Florida Senate - 2024 SB By Senator Perry 9-00874-24 2024978__ CODING: Words stricken are deletions; words underlined are additions. A bill to be entitled

An act relating to reduction of assessed value; 2 amending s. 193.703, F.S.; revising the requirements for property owners to receive a reduction in assessed value of certain homestead properties; revising the maximum value of such reduction; specifying the method for assessing property when conditions are no longer met to receive such reduction; providing a contingent effective date. 9

Be It Enacted by the Legislature of the State of Florida: 11

Section 1. Subsections (1) through (4) and (6) of

section 13 193.703, Florida Statutes, are amended to read: 14 193.703 Reduction in assessment for living quarters of parents or grandparents.— 16

(1) In accordance with s. 4(f), Art. VII of the State Constitution, a county may provide for a reduction in the assessed value of homestead property for the portions which results from the construction or reconstruction of the property used for the purpose of providing living quarters for one or more natural or adoptive parents or grandparents of the owner of the property or of the owner’s spouse if at least one of the parents or grandparents for whom the living quarters are provided is at least years of age. 25

(2) A reduction may be granted under subsection (1) only to the owner of homestead property if applicable where the construction or reconstruction, if any, is consistent with local land development regulations. 29 Florida Senate - 2024 SB 978 9-00874-24 2024978__ CODING: Words stricken are deletions; words underlined are additions.

(3) A reduction in assessment which is granted under this

section applies only to a separate, distinct living area, 31 including a second residential dwelling, construction or reconstruction that occurred after the effective date of this

section to an existing homestead and applies only during taxable years during which at least one such parent or grandparent maintains his or her primary place of residence in such living quarters within the homestead property of the owner. 37

(4) Such a reduction in assessment may be granted only upon an application filed annually with the county property appraiser. The application must be made before March of the year for which the reduction is to be granted. If the property appraiser is satisfied that the property is entitled to a reduction in assessment under this section, the property appraiser must shall approve the application, and the value of such living quarters residential improvements shall be excluded from the value of the property for purposes of ad valorem taxation. The value excluded may not exceed the lesser of the following: 48

(

a) The increase in assessed value resulting from construction or reconstruction of the property, if applicable; 50 or 51

(

b) Twenty percent of the total assessed value of the property as improved. 53

(6) The property owner shall notify the property appraiser when the property owner no longer qualifies for the reduction in assessed value for living quarters of parents or grandparents, 56 and the previously excluded just value of such living quarters improvements as of the first January after the improvements Florida Senate - 2024 SB 978 9-00874-24 2024978__ CODING: Words stricken are deletions; words underlined are additions. were substantially completed shall be added back to the assessed value of the property.

If such living quarters include improvements that have not been previously assessed, the just value of such improvements shall be the value of the improvements as of the first January after the improvements were substantially completed. 64

Section 2. This act shall take effect on the effective date of the amendment to the State Constitution proposed by SJR 976 or a similar joint resolution having substantially the same specific intent and purpose, if such amendment to the State Constitution is approved at the next general election or at an earlier special election specifically authorized by law for that purpose. 71