The bill amends section 196.1978 of the Florida Statutes to allow certain leased land to qualify for an ad valorem tax exemption, specifically targeting land leased from a Housing Finance Authority by nonprofit entities. The new legal language specifies that land owned entirely or leased from a Housing Finance Authority, when used predominantly for providing housing to individuals or families within specified income limits, will be exempt from ad valorem taxation. The exemption applies if the leased land is utilized for housing purposes for a minimum of 99 years and if the improvements on the land dedicated to qualifying housing exceed 50% of the total improvements.

This exemption is set to first apply to the 2024 tax roll and will remain in effect until December 31, 2059. The bill is scheduled to take effect on July 1, 2025.

Statutes affected:
H 411 Filed: 196.1978