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, excluding school district levies, for qualifying individuals whose household income does not exceed $350,000, an increase from the previous limit of $20,000. The bill also specifies that the assessed value of the property must be equal to the homestead exemption, and it requires that the property has been the permanent residence of the owner for at least five years. Additionally, the income limitation will be adjusted annually based on the average cost-of-living index.

Furthermore, the bill authorizes 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. It also clarifies that veterans aged 65 or older who are partially or totally permanently disabled and do not qualify for the new exemption will still receive a discount on their ad valorem taxes. The amendments will first apply to the 2027 tax roll and the act will take effect contingent upon the approval of a related constitutional amendment.

Statutes affected:
S 272 Filed: 196.075, 196.082