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i <br />d <br />The undersigned Special Magistrate finds that the following below is controlling and or persuasive in the <br />recommendation: <br />Article 7, Section 4 (8) (a) of the Florida Constitution: <br />(8)a. A person who establishes a new homestead as of January 1 and who has received a homestead <br />exemption pursuant to Section 6 of this Article as of January 1 of any of the three years immediately <br />preceding the establishment of the new homestead is entitled to have the new homestead assessed at <br />less than just value. The assessed value of the newly established homestead shall be determined as <br />follows: <br />i <br />1. if the just value of the new homestead is greater than or equal to the just value of the prior <br />homestead as of January 1 of the year in which the prior homestead was abandoned, the assessed value <br />of the new homestead shall be the just value of the new homestead minus an amount equal to the <br />lesser of $500,000 or the difference between the just value and the assessed value of the prior <br />homestead las of January 1 of the year in which the prior homestead was abandoned. Thereafter, the <br />homestead Shall be assessed as provided in this subsection. <br />2. If the juist value of the new homestead is less than the just value of the prior homestead as of <br />January 1 of the year in which the prior homestead was abandoned, theassessed value of the new <br />homestead shall be equal to the just value of the new homestead divided by the just value of the prior <br />homestead `and multiplied by the assessed value of the prior homestead. However, if the difference <br />between the just value of the new homestead and the assessed value of the new homestead calculated <br />pursuant tothis sub -subparagraph is greater than $500,000, the assessed value of the new homestead <br />shall be incV eased so that the difference between the just value and the assessed value equals $500,000. <br />Thereafter, the homestead shall be assessed as provided in this subsection. <br />b. By general law and subject to conditions specified therein, the legislature shall provide for <br />application of this paragraph to property owned by more than one person. <br />Florida Stawte193.155 Homestead assessments. <br />(8) Property assessed under this section shall be assessed at less than just value when the person who <br />establishes'a new homestead has received a homestead exemption as of January 1 of any of the 3 <br />immediately preceding years. For purposes of this subsection, a husband and wife who owned and both <br />permanent] y resided on a previous homestead shall each be considered to have received the homestead <br />exemption even though only the husband or the wife applied for the homestead exemption on the <br />previous homestead. The assessed value of the newly established homestead shall be determined as <br />provided in jthis subsection. <br />(a) If the just 'value of the new homestead as of January 1 is greater than or equal to the just value of <br />the immediate prior homestead as of January 1 of the year in which the immediate prior homestead was <br />abandoned; the assessed value of the new homestead shall be the just value of the new homestead <br />minus an amount equal to the lesser of $500,000 or the difference between the just value and the <br />assessed value'of the immediate prior homestead as of January 1 of the year in which the prior <br />homestead as abandoned. Thereafter, the homestead shall be assessed as provided in this section. <br />I <br />i <br />—28— <br />