The proposed 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 ensure that the ad valorem tax revenue remains the same as that collected during the 2022-2023 fiscal year. This approach aims to provide tax relief by preventing increases in millage rates.

Additionally, the bill includes a provision for the repeal of this section on January 1, 2029, and specifies that it will take effect on July 1, 2026. The legislation seeks to maintain tax stability for Floridians by capping millage rates at previous levels, thereby limiting potential tax increases in the specified fiscal year.