Bill Text: FL S0978 | 2024 | Regular Session | Introduced

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Bill Title: Reduction of Assessed Value

Spectrum: Partisan Bill (Republican 1-0)

Status: (Failed) 2024-03-08 - Died in Finance and Tax [S0978 Detail]

Download: Florida-2024-S0978-Introduced.html

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       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.