S 1608

Florida Senate - 2026  SB 1608
By Senator Polsky
30-01519-26  20261608__
1A bill to be entitled
2An act relating to the assessment of property with
3decreasing just valuation; amending ss. 193.155,
4193.1554, and 193.1555, F.S.; prohibiting increases in
5certain assessed valuations if the just value of the
6property has decreased since the previous assessment;
7providing a contingent effective date.
8
9Be It Enacted by the Legislature of the State of Florida:
10
11Section 1. Subsection (1) of section 193.155, Florida
12Statutes, is amended, and subsection (4) of that section is
13republished, to read:
14193.155 Homestead assessments.—Homestead property shall be
15assessed at just value as of January 1, 1994. Property receiving
16the homestead exemption after January 1, 1994, shall be assessed
17at just value as of January 1 of the year in which the property
18receives the exemption unless the provisions of subsection (8)
19apply.
20(1)(a)Except as provided in paragraph (b) and subsection
21(4), beginning in 1995, or the year following the year the
22property receives homestead exemption, whichever is later, the
23property shall be reassessed annually on January 1. Any change
24resulting from such reassessment shall not exceed the lower of
25the following:
261.[(a)] Three percent of the assessed value of the property
27for the prior year; or
282.[(b)] The percentage change in the Consumer Price Index for
29All Urban Consumers, U.S. City Average, all items 1967=100, or
30successor reports for the preceding calendar year as initially
31reported by the United States Department of Labor, Bureau of
32Labor Statistics.
33(b)Except as provided in subsection (4), the assessed
34value of homestead property may not increase if the just value
35of the property is less than the just value of the property on
36the preceding January 1.
37(4)(a) Except as provided in paragraph (b) and s. 193.624,
38changes, additions, or improvements to homestead property shall
39be assessed at just value as of the first January 1 after the
40changes, additions, or improvements are substantially completed.
41(b)1. Changes, additions, or improvements that replace all
42or a portion of homestead property, including ancillary
43improvements, damaged or destroyed by misfortune or calamity
44shall be assessed upon substantial completion as provided in
45this paragraph. Such assessment must be calculated using the
46homestead property’s assessed value as of the January 1
47immediately before the date on which the damage or destruction
48was sustained, subject to the assessment limitations in
49subsections (1) and (2), when:
50a. The square footage of the homestead property as changed
51or improved does not exceed 130 percent of the square footage of
52the homestead property before the damage or destruction; or
53b. The total square footage of the homestead property as
54changed or improved does not exceed 2,000 square feet.
552. The homestead property’s assessed value must be
56increased by the just value of that portion of the changed or
57improved homestead property which is in excess of 130 percent of
58the square footage of the homestead property before the damage
59or destruction or of that portion exceeding 2,000 square feet.
603. Homestead property damaged or destroyed by misfortune or
61calamity which, after being changed or improved, has a square
62footage of less than 100 percent of the homestead property’s
63total square footage before the damage or destruction shall be
64assessed pursuant to subsection (5).
654. Changes, additions, or improvements assessed pursuant to
66this paragraph must be reassessed pursuant to subsection (1) in
67subsequent years. This paragraph applies to changes, additions,
68or improvements commenced within 5 years after the January 1
69following the damage or destruction of the homestead.
70(c) Changes, additions, or improvements that replace all or
71a portion of real property that was damaged or destroyed by
72misfortune or calamity shall be assessed upon substantial
73completion as if such damage or destruction had not occurred and
74in accordance with paragraph (b) if the owner of such property:
751. Was permanently residing on such property when the
76damage or destruction occurred;
772. Was not entitled to receive homestead exemption on such
78property as of January 1 of that year; and
793. Applies for and receives homestead exemption on such
80property the following year.
81(d) Changes, additions, or improvements include
82improvements made to common areas or other improvements made to
83property other than to the homestead property by the owner or by
84an owner association, which improvements directly benefit the
85homestead property. Such changes, additions, or improvements
86shall be assessed at just value, and the just value shall be
87apportioned among the parcels benefiting from the improvement.
88Section 2. Subsection (3) of section 193.1554, Florida
89Statutes, is amended, and subsection (6) of that section is
90republished, to read:
91193.1554 Assessment of nonhomestead residential property.—
92(3)(a)Except as provided in paragraph (b) and subsection
93(6), beginning in the year following the year the nonhomestead
94residential property becomes eligible for assessment pursuant to
95this section, the property shall be reassessed annually on
96January 1. Any change resulting from such reassessment may not
97exceed 10 percent of the assessed value of the property for the
98prior year.
