The bill amends section 196.1978 of the Florida Statutes to expand the eligibility for the affordable housing property exemption to include certain leased land. Specifically, it allows land that is leased from a housing finance authority by a nonprofit entity, which is qualified as charitable under federal tax law, to qualify for an ad valorem tax exemption. The leased land must be used predominantly for providing housing to individuals or families that meet specified income limits and must be leased for a minimum of 99 years. The amendment clarifies that the land is considered predominantly used for qualifying purposes if the improvements for housing exceed 50% of the total improvements on the land.

The new provisions will take effect on July 1, 2025, and the exemption will first apply to the 2024 tax roll, with the provision set to be repealed on December 31, 2059. This change aims to promote affordable housing initiatives by providing tax relief to nonprofit organizations engaged in such efforts.

Statutes affected:
S 488 Filed: 196.1978