FL S0772

Requires the Legislature to appropriate funds beginning in fiscal year 2019-2020 to offset ad valorem tax revenue reductions from a $25,000 homestead exemption approved by constitutional amendment in November 2018.

Extends eligibility for revenue offset appropriations to rural communities within rural areas of opportunity (as defined in s. 288.0656), in addition to fiscally constrained counties.

Distributes appropriated funds in January of each fiscal year based on each region's proportion of total ad valorem tax revenue reduction, calculated as 95 percent of estimated reduction in taxable value multiplied by applicable millage rates.

Requires fiscally constrained counties and rural communities to apply annually to the Department of Revenue by November 15 with documentation of estimated revenue reductions prepared by property appraisers, including millage rates and taxable value estimates.

Any region that fails to apply for the distribution forfeits its share, which reverts to the appropriations fund; takes effect upon approval of the November 2018 constitutional amendment and applies to the 2019 tax roll.