This bill amends section 196.1978 of the Florida Statutes regarding the affordable housing property tax exemption. It allows a taxing authority to opt out of exempting certain properties from ad valorem taxation, contingent upon a two-thirds vote and specific findings related to housing availability. The bill specifies that the authority must reference annual housing reports from the Shimberg Center for Housing Studies to determine if the number of affordable units exceeds the number of renter households in the area. Additionally, it clarifies that property owners in multifamily projects who received exemptions prior to the adoption of such ordinances can continue to receive them, provided they apply annually.

New provisions in the bill also allow property owners of multifamily projects that received final site plan approval within one year before the ordinance's adoption to apply for and maintain the exemption. The amendments will first apply to the 2027 property tax roll, and the act is set to take effect on July 1, 2026.

Statutes affected:
S 1520 Filed: 196.1978