The bill proposes the creation of a new section, 193.1553, in the Florida Statutes, which outlines the assessment process for residential properties subject to long-term leases that qualify for a specific tax exemption under section 196.034. It establishes that such properties will be assessed based on the previous year's value with limitations on increases, and it details how changes, additions, or improvements to these properties will be assessed. Additionally, the bill amends existing statutes to require annual applications for certain exemptions, including the submission of lease agreements, and specifies conditions under which properties damaged or destroyed may retain their exemption status.

Furthermore, the bill introduces section 196.034, which provides tax exemptions for properties that meet specific criteria, including being rented under a bona fide lease for residential use. It also outlines the conditions under which properties can continue to receive exemptions after being damaged or destroyed, emphasizing the need for property owners to notify appraisers of their intent to repair or rebuild. The bill includes amendments to other sections to ensure consistency with these new provisions and establishes a contingent effective date tied to a proposed constitutional amendment.

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