Homestead Assessment Limitation Transfer

SB 1184 clarifies and updates Florida's rules for transferring homestead assessment limitations when homeowners move to a new primary residence. It directly affects Florida homeowners who relocate between homestead properties, ensuring their new property's tax assessment reflects the value limit from their previous home. The bill specifies two key mechanisms: if the new home's market value is higher, the assessment is reduced by up to $500,000; if lower, the reduction is proportional but still capped at $500,000. This aligns existing assessment rules with the Florida Constitution and takes effect July 1, 2026. The bill does not create new benefits but clarifies how current homestead assessment transfers work.