FL H0593

Beginning in fiscal year 2019-2020, the Legislature shall appropriate moneys to offset ad valorem tax revenue reductions experienced by fiscally constrained counties and rural communities within designated rural areas of opportunity resulting from a $25,000 homestead exemption for non-school district levies approved in the November 2018 constitutional amendment.

Appropriated funds shall be distributed annually in January to eligible counties and rural communities based on each region's proportional share of total ad valorem tax revenue reductions.

Fiscally constrained counties and rural communities must apply to the Department of Revenue by November 15 each year with documentation from property appraisers showing estimated reductions in taxable value and applicable millage rates.

Revenue reductions shall be calculated as 95 percent of the estimated reduction in taxable value multiplied by the lesser of the 2017 applicable millage rate or the current year rate for each county taxing jurisdiction.

If a fiscally constrained county or rural community fails to apply for the distribution, its share reverts to the fund from which the appropriation was made; the act takes effect contingent on approval of House Joint Resolution 7105 and applies to the 2019 tax roll.