SESSION WATCH
THE BILL ITSELF

SJR 278

Limitation on the Assessed Value of New Homestead Property

VERSION S 278 Filed · BACK TO THE SUMMARY · OFFICIAL RECORD

underlined language is being added; struck language is being deleted. Line numbers are the Legislature's own — the same ones amendments cite.

Florida Senate - 2026 SJR 278 By Senator Bernard 24-00423C-26 2026278__
1 Senate Joint Resolution
2 A joint resolution proposing an amendment to Section 4
3 of Article VII and the creation of a new section in
4 Article XII of the State Constitution to limit the
5 assessed value of new homestead property established
6 after a change of ownership which had an assessed
7 value of less than a certain amount to no more than
8 150 percent of the assessed value of the property for
9 the preceding year for ad valorem taxation purposes
10 and to provide an effective date.
12 Be It Resolved by the Legislature of the State of Florida:
14 That the following amendment to Section 4 of Article VII
15 and the creation of a new section in Article XII of the State
16 Constitution are agreed to and shall be submitted to the
17 electors of this state for approval or rejection at the next
18 general election or at an earlier special election specifically
19 authorized by law for that purpose:
20 ARTICLE VII
21 FINANCE AND TAXATION
22 SECTION 4. Taxation; assessments.—By general law
23 regulations shall be prescribed which shall secure a just
24 valuation of all property for ad valorem taxation, provided:
25 (a) Agricultural land, land producing high water recharge
26 to Florida’s aquifers, or land used exclusively for
27 noncommercial recreational purposes may be classified by general
28 law and assessed solely on the basis of character or use.
29 (b) As provided by general law and subject to conditions,
30 limitations, and reasonable definitions specified therein, land
31 used for conservation purposes shall be classified by general
32 law and assessed solely on the basis of character or use.
33 (c) Pursuant to general law tangible personal property held
34 for sale as stock in trade and livestock may be valued for
35 taxation at a specified percentage of its value, may be
36 classified for tax purposes, or may be exempted from taxation.
37 (d) All persons entitled to a homestead exemption under
38 Section 6 of this Article shall have their homestead assessed at
39 just value as of January 1 of the year following the effective
40 date of this amendment. This assessment shall change only as
41 provided in this subsection.
42 (1) Assessments subject to this subsection shall be changed
43 annually on January 1st of each year; but those changes in
44 assessments shall not exceed the lower of the following:
45 a. Three percent (3%) of the assessment for the prior year.
46 b. The percent change in the Consumer Price Index for all
47 urban consumers, U.S. City Average, all items 1967=100, or
48 successor reports for the preceding calendar year as initially
49 reported by the United States Department of Labor, Bureau of
50 Labor Statistics.
51 (2) No assessment shall exceed just value.
52 (3) After any change of ownership, as provided by general
53 law, homestead property shall be assessed at just value as of
54 January 1 of the following year, unless the provisions of
55 paragraph (8) or paragraph (9) apply. Thereafter, the homestead
56 shall be assessed as provided in this subsection.
57 (4) New homestead property shall be assessed at just value
58 as of January 1st of the year following the establishment of the
59 homestead, unless the provisions of paragraph (8) or paragraph
60 (9) apply. That assessment shall only change as provided in this
61 subsection.
62 (5) Changes, additions, reductions, or improvements to
63 homestead property shall be assessed as provided for by general
64 law; provided, however, after the adjustment for any change,
65 addition, reduction, or improvement, the property shall be
66 assessed as provided in this subsection.
67 (6) In the event of a termination of homestead status, the
68 property shall be assessed as provided by general law.
69 (7) The provisions of this amendment are severable. If any
70 of the provisions of this amendment shall be held
71 unconstitutional by any court of competent jurisdiction, the
72 decision of such court shall not affect or impair any remaining
73 provisions of this amendment.
74 (8)a. A person who establishes a new homestead as of
75 January 1 and who has received a homestead exemption pursuant to
76 Section 6 of this Article as of January 1 of any of the three
77 years immediately preceding the establishment of the new
78 homestead is entitled to have the new homestead assessed at less
79 than just value. The assessed value of the newly established
80 homestead shall be determined as follows:
81 1. If the just value of the new homestead is greater than
82 or equal to the just value of the prior homestead as of January
83 1 of the year in which the prior homestead was abandoned, the
84 assessed value of the new homestead shall be the just value of
85 the new homestead minus an amount equal to the lesser of
86 $500,000 or the difference between the just value and the
87 assessed value of the prior homestead as of January 1 of the
88 year in which the prior homestead was abandoned. Thereafter, the
89 homestead shall be assessed as provided in this subsection.
90 2. If the just value of the new homestead is less than the
91 just value of the prior homestead as of January 1 of the year in
92 which the prior homestead was abandoned, the assessed value of
93 the new homestead shall be equal to the just value of the new
94 homestead divided by the just value of the prior homestead and
95 multiplied by the assessed value of the prior homestead.
96 However, if the difference between the just value of the new
97 homestead and the assessed value of the new homestead calculated
98 pursuant to this sub-subparagraph is greater than $500,000, the
99 assessed value of the new homestead shall be increased so that
100 the difference between the just value and the assessed value
101 equals $500,000. Thereafter, the homestead shall be assessed as
102 provided in this subsection.
103 b. By general law and subject to conditions specified
104 therein, the legislature shall provide for application of this
105 paragraph to property owned by more than one person.
106 (9) A person who acquires ownership of a property that had
107 an assessed value of less than $500,000 in the preceding year
108 and who qualifies for a homestead exemption under Section 6 of
