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A bill to be entitled

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An act relating to homestead exemptions; amending s.

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193.155, F.S.; increasing the amount of the accrued

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benefit of a homestead exemption that can be transferred

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to a new homestead; providing a contingent effective date.

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

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     Section 1.  Subsection (8) of section 193.155, Florida

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Statutes, as amended by section 4 of chapter 2007-339, Laws of

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Florida, is amended to read:

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     193.155  Homestead assessments.--Homestead property shall be

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assessed at just value as of January 1, 1994. Property receiving

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the homestead exemption after January 1, 1994, shall be assessed

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at just value as of January 1 of the year in which the property

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receives the exemption unless the provisions of subsection (8)

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apply.

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     (8)  Property assessed under this section shall be assessed

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at less than just value following a change of ownership when the

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person who establishes a new homestead has received a homestead

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exemption as of January 1 of either of the 2 immediately

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preceding years. A person who establishes a new homestead as of

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January 1, 2008, is entitled to have the new homestead assessed

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at less than just value only if that person received a homestead

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exemption on January 1, 2007, and only if this subsection applies

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retroactive to January 1, 2008. The assessed value of the newly

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established homestead shall be determined as provided in this

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subsection.

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     (a)  If the just value of the new homestead as of January 1

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is greater than or equal to the just value of the immediate prior

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homestead as of January 1 of the year in which the immediate

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prior homestead was abandoned, the assessed value of the new

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homestead shall be the just value of the new homestead minus an

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amount equal to the lesser of $1 million $500,000 or the

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difference between the just value and the assessed value of the

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immediate prior homestead as of January 1 of the year in which

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the prior homestead was abandoned. Thereafter, the homestead

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shall be assessed as provided in this section.

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     (b)  If the just value of the new homestead as of January 1

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is less than the just value of the immediate prior homestead as

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of January 1 of the year in which the immediate prior homestead

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was abandoned, the assessed value of the new homestead shall be

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equal to the just value of the new homestead divided by the just

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value of the immediate prior homestead and multiplied by the

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assessed value of the immediate prior homestead. However, if the

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difference between the just value of the new homestead and the

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assessed value of the new homestead calculated pursuant to this

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paragraph is greater than $1 million $500,000, the assessed value

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of the new homestead shall be increased so that the difference

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between the just value and the assessed value equals $1 million

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$500,000. Thereafter, the homestead shall be assessed as provided

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in this section.

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     (c)  If two or more persons who have each received a

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homestead exemption as of January 1 of either of the 2

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immediately preceding years and who would otherwise be eligible

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to have a new homestead property assessed under this subsection

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establish a single new homestead, the reduction in just value is

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limited to the higher of the difference between the just value

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and the assessed value of either of the prior eligible homesteads

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as of January 1 of the year in which either of the eligible prior

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homesteads was abandoned, but may not exceed $1 million $500,000.

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     (d)  If two or more persons abandon jointly owned and

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jointly titled property that received a homestead exemption as of

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January 1 of either of the 2 immediately preceding years, and one

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or more such persons establish a new homestead that would

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otherwise be eligible for assessment under this subsection, each

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person establishing a new homestead is entitled to a reduction in

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just value for the new homestead equal to the just value of the

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prior homestead minus the assessed value of the prior homestead

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divided by the number of owners of the prior homestead. The total

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reduction in just value for all new homesteads established under

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this paragraph may not exceed $1 million $500,000. There shall be

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no reduction in assessed value of any new homestead unless the

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prior homestead is reassessed under subsection (3) or this

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subsection as of January 1 after the abandonment occurs.

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     (e)  In order to have his or her homestead property assessed

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under this subsection, a person must provide to the property

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appraiser a copy of his or her notice of proposed property taxes

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for an eligible prior homestead or other similar documentation at

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the same time he or she applies for the homestead exemption, and

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must sign a sworn statement, on a form prescribed by the

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department, attesting to his or her entitlement to the

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assessment.

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The department shall require by rule that the required

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documentation be submitted with the homestead exemption

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application under the timeframes and processes set forth in

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chapter 196 to the extent practicable, and that the filing of the

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statement be supported by copies of such notices.

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     Section 2.  This act shall take effect on the effective date

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of the amendment to the State Constitution contained in Senate

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Joint Resolution ____, or a similar constitutional amendment

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relating to an increase in the amount of the accrued benefit of a

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homestead exemption that can be transferred to a new homestead,

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but this act shall not take effect unless Senate Joint Resolution

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____, or a similar constitutional amendment, is approved by a

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vote of at least 60 percent of the electors of this state.