The bill amends section 196.041 of the Florida Statutes to clarify the eligibility criteria for homestead exemptions related to leasehold interests. It specifies that lessees who own a leasehold interest in a bona fide lease with an original term of 98 years or more, even if the lease includes a provision that terminates the leasehold upon the death of the lessees, are eligible for homestead exemptions. Additionally, it includes provisions for persons holding leases of 50 years or more that existed prior to June 19, 1973, and outlines that these individuals shall be deemed to have legal or beneficial and equitable title to the property for the purpose of homestead exemptions from ad valorem taxes.

The bill also states that the amendment is remedial and clarifying in nature, ensuring that the changes made to the law are intended to provide clearer guidance on the eligibility for homestead exemptions. The act will take effect upon becoming law.

Statutes affected:
H 227 Filed: 196.041
H 227 c1: 196.041