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Bill Summary · SB 284

Summary of SB 284: Assessment of Property Owned and Used by Small Businesses

Bill Information:
- Bill Number: SB 284
- Title: Assessment of Property Owned and Used by Small Businesses
- Status: Filed
- Introduced: October 23, 2025
- Classification: Bill
- Subject: Taxation and Finance
- Sponsor: Senator Bernard

Purpose and Intent

SB 284 aims to provide a more favorable property assessment framework for small businesses in Florida. The bill seeks to ensure that real property owned and used for commercial purposes by qualifying small businesses is assessed at its "just value," thereby potentially lowering their tax burden and promoting economic stability for these entities.

Key Provisions

  1. Definition of Small Business:

    • The bill defines "small business" in accordance with existing Florida law (s. 288.703).

  2. Assessment at Just Value:

    • Real property owned and used for commercial purposes by small businesses will be assessed at just value starting January 1 of the year following the property's qualification.

  3. Limit on Annual Assessment Increases:

    • The annual change in assessed value cannot exceed:
      • Three percent of the previous year's assessment, or
      • The percentage change in the Consumer Price Index (CPI) for All Urban Consumers, as reported by the U.S. Department of Labor.

  4. Adjustment of Assessed Value:

    • If the calculated assessed value exceeds the just value, the assessed value must be adjusted down to the just value.

  5. Change in Ownership or Control:

    • A change in ownership or control that disqualifies the property from being classified as owned and used by a small business will result in the property being assessed at just value as of January 1 of the following year.

  6. Department of Revenue Authority:

    • The Florida Department of Revenue is authorized to establish rules for the application and certification process for the assessment limitation and to conduct audits of small businesses receiving this limitation.

  7. Penalties for False Information:

    • Individuals who knowingly provide false information to obtain or retain the assessment limitation may face criminal charges (first-degree misdemeanor) and be liable for back taxes, penalties, and interest.

Impact

  • Who is Affected:

    • The bill primarily affects small businesses in Florida that own and use real property for commercial purposes. It aims to alleviate some of the financial pressures these businesses face by stabilizing property tax assessments.

  • Potential Benefits:

    • By limiting the increase in assessed property values, small businesses may experience reduced property tax liabilities, allowing them to allocate resources more effectively and potentially invest in growth.

Procedural Aspects

  • Effective Date:
    • The act will take effect contingent upon the approval of a related constitutional amendment proposed by SJR 282 or a similar resolution at the next general election or an earlier special election.

This summary provides an overview of SB 284, highlighting its objectives, key provisions, and potential impacts on small businesses in Florida.

Compiled from official sources — confirm details with the bill’s official record.

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