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. Additionally, it provides guidelines for properties that no longer meet eligibility requirements, ensuring they are assessed according to alternative methods. The bill also amends existing statutes to require annual applications for certain exemptions and clarifies the conditions under which properties damaged or destroyed may retain their exemption status.

Furthermore, the bill creates section 196.034, which details the eligibility criteria for tax exemptions on long-term leased properties, including requirements for the property owner and the nature of the lease. It allows for additional exemptions based on assessed valuations and outlines the process for maintaining exemptions in cases of property damage. The bill also amends sections 193.1554 and 194.032 to align with these changes, ensuring consistency across the statutes. The act is set to take effect contingent upon the approval of a related constitutional amendment.

Statutes affected:
S 1512 Filed: 196.011, 193.1554, 194.032
S 1512 c1: 196.011, 193.1554, 194.032