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 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 and maintained continuous ownership until the application was filed. If a rescission is made, the property appraiser is required to adjust the tax roll accordingly before certification to the tax collector.

Additionally, the bill revises section 196.196 to clarify the conditions under which property is entitled to certain exemptions, particularly regarding religious activities. It defines "religious activities" and specifies that property used as a parsonage, burial grounds, or tomb owned by an exempt organization is considered used for religious purposes. The Department of Revenue is also 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.