This 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. The exemption is in accordance with the provisions outlined in section 3(h) of Article VII of the State Constitution.

The bill includes a contingent effective date, meaning it will only take effect if an amendment to the State Constitution, proposed by HJR 357 or a similar resolution, is approved during the next general election or an earlier special election specifically authorized for that purpose.