The bill establishes a new section, 193.1553, in the Florida Statutes, which outlines the assessment process for residential properties subject to long-term leases that receive a tax exemption under section 196.034. It specifies that such properties will be assessed based on the previous year's value, with limitations on increases, and details how changes, additions, or improvements to these properties will be assessed. Additionally, it mandates that properties that no longer meet the eligibility criteria will be assessed differently. The bill also amends existing statutes to require annual applications for certain exemptions and to clarify the conditions under which properties damaged or destroyed can maintain their exemption status.

Furthermore, the bill creates section 196.034, which provides tax exemptions for residential properties under long-term leases, detailing the eligibility criteria and the process for maintaining exemptions in cases of property damage. It also amends sections 196.011, 193.1554, and 194.032 to align with the new provisions. The effective date of the act is contingent upon the approval of a related constitutional amendment.

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