Full Definition
Under F.S. 193.1555(5)(b), a change of ownership or control means any sale, foreclosure, or transfer of legal or equitable title, and any cumulative transfer of control or of more than 50% of the ownership of the legal entity that owned the property when it was last assessed at just value. Listed exceptions include correcting a title error, transfers between legal and equitable title, and certain changes in publicly traded companies through exchange trading. After a change, the property is assessed at just value as of January 1 of the following year.
Why It Matters
A buyer should not assume the seller's capped assessment carries over. Entity-level transfers can trigger a reset without a deed, so track cumulative ownership changes.
Sources & Further Reading
Educational summary, not tax or legal advice.