This bill amends Florida Statutes to establish new requirements for the assessment of resale-restricted affordable housing. It mandates that owners of such properties submit a specific application to the property appraiser, detailing the legal limitations on the property and including an affidavit affirming their obligation to adhere to resale restrictions. The bill also creates a new section defining terms related to resale-restricted affordable housing, including the criteria for what constitutes affordable housing and the nature of resale restrictions.

Additionally, the bill specifies that resale-restricted affordable housing must be assessed under existing valuation laws, recognizing it as a land-use regulation that imposes limitations on the property's highest and best use. The property appraiser is required to consider these limitations when determining the just valuation of the property. The effective date for this legislation is set for July 1, 2025.

Statutes affected:
S 556 Filed: 193.011