Summary of SB 280 - Assessment of Homestead Property

Bill Information:
- Bill Number: SB 280
- Title: Assessment of Homestead Property
- Status: Filed
- Introduced: October 23, 2025
- Classification: Bill
- Subject: Taxation and Finance
- Sponsor: Senator Bernard

Purpose and Intent

SB 280 aims to amend the assessment process for homestead properties in Florida, specifically addressing how the assessed value of such properties is determined upon a change of ownership. The bill seeks to provide financial relief to individuals acquiring homestead properties with a prior assessed value below a specified threshold.

Key Provisions

1. Assessment Limitation:

   • The bill stipulates that if a homestead property with an assessed value of less than $500,000 is acquired by a person entitled to a homestead exemption, the new assessed value cannot exceed 150% of the previous year's assessed value.

2. Definition of Change of Ownership:

   • A change of ownership includes any sale, foreclosure, or transfer of legal or beneficial title to any person. However, several exceptions are outlined, including:
     • Transfers correcting an error.
     • Transfers between legal and equitable title without new applications for homestead exemption.
     • Transfers involving joint tenants with rights of survivorship.
     • Transfers to surviving spouses or minor children upon the owner's death.

3. Subsequent Assessments:

   • After the initial assessment following a change of ownership, the annual changes in assessed value will be subject to existing limitations in subsections (1) and (2) of the Florida Statutes.

Affected Parties

• Homebuyers: Individuals acquiring homestead properties valued under $500,000 who are eligible for a homestead exemption will benefit from the limitation on assessed value increases.
• Property Owners: Current owners of homestead properties may see a more stable assessment process, potentially reducing property tax burdens upon transfer of ownership.

Procedural Aspects

• Effective Date: The act will take effect contingent upon the approval of a related constitutional amendment proposed by SJR 278 or a similar resolution at the next general election or an earlier special election authorized by law.

Conclusion

SB 280 represents an effort to make homestead property ownership more accessible and financially manageable for eligible individuals in Florida. By limiting the assessed value increases upon ownership changes, the bill aims to provide stability and predictability in property taxation for new homeowners.