This bill amends section 196.1978 of the Florida Statutes to expand the eligibility for the affordable housing property exemption by allowing certain leased land to qualify for a specified ad valorem tax exemption. Specifically, it permits land that is either owned entirely or leased from a housing finance authority by a nonprofit entity, which is recognized as charitable under federal tax law, to be exempt from ad valorem taxation if it is leased for a minimum of 99 years and predominantly used for providing housing to individuals or families within specified income limits.

The amendment clarifies that the land must be predominantly used for qualifying housing purposes, defined as having more than 50 percent of the square footage of improvements dedicated to such use. This provision will first apply to the 2024 tax roll and is set to be repealed on December 31, 2059. The act is scheduled to take effect on July 1, 2025.

Statutes affected:
S 488 Filed: 196.1978