This bill amends Florida's ad valorem taxation laws, specifically section 196.011, to allow taxpayers to rescind their homestead exemption applications under certain conditions. Taxpayers who have filed for a homestead exemption by March 1 can notify the property appraiser to rescind their application between August 1 and September 15 of the same taxable year. To qualify for rescission, the taxpayer must have owned the property as of January 1 of the previous year, the property must have been assessed under specific statutes, and the taxpayer must have maintained continuous ownership from the assessment date until the application filing. If rescinded, the property appraiser is required to adjust the tax roll accordingly.

Additionally, the bill revises section 196.196 to clarify the conditions under which property is entitled to certain exemptions, including defining "religious activities" and relocating provisions related to properties used as parsonages, burial grounds, or tombs. The Department of Revenue is authorized to adopt emergency rules to implement these changes, which will first apply to the 2026 tax roll. The act is set to take effect on July 1, 2025.