109 this article is entitled to have the property assessed at less
110 than just value as of January 1 of the year following the change
111 of ownership. The assessed value of such property may not exceed
112 one hundred fifty percent (150%) of the assessed value of the
113 property for the preceding year. Thereafter, the homestead shall
114 be assessed as provided by general law.
115 (e) The legislature may, by general law, for assessment
116 purposes and subject to the provisions of this subsection, allow
117 counties and municipalities to authorize by ordinance that
118 historic property may be assessed solely on the basis of
119 character or use. Such character or use assessment shall apply
120 only to the jurisdiction adopting the ordinance. The
121 requirements for eligible properties must be specified by
122 general law.
123 (f) A county may, in the manner prescribed by general law,
124 provide for a reduction in the assessed value of homestead
125 property to the extent of any increase in the assessed value of
126 that property which results from the construction or
127 reconstruction of the property for the purpose of providing
128 living quarters for one or more natural or adoptive grandparents
129 or parents of the owner of the property or of the owner’s spouse
130 if at least one of the grandparents or parents for whom the
131 living quarters are provided is 62 years of age or older. Such a
132 reduction may not exceed the lesser of the following:
133 (1) The increase in assessed value resulting from
134 construction or reconstruction of the property.
135 (2) Twenty percent (20%) of the total assessed value of the
136 property as improved.
137 (g) For all levies other than school district levies,
138 assessments of residential real property, as defined by general
139 law, which contains nine units or fewer and which is not subject
140 to the assessment limitations set forth in subsections (a)
141 through (d) shall change only as provided in this subsection.
142 (1) Assessments subject to this subsection shall be changed
143 annually on the date of assessment provided by law; but those
144 changes in assessments shall not exceed ten percent (10%) of the
145 assessment for the prior year.
146 (2) No assessment shall exceed just value.
147 (3) After a change of ownership or control, as defined by
148 general law, including any change of ownership of a legal entity
149 that owns the property, such property shall be assessed at just
150 value as of the next assessment date. Thereafter, such property
151 shall be assessed as provided in this subsection.
152 (4) Changes, additions, reductions, or improvements to such
153 property shall be assessed as provided for by general law;
154 however, after the adjustment for any change, addition,
155 reduction, or improvement, the property shall be assessed as
156 provided in this subsection.
157 (h) For all levies other than school district levies,
158 assessments of real property that is not subject to the
159 assessment limitations set forth in subsections (a) through (d)
160 and (g) shall change only as provided in this subsection.
161 (1) Assessments subject to this subsection shall be changed
162 annually on the date of assessment provided by law; but those
163 changes in assessments shall not exceed ten percent (10%) of the
164 assessment for the prior year.
165 (2) No assessment shall exceed just value.
166 (3) The legislature must provide that such property shall
167 be assessed at just value as of the next assessment date after a
168 qualifying improvement, as defined by general law, is made to
169 such property. Thereafter, such property shall be assessed as
170 provided in this subsection.
171 (4) The legislature may provide that such property shall be
172 assessed at just value as of the next assessment date after a
173 change of ownership or control, as defined by general law,
174 including any change of ownership of the legal entity that owns
175 the property. Thereafter, such property shall be assessed as
176 provided in this subsection.
177 (5) Changes, additions, reductions, or improvements to such
178 property shall be assessed as provided for by general law;
179 however, after the adjustment for any change, addition,
180 reduction, or improvement, the property shall be assessed as
181 provided in this subsection.
182 (i) The legislature, by general law and subject to
183 conditions specified therein, may prohibit the consideration of
184 the following in the determination of the assessed value of real
185 property:
186 (1) Any change or improvement to real property used for
187 residential purposes made to improve the property’s resistance
188 to wind damage.
189 (2) The installation of a solar or renewable energy source
190 device.
191 (j)(1) The assessment of the following working waterfront
192 properties shall be based upon the current use of the property:
193 a. Land used predominantly for commercial fishing purposes.
194 b. Land that is accessible to the public and used for
195 vessel launches into waters that are navigable.
196 c. Marinas and drystacks that are open to the public.
197 d. Water-dependent marine manufacturing facilities,
198 commercial fishing facilities, and marine vessel construction
199 and repair facilities and their support activities.
200 (2) The assessment benefit provided by this subsection is
201 subject to conditions and limitations and reasonable definitions
202 as specified by the legislature by general law.
203 ARTICLE XII
204 SCHEDULE
205 Limitation on the assessed value of homestead property.
206 This section and the amendment to Section 4 of Article VII,
207 limiting the assessed value of new homestead property
208 established after a change of ownership which had an assessed
209 value of less than $500,000 in the preceding year to no more
210 than one hundred fifty percent (150%) of the assessed value of
211 the property for the preceding year for ad valorem taxation
212 purposes, shall take effect January 1, 2027.
213 BE IT FURTHER RESOLVED that the following statement be
214 placed on the ballot:
215 CONSTITUTIONAL AMENDMENT
216 ARTICLE VII, SECTION 4
217 ARTICLE XII
218 LIMITATION ON THE ASSESSMENT OF HOMESTEAD PROPERTY.
219 Proposing an amendment to the State Constitution to limit the
220 assessed value of new homestead property established after a
221 change of ownership which had an assessed value of less than
222 $500,000 in the preceding year to no more than 150 percent of
223 the assessed value of the property for the preceding year for ad
224 valorem taxation purposes. This amendment takes effect January
225 1, 2027.