The bill, titled the "Freedom 1: Property Tax Relief Rollback for All Floridians Act," establishes a framework for determining the maximum county and school millage rates for the 2027-2028 fiscal year. It introduces a new section, 200.1851, to the Florida Statutes, which stipulates that the maximum millage rates for both county and school taxes will be set to generate the same ad valorem tax revenue as was collected in the 2022-2023 fiscal year. This provision aims to maintain tax revenue levels while potentially providing relief to property owners.

Additionally, the bill includes a provision for the repeal of this section on January 1, 2029, ensuring that the established rates are temporary and subject to future legislative review. The act is set to take effect on July 1, 2026, allowing for the implementation of these millage rate guidelines in advance of the specified fiscal year.