§ 2-25. Reduction in assessed value of homestead property.

(a)

Definitions. As used in this article:

(1)

Construction. The term "construction" means all types of construction governed by the Florida Building Code.

(2)

Reconstruction. The term "reconstruction" means all types of reconstruction governed by the Florida Building Code.

(3)

Primary place of residence. The term "primary place of residence" shall have the same meaning as "permanent residency" for establishing homestead exemption pursuant to F.S. § 196.031. The property appraiser may rely upon the factors listed in F.S. § 196.015, in determining whether the property is the primary place of residence for the applicant's parent or grandparent.

(b)

Authority for reduction in assessed value. In accordance with section 4(e), Article VII, of the Florida Constitution and F.S. § 193.703, the assessed value of homestead property may be annually reduced in accordance with the provisions of this article and applicable Florida Statutes, as the same may be amended from time to time, if the property has increased in value resulting from the construction or reconstruction of the property for the purpose of providing living quarters for one or more natural or adoptive parents or grandparents of the owner of the property or of the owner's spouse and if at least one of the parents or grandparents for whom the living quarters are provided resides thereon and is at least sixty-two (62) years of age.

(c)

Qualifications for reduction. The assessment reduction applies under the following circumstances:

(1)

The construction or reconstruction is substantially complete in the year prior to the January 1 in which the qualifying parent(s) or grandparent(s) first occupies the constructed or reconstructed living quarters.

(2)

At least one qualifying parent or grandparent maintains his or her primary place of residence in the constructed or reconstructed living quarters during the taxable year for which the reduction is claimed.

(3)

The assessment reduction shall be applied to the assessed value of the homestead property as calculated pursuant to Article VII, Section 4(c), Florida Constitution.

(4)

The construction or reconstruction is consistent with the local land development regulations.

(5)

The property to which the assessment reduction applies must qualify for a homestead exemption at the time the construction or reconstruction is substantially complete and each year thereafter.

(d)

Amount of reduction. The amount of the reduction shall not exceed the lesser of the following:

(1)

The increase in assessed value resulting from construction or reconstruction of the property; or

(2)

Twenty percent (20) of the total assessed value of the property as improved.

(e)

Process for claiming reduction. A reduction in assessment may be granted only upon an application filed annually with the Marion County Property Appraiser. An applicant is required to complete forms required by the property appraiser, including any affidavit regarding the age of the qualifying parent or grandparent and whether the living quarters are being used as the qualifying parent's or grandparent's primary place of residence for the year in which the reduction is sought. The application must be made before March 1 of the year for which the reduction is to be granted. Failure to file the application and required supporting documentation by March 1 in any given year shall constitute a waiver of the reduction in assessment for that year.

(f)

Property held jointly with right of survivorship. If title to the homestead property is held jointly with right of survivorship, the person residing on the property and otherwise qualifying may receive the entire amount of the reduction in assessed value.

(g)

Penalties for violation. Penalties for violation of this article shall be in accordance with general law.

(h)

Disqualification. When the property owner no longer qualifies for the reduction in assessed value for living quarters of parents or grandparents, the previously excluded just value of such improvements as of the first January 1 after the improvements were substantially completed shall be added back to the assessed value of the property.

(Ord. No. 07-04, §§ 1—8, 2-20-2007)