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 outlines that such properties will be assessed based on the previous year's value, with limitations on increases, and specifies how changes, additions, or improvements to these properties will be assessed. It also includes provisions for properties that no longer meet eligibility requirements, mandating that they be assessed differently. Additionally, the bill amends sections 196.011 and 196.034 to require annual applications for tax exemptions and to define eligibility criteria for properties under long-term leases.

Furthermore, the bill makes conforming amendments to sections 193.1554 and 194.032 to align with the new provisions. It specifies that properties damaged or destroyed may retain their exemption status under certain conditions, and it establishes a timeline for property owners to commence repairs to avoid abandonment of the exemption. The bill also clarifies that properties assessed under this new section are not eligible for other specific assessments, ensuring a clear framework for property tax exemptions and assessments related to long-term leased properties. 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