This bill amends Florida Statutes to expand the homestead exemption for individuals aged 65 and older. It provides a total exemption from ad valorem taxation on homestead property, excluding school district levies, for qualifying individuals whose household income does not exceed $350,000. The bill removes the previous income limitation of $20,000 and the requirement for property owners to have maintained their permanent residence for 25 years, reducing it to 5 years. Additionally, it allows for annual adjustments to the income limitation based on the cost-of-living index.

The bill also includes provisions for the Department of Revenue to adopt emergency rules to implement these changes, with such rules being effective for six months and renewable during the process of establishing permanent rules. Furthermore, it specifies that the amendments will first apply to the 2027 tax roll and establishes a contingent effective date based on the approval of a related constitutional amendment. The bill aims to provide greater financial relief to senior citizens by broadening the eligibility criteria for the homestead exemption.

Statutes affected:
S 272 Filed: 196.075, 196.082