As you may know, Senate Bill 33 (SB 33), as passed, primarily targets homestead (residential) property tax relief, which creates several indirect and direct consequences for commercial property owners.
Excluded from Assessment Caps: Unlike owner-occupied homes, commercial properties are not eligible for the new mandatory assessment caps.
Potential Tax Burden Shift: Because local governments (cities, counties, and school districts) may lose revenue due to capped residential assessments, they might choose to raise millage rates to cover budget shortfalls.
Sales Tax Impacts: The bill allows counties to implement a new 1% Local Homestead Option Sales Tax (LHOST) to further fund property tax reductions for homeowners.