The 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 bill stipulates that this exemption applies if the improvements on the land used for qualifying housing exceed 50% of the total improvements on the property.

The new provisions will take effect on July 1, 2025, and the exemption will first apply to the 2024 tax roll, with a repeal date set for December 31, 2059. This legislative change aims to enhance affordable housing options by providing tax relief to nonprofit organizations engaged in housing development for low-income populations.

Statutes affected:
S 488 Filed: 196.1978