THE BILL ITSELF
SB 1608
Assessment of Property with Decreasing Just Valuation
Florida Senate - 2026 SB 1608 By Senator Polsky 30-01519-26 20261608__
1
A bill to be entitled
2
An act relating to the assessment of property with
3
decreasing just valuation; amending ss. 193.155,
4
193.1554, and 193.1555, F.S.; prohibiting increases in
5
certain assessed valuations if the just value of the
6
property has decreased since the previous assessment;
7
providing a contingent effective date.
9
Be It Enacted by the Legislature of the State of Florida:
11
Section 1. Subsection (1) of section 193.155, Florida
12
Statutes, is amended, and subsection (4) of that section is
13
republished, to read:
14
193.155 Homestead assessments.—Homestead property shall be
15
assessed at just value as of January 1, 1994. Property receiving
16
the homestead exemption after January 1, 1994, shall be assessed
17
at just value as of January 1 of the year in which the property
18
receives the exemption unless the provisions of subsection (8)
19
apply.
20
(1) (a) Except as provided in paragraph (b) and subsection
21
(4), beginning in 1995, or the year following the year the
22
property receives homestead exemption, whichever is later, the
23
property shall be reassessed annually on January 1. Any change
24
resulting from such reassessment shall not exceed the lower of
25
the following:
26
1. (a) Three percent of the assessed value of the property
27
for the prior year; or
28
2. (b) The percentage change in the Consumer Price Index for
29
All Urban Consumers, U.S. City Average, all items 1967=100, or
30
successor reports for the preceding calendar year as initially
31
reported by the United States Department of Labor, Bureau of
32
Labor Statistics.
33
(b) Except as provided in subsection (4), the assessed
34
value of homestead property may not increase if the just value
35
of the property is less than the just value of the property on
36
the preceding January 1.
37
(4)(a) Except as provided in paragraph (b) and s. 193.624,
38
changes, additions, or improvements to homestead property shall
39
be assessed at just value as of the first January 1 after the
40
changes, additions, or improvements are substantially completed.
41
(b)1. Changes, additions, or improvements that replace all
42
or a portion of homestead property, including ancillary
43
improvements, damaged or destroyed by misfortune or calamity
44
shall be assessed upon substantial completion as provided in
45
this paragraph. Such assessment must be calculated using the
46
homestead property’s assessed value as of the January 1
47
immediately before the date on which the damage or destruction
48
was sustained, subject to the assessment limitations in
49
subsections (1) and (2), when:
50
a. The square footage of the homestead property as changed
51
or improved does not exceed 130 percent of the square footage of
52
the homestead property before the damage or destruction; or
53
b. The total square footage of the homestead property as
54
changed or improved does not exceed 2,000 square feet.
55
2. The homestead property’s assessed value must be
56
increased by the just value of that portion of the changed or
57
improved homestead property which is in excess of 130 percent of
58
the square footage of the homestead property before the damage
59
or destruction or of that portion exceeding 2,000 square feet.
60
3. Homestead property damaged or destroyed by misfortune or
61
calamity which, after being changed or improved, has a square
62
footage of less than 100 percent of the homestead property’s
63
total square footage before the damage or destruction shall be
64
assessed pursuant to subsection (5).
65
4. Changes, additions, or improvements assessed pursuant to
66
this paragraph must be reassessed pursuant to subsection (1) in
67
subsequent years. This paragraph applies to changes, additions,
68
or improvements commenced within 5 years after the January 1
69
following the damage or destruction of the homestead.
70
(c) Changes, additions, or improvements that replace all or
71
a portion of real property that was damaged or destroyed by
72
misfortune or calamity shall be assessed upon substantial
73
completion as if such damage or destruction had not occurred and
74
in accordance with paragraph (b) if the owner of such property:
75
1. Was permanently residing on such property when the
76
damage or destruction occurred;
77
2. Was not entitled to receive homestead exemption on such
78
property as of January 1 of that year; and
79
3. Applies for and receives homestead exemption on such
80
property the following year.
81
(d) Changes, additions, or improvements include
82
improvements made to common areas or other improvements made to
83
property other than to the homestead property by the owner or by
84
an owner association, which improvements directly benefit the
85
homestead property. Such changes, additions, or improvements
86
shall be assessed at just value, and the just value shall be
87
apportioned among the parcels benefiting from the improvement.
88
Section 2. Subsection (3) of section 193.1554, Florida
89
Statutes, is amended, and subsection (6) of that section is
90
republished, to read:
91
193.1554 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
94
residential property becomes eligible for assessment pursuant to
95
this section, the property shall be reassessed annually on
96
January 1. Any change resulting from such reassessment may not
97
exceed 10 percent of the assessed value of the property for the
98
prior year.
