The bill proposes the creation of a new section, 196.2003, in the Florida Statutes, which establishes an exemption from all taxation for real property valued at up to $100,000. This exemption is in accordance with the provisions outlined in section 3(h) of Article VII of the State Constitution. The intent of the bill is to provide financial relief to property owners by reducing their tax burden on real estate.

The act is designed to take effect contingent upon the approval of a proposed amendment to the State Constitution, specifically HJR 357 or a similar resolution with the same intent. This amendment must be approved during the next general election or an earlier special election authorized by law for this purpose.