FL H7107

Increases homestead exemption from all non-school district taxes by up to $25,000 on assessed valuation greater than $50,000 and an additional $25,000 on assessed valuation greater than $100,000.

Modifies the rolled-back rate calculation for the 2019 tax roll to account for reduced taxable value resulting from the increased homestead exemption approved by constitutional amendment in November 2018.

Requires the Legislature to appropriate funds beginning in the 2019-2020 fiscal year to offset ad valorem tax revenue reductions in fiscally constrained counties caused by the increased exemptions.

Establishes that each fiscally constrained county's revenue offset shall be calculated as 95 percent of estimated taxable value reduction multiplied by the lesser of the 2017 applicable millage rate or current year millage rate.

Takes effect upon approval of the State Constitution amendment proposed by HJR 7105 at the November 2018 general election and applies to the 2019 tax roll.