99
(b) Except for assessments described in subsection (6), for
100
all levies other than school district levies, the assessed value
101
of a nonhomestead residential property may not increase if the
102
just value of the property is less than the just value of the
103
property on the preceding January 1.
104
(6)(a) Except as provided in paragraph (b) and s. 193.624,
105
changes, additions, or improvements to nonhomestead residential
106
property shall be assessed at just value as of the first January
107
1 after the changes, additions, or improvements are
108
substantially completed.
109
(b)1. Changes, additions, or improvements that replace all
110
or a portion of nonhomestead residential property, including
111
ancillary improvements, damaged or destroyed by misfortune or
112
calamity must be assessed upon substantial completion as
113
provided in this paragraph. Such assessment must be calculated
114
using the nonhomestead property’s assessed value as of the
115
January 1 immediately before the date on which the damage or
116
destruction was sustained, subject to the assessment limitations
117
in subsections (3) and (4), when:
118
a. The square footage of the property as changed or
119
improved does not exceed 110 percent of the square footage of
120
the property before the damage or destruction; or
121
b. The total square footage of the property as changed or
122
improved does not exceed 1,500 square feet.
123
2. The property’s assessed value must be increased by the
124
just value of that portion of the changed or improved property
125
which is in excess of 110 percent of the square footage of the
126
property before the damage or destruction or of that portion
127
exceeding 1,500 square feet.
128
3. Property damaged or destroyed by misfortune or calamity
129
which, after being changed or improved, has a square footage of
130
less than 100 percent of the property’s total square footage
131
before the damage or destruction shall be assessed pursuant to
132
subsection (8).
133
4. Changes, additions, or improvements assessed pursuant to
134
this paragraph shall be reassessed pursuant to subsection (3) in
135
subsequent years. This paragraph applies to changes, additions,
136
or improvements commenced within 3 years after the January 1
137
following the damage or destruction of the property.
138
(c) Changes, additions, or improvements include
139
improvements made to common areas or other improvements made to
140
property other than to the nonhomestead residential property by
141
the owner or by an owner association, which improvements
142
directly benefit the property. Such changes, additions, or
143
improvements shall be assessed at just value, and the just value
144
shall be apportioned among the parcels benefiting from the
145
improvement.
146
Section 3. Subsection (3) of section 193.1555, Florida
147
Statutes, is amended, and subsection (6) of that section is
148
republished, to read:
149
193.1555 Assessment of certain residential and
150
nonresidential real property.—
151
(3) (a) Except as provided in paragraph (b), beginning in
152
the year following the year the property becomes eligible for
153
assessment pursuant to this section, the property shall be
154
reassessed annually on January 1. Any change resulting from such
155
reassessment may not exceed 10 percent of the assessed value of
156
the property for the prior year.
157
(b) Except for assessments described in subsection (6), for
158
all levies other than school district levies, the assessed value
159
of nonresidential real property may not increase if the just
160
value of the property is less than the just value of the
161
property on the preceding January 1.
162
(6)(a) Except as provided in paragraph (b), changes,
163
additions, or improvements to nonresidential real property shall
164
be assessed at just value as of the first January 1 after the
165
changes, additions, or improvements are substantially completed.
166
(b)1. Changes, additions, or improvements that replace all
167
or a portion of nonresidential real property, including
168
ancillary improvements, damaged or destroyed by misfortune or
169
calamity must be assessed upon substantial completion as
170
provided in this paragraph. Such assessment must be calculated
171
using the nonresidential real property’s assessed value as of
172
the January 1 immediately before the date on which the damage or
173
destruction was sustained, subject to the assessment limitations
174
in subsections (3) and (4), when:
175
a. The square footage of the property as changed or
176
improved does not exceed 110 percent of the square footage of
177
the property before the damage or destruction; and
178
b. The changes, additions, or improvements do not change
179
the property’s character or use.
180
2. The property’s assessed value must be increased by the
181
just value of that portion of the changed or improved property
182
which is in excess of 110 percent of the square footage of the
183
property before the damage or destruction.
184
3. Property damaged or destroyed by misfortune or calamity
185
which, after being changed or improved, has a square footage of
186
less than 100 percent of the property’s total square footage
187
before the damage or destruction shall be assessed pursuant to
188
subsection (8).
189
4. Changes, additions, or improvements assessed pursuant to
190
this paragraph must be reassessed pursuant to subsection (3) in
191
subsequent years. This paragraph applies to changes, additions,
192
or improvements commenced within 3 years after the January 1
193
following the damage or destruction of the property.
194
Section 4. This act shall take effect on the effective date
195
of the amendment to the State Constitution proposed by SJR ____
196
or a similar joint resolution having substantially the same
197
specific intent and purpose, if such amendment to the State
198
Constitution is approved at the next general election or at an
199
earlier special election specifically authorized by law for that
200
purpose.