The proposed bill introduces new provisions for property tax benefits in Florida, specifically targeting residential properties. It creates section 193.1553, which mandates that properties receiving certain tax exemptions be assessed based on the prior year's value, with limitations on increases. The bill outlines procedures for correcting erroneous assessments and requires property appraisers to remove assessment limitations and exemptions under specific circumstances. Additionally, it addresses properties that no longer meet eligibility requirements and establishes guidelines for assessing properties that have been damaged or destroyed. The bill also amends section 196.011, requiring applicants for tax exemptions to provide specific information, including social security numbers, and introduces new exemptions for first-time Florida homesteaders under section 196.078.

Furthermore, the bill establishes section 196.034, which outlines criteria for properties eligible for tax exemptions related to long-term leases, requiring applicants to file by March 1 each year with specific documentation. Properties meeting these criteria can receive an additional exemption of up to $25,000 on assessed valuations above $50,000, excluding school district levies. The new homestead exemption for first-time Florida homesteaders is set at 50% of the property's just value, capped at the county's median just value, and applies for five years or until the property is sold. The bill allows the Department of Revenue to adopt emergency rules for effective implementation and specifies that it will take effect upon the approval of a related constitutional amendment.

Statutes affected:
H 1259 Filed: 196.011, 193.1554, 194.032
H 1259 c1: 196.011, 193.1554, 194.032
H 1259 c2: 196.011, 193.1554, 194.032