Senate Bill sb1194c1

    Florida Senate - 2005                           CS for SB 1194

    By the Committee on Community Affairs; and Senator Bennett





    578-1827-05

  1                      A bill to be entitled

  2         An act relating to homestead assessments;

  3         providing an exception to requirements to

  4         assess certain homestead property at just value

  5         under certain circumstances; providing

  6         limitations; providing an effective date.

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  8  Be It Enacted by the Legislature of the State of Florida:

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10         Section 1.  Notwithstanding the provisions of section

11  193.155(4), Florida Statutes, the assessment at just value for

12  changes, additions, or improvements to homestead property

13  rendered uninhabitable in one or more of the named storms of

14  2004 shall be limited to the square footage exceeding 110

15  percent of the homestead property's total square footage.

16  Additionally, homes having square footage of 1,350 square feet

17  or less which were rendered uninhabitable may rebuild up to

18  1,500 total square feet and the increase in square footage

19  shall not be considered as a change, an addition, or an

20  improvement that is subject to assessment at just value. The

21  provisions of this section are limited to homestead properties

22  in which repairs are completed by January 1, 2008, and apply

23  retroactively to January 1, 2005.

24         Section 2.  This act shall take effect upon becoming a

25  law.

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    Florida Senate - 2005                           CS for SB 1194
    578-1827-05




 1          STATEMENT OF SUBSTANTIAL CHANGES CONTAINED IN
                       COMMITTEE SUBSTITUTE FOR
 2                         Senate Bill 1194

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 4  The CS clarifies provisions in the bill relating to the
    calculation of ad valorem assessment limitations for
 5  improvements/repairs to homestead properties damaged during
    the 2004 hurricane season.
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    The CS specifies that homestead properties having square
 7  footage less than 1,350 square feet may rebuild up to 1,500
    square feet without incurring additional assessment.
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    Te CS provides for retroactive application to January 1, 2005.
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CODING: Words stricken are deletions; words underlined are additions.