The proposed bill introduces significant changes to property tax benefits for residential properties in Florida, particularly focusing on long-term leases and first-time homesteaders. It establishes section 193.1553, which mandates that properties receiving certain tax exemptions be assessed based on the previous year's value, with limitations on increases. The bill also outlines procedures for correcting erroneous assessments and requires property appraisers to remove assessment limitations and exemptions under specific circumstances. Additionally, it creates a new homestead exemption for first-time Florida homesteaders, allowing a 50% exemption on the property's just value for five years, contingent upon meeting specific conditions.

Moreover, the bill amends section 196.011 to require applicants for various tax exemptions to submit detailed information, including social security numbers, and creates section 196.034, which sets forth eligibility criteria for tax exemptions for properties damaged or destroyed under certain conditions. The legislation emphasizes compliance with assessment regulations and includes mechanisms to address fraudulent applications and erroneous assessments, potentially leading to back taxes and penalties. The Department of Revenue is also granted the authority to adopt emergency rules for implementing these new provisions, which will be effective for six months post-adoption. The act's implementation is contingent upon the approval of a related constitutional amendment in the next general election.

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