The bill amends Florida Statutes regarding ad valorem taxation, specifically allowing taxpayers to rescind their homestead exemption applications under certain conditions. A new subsection is added to section 196.011, which permits taxpayers who have filed for a homestead exemption by March 1 to notify the property appraiser of their decision to rescind the application between August 1 and September 15 of the same taxable year. To qualify for this rescindment, the taxpayer must have owned the property since January 1 of the previous year and maintained continuous ownership until the application was filed. If a rescindment occurs, the property appraiser is required to adjust the tax roll accordingly before certification to the tax collector.

Additionally, the bill revises section 196.196, which pertains to property exemptions for charitable, religious, scientific, or literary purposes. The term "religious activities" is defined, and the criteria for property owned by exempt organizations to qualify for exemptions are updated. The amendments clarify that property must be prepared for utilization in charitable, religious, scientific, or literary activities, rather than solely for religious use as a house of public worship. The bill also allows the Department of Revenue to adopt emergency rules to implement these changes, with the amendments taking effect on July 1, 2025, and applying to the 2026 tax roll.