FL S0686

Expands ad valorem tax exemption for U.S. property to include leasehold interests and improvements on federally-owned land used under the Military Housing Privatization Initiative of 1996 (10 U.S.C. § 2871 et seq.)

Defines covered improvements as actual housing units and directly related facilities including maintenance facilities, rental offices, parks, community centers, and recreational facilities.

Provides automatic exemption from ad valorem taxation without requiring property owners to file applications or obtain property appraiser approval.

Excludes transient public lodging establishments from the exemption and preserves existing municipal service agreements.

Applies retroactively to January 1, 2007, with effective date of July 1, 2015.