessed value limited to either 3% or the change in the Consumer Price Index (CPI), whichever is less. If the calculated assessment exceeds the property's actual just value, the assessment will be lowered to match the just value. The bill stipulates that if ownership or control of the property changes in a way that disqualifies it from small business status, the property will be reassessed at full just value the following January. The Department of Revenue is required to establish rules for application, certification, and auditing of these assessment limitations. The bill includes criminal penalties for knowingly filing false information to obtain these tax benefits, with potential misdemeanor charges and requirements to pay back taxes, penalties, and interest. The bill's implementation is contingent on the passage of a related constitutional amendment.

https://www.flsenate.gov/Session/Bill/2026/284