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 assessed value, with limitations on increases not exceeding three percent or the percentage change in the Consumer Price Index. It also outlines how changes, additions, or improvements to these properties will be assessed, including provisions for properties damaged or destroyed by calamity. Additionally, the bill amends existing statutes to require annual applications for certain exemptions and to clarify the assessment process for properties that no longer meet eligibility requirements.

Furthermore, the bill creates section 196.034, which provides tax exemptions for certain residential properties under long-term leases, detailing the conditions under which these exemptions apply. It specifies that properties must be rented under a bona fide lease for at least six months and outlines the criteria for additional exemptions based on assessed valuation. The bill also includes provisions for properties that are damaged or destroyed, allowing them to maintain their exemption status under certain conditions. Overall, the legislation aims to provide clarity and consistency in the assessment and taxation of long-term leased residential properties in Florida.

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