This bill introduces a new section, 193.1553, to the Florida Statutes, which establishes a property tax exemption and assessment limitation for residential properties subject to long-term leases. Properties that qualify for this exemption will be assessed based on the previous year's assessed value, with annual increases capped at either three percent or the percentage change in the Consumer Price Index. The bill also outlines how changes, additions, or improvements to these properties will be assessed, including specific provisions for properties damaged or destroyed by calamity. If a property no longer meets the eligibility criteria, it will be assessed differently in subsequent years.

Additionally, the bill amends existing statutes, including section 196.011, which now requires applicants for certain tax exemptions to submit specific information, including social security numbers and lease agreements. It creates section 196.034, which provides tax exemptions for properties meeting certain conditions related to long-term leases, and specifies that properties damaged by misfortune may retain their exemption if the owner intends to repair or rebuild. The bill also makes conforming amendments to sections 193.1554 and 194.032 to align with these changes. 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