FL
Florida House Bill H1503

Florida 2022 Regular Session

Florida House Bill H1503 Compare Versions

OldNewDifferences
11
22
3-CS/HB 1503 2022
3+HB 1503 2022
44
55
66
77 CODING: Words stricken are deletions; words underlined are additions.
8-hb1503-01-c1
8+hb1503-00
99 Page 1 of 3
1010 F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
1111
1212
1313
1414 A bill to be entitled 1
1515 An act relating to ad valorem taxation; amending s. 2
1616 196.031, F.S.; providing for the periodic increase in 3
1717 the exemption on a homestead property's assessed value 4
1818 that is greater than $50,000; providing an effective 5
1919 date. 6
2020 7
2121 Be It Enacted by the Legislature of the State of Florida: 8
2222 9
2323 Section 1. Subsection (1) of section 196.031, Florida 10
2424 Statutes, is amended to read: 11
2525 196.031 Exemption of homesteads. — 12
2626 (1)(a) A person who, on January 1, has the legal title or 13
2727 beneficial title in equity to real property in this state and 14
2828 who in good faith makes the property his or her permanent 15
2929 residence or the permanent residence of another or others 16
3030 legally or naturally depend ent upon him or her, is entitled to 17
3131 an exemption from all taxation, except for assessments for 18
3232 special benefits, up to the assessed valuation of $25,000 on the 19
3333 residence and contiguous real property, as defined in s. 6, Art. 20
3434 VII of the State Constitution. Such title may be held by the 21
3535 entireties, jointly, or in common with others, and the exemption 22
3636 may be apportioned among such of the owners as reside thereon, 23
3737 as their respective interests appear. If only one of the owners 24
3838 of an estate held by the entiretie s or held jointly with the 25
3939
40-CS/HB 1503 2022
40+HB 1503 2022
4141
4242
4343
4444 CODING: Words stricken are deletions; words underlined are additions.
45-hb1503-01-c1
45+hb1503-00
4646 Page 2 of 3
4747 F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
4848
4949
5050
5151 right of survivorship resides on the property, that owner is 26
5252 allowed an exemption of up to the assessed valuation of $25,000 27
5353 on the residence and contiguous real property. However, an 28
5454 exemption of more than $25,000 is not allowed to any one person 29
5555 or on any one dwelling house, except that an exemption up to the 30
5656 assessed valuation of $25,000 may be allowed on each apartment 31
5757 or mobile home occupied by a tenant -stockholder or member of a 32
5858 cooperative corporation and on each condominiu m parcel occupied 33
5959 by its owner. Except for owners of an estate held by the 34
6060 entireties or held jointly with the right of survivorship, the 35
6161 amount of the exemption may not exceed the proportionate 36
6262 assessed valuation of all owners who reside on the property. 37
6363 Before such exemption may be granted, the deed or instrument 38
6464 shall be recorded in the official records of the county in which 39
6565 the property is located. The property appraiser may request the 40
6666 applicant to provide additional ownership documents to establish 41
6767 title. 42
6868 (b) Every person who qualifies to receive the exemption 43
6969 provided in paragraph (a) is entitled to an additional exemption 44
70-of up to $25,000, or the amount as determined in paragraph (c), 45
71-on the assessed valuation greater than $50,000 for all levies 46
72-other than school district levies. 47
73- (c) On January 1, 2023, the additional exemption in 48
74-paragraph (b) shall be equal to the greater of the prior year's 49
75-additional exemption or the prior year's additional exemption 50
70+of up to $25,000, as determined in paragraph (c), on the 45
71+assessed valuation greater than $50,000 for all levies other 46
72+than school district levies. 47
73+ (c) Beginning January 1, 2023, and each January 1 48
74+thereafter, the exemption in paragraph (b) shall be equal to the 49
75+greater of the prior year's additional exemption or the prior 50
7676
77-CS/HB 1503 2022
77+HB 1503 2022
7878
7979
8080
8181 CODING: Words stricken are deletions; words underlined are additions.
82-hb1503-01-c1
82+hb1503-00
8383 Page 3 of 3
8484 F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
8585
8686
8787
88-multiplied by the percentage change in the All-Transactions 51
89-House Price Index for Florida, Not Seasonally Adjusted, 52
90-published by the Federal Housing Finance Agency for the most 53
91-recent 4-quarter period ending September 30 compared to the 4 -54
92-quarter period ending September 30 of the year immediately 55
93-preceding the most recent period. The additional exemption must 56
94-be recalculated on January 1, 2025, and each January 1 every 5 57
95-years thereafter, using the same method. 58
96- Section 2. This act shall take effect on the effective 59
97-date of the amendment to the State Constitution proposed by HJR 60
98-923 or a joint resolution having substantially the same specific 61
99-intent and purpose, if such amendment to the State Constitution 62
100-is approved at the general election held in November 2022 or at 63
101-an earlier special electio n specifically authorized by law for 64
102-that purpose. 65
88+year's additional exemption multiplied by the percentage change 51
89+in the Housing Price Index published by the Federal Housing 52
90+Finance Agency, All Transactions Index, Florida, Not Seasonally 53
91+Adjusted, for the most recent 4 -quarter period ending September 54
92+30 compared to the 4 -quarter period ending September 30 of th e 55
93+year immediately preceding the most recent period. 56
94+ Section 2. This act shall take effect on the effective 57
95+date of the amendment to the State Constitution proposed by HJR 58
96+923 or a joint resolution having substantially the same specific 59
97+intent and purpose, if such amendment to the State Constitution 60
98+is approved at the general election held in November 2022 or at 61
99+an earlier special election specifically authorized by law for 62
100+that purpose. 63