This bill mandates the Office of Economic and Demographic Research to conduct a comprehensive study aimed at establishing a framework for the elimination of property taxes in Florida, specifically under chapters 192 through 196 of the Florida Statutes. The study will explore various methods to replace property tax revenues, including budget reductions and the implementation of sales-based and locally determined consumption taxes authorized by the Legislature.

The study is required to include an analysis of the potential impacts on public services, housing market fluctuations, business attractiveness, and overall economic stability. The findings of the study must be reported to the President of the Senate and the Speaker of the House of Representatives by October 1, 2025. The act is set to take effect on July 1, 2025.