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 $100,000 or less. This exemption is in accordance with the provisions outlined in section 3(h), Article VII of the State Constitution. The intent of this legislation is to provide financial relief to property owners by reducing their tax burden on real estate.

The bill includes a contingent effective date, meaning it will only take effect if a related 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 authorized by law. This ensures that the implementation of the property tax exemption is aligned with constitutional changes that support its establishment.