Assessment of Property with Decreasing Just Valuation

2026 Regular Session Introduced by Tina Polsky

The measure would bar increases in property assessments when the just value has fallen since the previous year, for homestead and certain nonhomestead properties.

Died in Finance and Tax

#(adopted) #constitutionalamendments

Overview

SJR 1610 is a proposed Florida constitutional amendment that would prevent increases in assessed value for certain properties when their just (market) value has declined. The measure applies to homestead and nonhomestead property subject to existing assessment limitations and would take effect January 1, 2027 if approved by voters.

Purpose and intent

The core goal is to protect property owners from increasing assessments when their property’s just value has decreased since the prior assessment.

It aims to ensure that the current 3 percent annual cap for homestead assessments and the 10 percent cap for nonhomestead assessments are not triggered by declines in just value, with exceptions noted for certain improvements or changes.

Key provisions and changes

Amends Article VII, Section 4, and creates a new Section in Article XII (Schedule) of the Florida Constitution.

General framework: Assessments must reflect a just valuation, with existing special treatment for various classes of property (agricultural, conservation, stock in trade, etc.). The amendment adds a specific prohibition on increasing assessments when the just value has decreased from the prior year.

Specific prohibition:

For homestead property and certain nonhomestead property still subject to current assessment limitations, assessments may not increase if the just value is less than the just value on the preceding January 1.
The prohibition does not apply to assessments related to changes, additions, reductions, or Improvements to the property.

Existing maximums remain in place:

Homestead assessments can increase no more than 3% or the CPI change, whichever is lower (with CPI defined as the U.S. Bureau of Labor Statistics index).
Nonhomestead (and other specified properties) are generally capped at 10% annual change, unless overridden by the just-value rule when value declines.

New homestead reduction mechanics for new homesteads (if applicable):

The amendment preserves existing “new homestead” protections that allow reduced assessments under specified conditions when a new homestead is established.

Other provisions:

The bill outlines severability and provides the effective date (January 1, 2027).
A ballot statement explains the amendment to voters.

Who would be affected

Homeowners with homestead exemptions experiencing declines in just value would see protections against assessment increases.

Nonhomestead property owners under current assessment limitations would similarly gain protection from increases when market value has fallen.

Property owners making changes, additions, repairs, or improvements would not benefit from the prohibition; assessments could still rise due to such changes as permitted by the subsection’s exceptions.

Governments and assessors must implement the rule within existing constitutional and statutory assessment frameworks.

Procedural and timeline aspects

Placement on the ballot: The amendment would be submitted to Florida voters at the next general election or an authorized special election.

Effective date: If approved, the amendment takes effect January 1, 2027.

Legislative process: The measure originated in the Senate (sponsored by Senator Polsky) and died in committee (Finance and Tax) in 2026, indicating it did not advance to a full vote in the Legislature that session.