The bill amends section 200.065 of the Florida Statutes, which pertains to the calculation of millage rates for ad valorem taxes. It introduces a revised method for determining the rolled-back rate, which is the millage rate that would generate the same tax revenue as the previous year, adjusted for certain factors. The new language specifies that the rolled-back rate will be calculated inclusive of new construction and other value changes, rather than exclusive. Additionally, the bill sets a maximum millage rate that can be levied at 102 percent of the rolled-back rate, prohibiting any higher rates from being adopted unless specific conditions are met. Furthermore, the bill mandates that any ad valorem revenues collected in excess of the 102 percent threshold must be returned to taxpayers on a prorated basis or used to pay down debt. This change aims to ensure that taxpayers are not overburdened by excessive tax revenues. The act is set to take effect on July 1, 2025, and includes provisions for how taxing authorities must handle their millage rates and the associated revenues.