| 1 | The Finance & Tax Committee recommends the following: |
| 2 |
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| 3 | Council/Committee Substitute |
| 4 | Remove the entire bill and insert: |
| 5 | A bill to be entitled |
| 6 | An act relating to homestead assessments; providing an |
| 7 | exception to requirements to assess certain homestead |
| 8 | property at just value under certain circumstances; |
| 9 | providing limitations; providing for retroactive |
| 10 | application; providing an effective date. |
| 11 |
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| 12 | Be It Enacted by the Legislature of the State of Florida: |
| 13 |
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| 14 | Section 1. Notwithstanding the provisions of s. |
| 15 | 193.155(4), Florida Statutes, the assessment at just value for |
| 16 | changes, additions, or improvements to homestead property |
| 17 | rendered uninhabitable in one or more of the named storms of |
| 18 | 2004 shall be limited to the square footage exceeding 110 |
| 19 | percent of the homestead property's total square footage. |
| 20 | Additionally, homes having square footage of 1,350 square feet |
| 21 | or less which were rendered uninhabitable may rebuild up to |
| 22 | 1,500 total square feet, and the increase in square footage |
| 23 | shall not be considered as a change, an addition, or an |
| 24 | improvement that is subject to assessment at just value. The |
| 25 | provisions of this section are limited to homestead properties |
| 26 | in which repairs are completed by January 1, 2008, and apply |
| 27 | retroactively to January 1, 2005. |
| 28 | Section 2. This act shall take effect upon becoming a law. |