Title: Homestead Assessments

Summary: Revising the limitation on annual increases of homestead property tax assessments, etc.

Full Text:
An act relating to homestead assessments; amending s. 193.155, F.S.; revising the limitation on annual increases of homestead property tax assessments; providing a contingent effective date. Be It Enacted by the Legislature of the State of Florida: Section 1. Subsection (1) of section 193.155, Florida Statutes, is amended to read: 193.155 Homestead assessments. Homestead property shall be assessed at just value as of January 1, 1994. Property receiving the homestead exemption after January 1, 1994, shall be assessed at just value as of January of the year in which the property receives the exemption unless the provisions of subsection (8) apply. (1) Beginning in 1995, or the year following the year the property receives homestead exemption, whichever is later, the property shall be reassessed annually on January 1. Any change resulting from such reassessment shall not exceed the lower of the following: (a)  Two Three percent of the assessed value of the property for the prior year; or (b) The percentage change in the Consumer Price Index for All Urban Consumers, U.S. City Average, all items 1967=100, or successor reports for the preceding calendar year as initially reported by the United States Department of Labor, Bureau of Labor Statistics. Section 2. This act shall take effect on the effective date of the amendment to the State Constitution proposed by SJR or a similar joint resolution having substantially the same specific intent and purpose, if such amendment to the State Constitution is approved at the next general election or at an earlier special election specifically authorized by law for that purpose.