Assessment of Homestead Property

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.