Florida Senate - 2024 SB 978
By Senator Perry
9-00874-24 2024978__
1 A bill to be entitled
2 An act relating to reduction of assessed value;
3 amending s. 193.703, F.S.; revising the requirements
4 for property owners to receive a reduction in assessed
5 value of certain homestead properties; revising the
6 maximum value of such reduction; specifying the method
7 for assessing property when conditions are no longer
8 met to receive such reduction; providing a contingent
9 effective date.
10
11 Be It Enacted by the Legislature of the State of Florida:
12
13 Section 1. Subsections (1) through (4) and (6) of section
14 193.703, Florida Statutes, are amended to read:
15 193.703 Reduction in assessment for living quarters of
16 parents or grandparents.—
17 (1) In accordance with s. 4(f), Art. VII of the State
18 Constitution, a county may provide for a reduction in the
19 assessed value of homestead property for the portions which
20 results from the construction or reconstruction of the property
21 used for the purpose of providing living quarters for one or
22 more natural or adoptive parents or grandparents of the owner of
23 the property or of the owner’s spouse if at least one of the
24 parents or grandparents for whom the living quarters are
25 provided is at least 62 years of age.
26 (2) A reduction may be granted under subsection (1) only to
27 the owner of homestead property if applicable where the
28 construction or reconstruction, if any, is consistent with local
29 land development regulations.
30 (3) A reduction in assessment which is granted under this
31 section applies only to a separate, distinct living area,
32 including a second residential dwelling, construction or
33 reconstruction that occurred after the effective date of this
34 section to an existing homestead and applies only during taxable
35 years during which at least one such parent or grandparent
36 maintains his or her primary place of residence in such living
37 quarters within the homestead property of the owner.
38 (4) Such a reduction in assessment may be granted only upon
39 an application filed annually with the county property
40 appraiser. The application must be made before March 1 of the
41 year for which the reduction is to be granted. If the property
42 appraiser is satisfied that the property is entitled to a
43 reduction in assessment under this section, the property
44 appraiser must shall approve the application, and the value of
45 such living quarters residential improvements shall be excluded
46 from the value of the property for purposes of ad valorem
47 taxation. The value excluded may not exceed the lesser of the
48 following:
49 (a) The increase in assessed value resulting from
50 construction or reconstruction of the property, if applicable;
51 or
52 (b) Twenty percent of the total assessed value of the
53 property as improved.
54 (6) The property owner shall notify the property appraiser
55 when the property owner no longer qualifies for the reduction in
56 assessed value for living quarters of parents or grandparents,
57 and the previously excluded just value of such living quarters
58 improvements as of the first January 1 after the improvements
59 were substantially completed shall be added back to the assessed
60 value of the property. If such living quarters include
61 improvements that have not been previously assessed, the just
62 value of such improvements shall be the value of the
63 improvements as of the first January 1 after the improvements
64 were substantially completed.
65 Section 2. This act shall take effect on the effective date
66 of the amendment to the State Constitution proposed by SJR 976
67 or a similar joint resolution having substantially the same
68 specific intent and purpose, if such amendment to the State
69 Constitution is approved at the next general election or at an
70 earlier special election specifically authorized by law for that
71 purpose.