The bill amends section 200.065 of the Florida Statutes to revise the calculation of the rolled-back rate for ad valorem taxes and to impose new limitations on the maximum millage rate that can be levied by various taxing authorities. Specifically, it establishes that the maximum millage rate is set at 102 percent of the rolled-back rate, prohibiting any higher rates from being adopted. Additionally, if any taxing authority collects revenues exceeding this threshold, the excess must either be returned to taxpayers on a prorated basis or used to pay down debt.

The bill also includes provisions for the property appraiser to certify taxable values and provide instructions for computing millage rates. It clarifies that the rolled-back rate will be calculated inclusive of certain factors, such as new construction and geographic boundary changes, while also detailing the responsibilities of the Department of Revenue in administering these changes. The act is set to take effect on July 1, 2025.