Summary of SJR 278: Limitation on the Assessed Value of New Homestead Property

Bill Information:
- Bill Number: SJR 278
- Title: Limitation on the Assessed Value of New Homestead Property
- Status: Filed
- Introduced: October 23, 2025
- Classification: Joint Resolution
- Subject: Constitutional amendments, concurrent

Purpose and Intent

Senate Joint Resolution 278 (SJR 278) proposes an amendment to the Florida State Constitution aimed at limiting the assessed value of new homestead properties established after a change of ownership. The intent is to provide financial relief to homeowners by capping the assessed value for ad valorem taxation purposes, thereby potentially lowering property tax burdens.

Key Provisions

1. Assessment Limitation:

   • New homestead properties established after a change of ownership with an assessed value of less than $500,000 will be limited to an assessed value not exceeding 150% of the assessed value of the property for the preceding year.

2. Amendment to Article VII:

   • The resolution proposes changes to Section 4 of Article VII of the Florida Constitution, which governs taxation and assessments.

3. New Section in Article XII:

   • A new section will be created to outline the specific conditions under which the assessed value limitations will apply.

4. Assessment Adjustments:

   • The resolution details how the assessed value of new homestead properties will be calculated, including provisions for properties that have undergone changes, additions, or improvements.

5. Severability Clause:

   • If any part of the amendment is deemed unconstitutional, the remaining provisions will still remain in effect.

Who Would Be Affected

• Homeowners: Individuals who establish new homesteads after a change of ownership, particularly those whose properties had an assessed value of less than $500,000 in the preceding year.
• Local Governments: The bill may impact local government revenues derived from property taxes, as it limits the assessed values on which taxes are based.

Procedural Aspects

• The proposed amendment will be submitted to the electors of Florida for approval or rejection at the next general election or at an earlier special election authorized by law.
• The effective date of the amendment will be determined upon its approval.

Conclusion

SJR 278 seeks to amend the Florida Constitution to provide a cap on the assessed value of new homestead properties, aiming to alleviate property tax burdens for homeowners. If passed, this resolution could significantly impact property tax assessments and local government revenues in Florida.