Bill Summary

by Ingoglia

Assessment of Homestead Property; Prohibiting the assessed value of elevated homestead property from exceeding a specified amount for a specified timeframe under certain circumstances; requiring a property owner who uses a specified limitation to maintain active homeowner’s and flood insurances for a specified timeframe; providing that failure to maintain such coverage may result in the reassessment of the property’s value without a specified benefit; requiring that the assessed value of an elevated homestead property be recalculated at a specified time and in accordance with specified provisions, etc. Effective Date: On the effective date of the amendment to the State Constitution proposed by SJR 1190 or a similar joint resolution having substantially the same specific intent and purpose, if such amendment is approved at the next general election or at an earlier special election specifically authorized by law for that purpose

» S Community Affairs
   S Finance and Tax
   S Appropriations