99(b)Except for assessments described in subsection (6), for
100all levies other than school district levies, the assessed value
101of a nonhomestead residential property may not increase if the
102just value of the property is less than the just value of the
103property on the preceding January 1.
104(6)(a) Except as provided in paragraph (b) and s. 193.624,
105changes, additions, or improvements to nonhomestead residential
106property shall be assessed at just value as of the first January
1071 after the changes, additions, or improvements are
108substantially completed.
109(b)1. Changes, additions, or improvements that replace all
110or a portion of nonhomestead residential property, including
111ancillary improvements, damaged or destroyed by misfortune or
112calamity must be assessed upon substantial completion as
113provided in this paragraph. Such assessment must be calculated
114using the nonhomestead property’s assessed value as of the
115January 1 immediately before the date on which the damage or
116destruction was sustained, subject to the assessment limitations
117in subsections (3) and (4), when:
118a. The square footage of the property as changed or
119improved does not exceed 110 percent of the square footage of
120the property before the damage or destruction; or
121b. The total square footage of the property as changed or
122improved does not exceed 1,500 square feet.
1232. The property’s assessed value must be increased by the
124just value of that portion of the changed or improved property
125which is in excess of 110 percent of the square footage of the
126property before the damage or destruction or of that portion
127exceeding 1,500 square feet.
1283. Property damaged or destroyed by misfortune or calamity
129which, after being changed or improved, has a square footage of
130less than 100 percent of the property’s total square footage
131before the damage or destruction shall be assessed pursuant to
132subsection (8).
1334. Changes, additions, or improvements assessed pursuant to
134this paragraph shall be reassessed pursuant to subsection (3) in
135subsequent years. This paragraph applies to changes, additions,
136or improvements commenced within 3 years after the January 1
137following the damage or destruction of the property.
138(c) Changes, additions, or improvements include
139improvements made to common areas or other improvements made to
140property other than to the nonhomestead residential property by
141the owner or by an owner association, which improvements
142directly benefit the property. Such changes, additions, or
143improvements shall be assessed at just value, and the just value
144shall be apportioned among the parcels benefiting from the
145improvement.
146Section 3. Subsection (3) of section 193.1555, Florida
147Statutes, is amended, and subsection (6) of that section is
148republished, to read:
149193.1555 Assessment of certain residential and
150nonresidential real property.—
151(3)(a)Except as provided in paragraph (b), beginning in
152the year following the year the property becomes eligible for
153assessment pursuant to this section, the property shall be
154reassessed annually on January 1. Any change resulting from such
155reassessment may not exceed 10 percent of the assessed value of
156the property for the prior year.
157(b)Except for assessments described in subsection (6), for
158all levies other than school district levies, the assessed value
159of nonresidential real property may not increase if the just
160value of the property is less than the just value of the
161property on the preceding January 1.
162(6)(a) Except as provided in paragraph (b), changes,
163additions, or improvements to nonresidential real property shall
164be assessed at just value as of the first January 1 after the
165changes, additions, or improvements are substantially completed.
166(b)1. Changes, additions, or improvements that replace all
167or a portion of nonresidential real property, including
168ancillary improvements, damaged or destroyed by misfortune or
169calamity must be assessed upon substantial completion as
170provided in this paragraph. Such assessment must be calculated
171using the nonresidential real property’s assessed value as of
172the January 1 immediately before the date on which the damage or
173destruction was sustained, subject to the assessment limitations
174in subsections (3) and (4), when:
175a. The square footage of the property as changed or
176improved does not exceed 110 percent of the square footage of
177the property before the damage or destruction; and
178b. The changes, additions, or improvements do not change
179the property’s character or use.
1802. The property’s assessed value must be increased by the
181just value of that portion of the changed or improved property
182which is in excess of 110 percent of the square footage of the
183property before the damage or destruction.
1843. Property damaged or destroyed by misfortune or calamity
185which, after being changed or improved, has a square footage of
186less than 100 percent of the property’s total square footage
187before the damage or destruction shall be assessed pursuant to
188subsection (8).
1894. Changes, additions, or improvements assessed pursuant to
190this paragraph must be reassessed pursuant to subsection (3) in
191subsequent years. This paragraph applies to changes, additions,
192or improvements commenced within 3 years after the January 1
193following the damage or destruction of the property.
194Section 4. This act shall take effect on the effective date
195of the amendment to the State Constitution proposed by SJR ____
196or a similar joint resolution having substantially the same
197specific intent and purpose, if such amendment to the State
198Constitution is approved at the next general election or at an
199earlier special election specifically authorized by law for that
200purpose.