This bill introduces a new section, 193.1553, to the Florida Statutes, which establishes specific assessment procedures for residential properties subject to long-term leases that qualify for a tax exemption under section 196.034. The bill stipulates that such properties will be assessed based on the previous year's value, with limitations on increases, and outlines how changes, additions, or improvements to these properties will be assessed. It also specifies that properties that no longer meet the eligibility criteria will be assessed differently. Additionally, the bill amends sections 196.011 and 196.034 to require annual applications for tax exemptions and to define the conditions under which properties can receive these exemptions, including provisions for properties damaged or destroyed by calamity.

Furthermore, the bill makes conforming amendments to sections 193.1554 and 194.032 to align with the new provisions. It emphasizes that properties assessed under this new section must meet specific criteria and outlines the process for reassessment in the event of ownership changes or property damage. The bill is contingent upon the approval of a related constitutional amendment, which is set to be voted on in the next general election.

Statutes affected:
S 1512 Filed: 196.011, 193.1554, 194.032