FL S1314

Creates a 25-year tax reduction on operating taxes for qualifying affordable housing, elderly housing, and workforce housing projects built after July 1, 2019, in counties with populations of 825,000 or more located within one-half mile of mass transit or one-quarter mile of transit corridors.

Affordable housing projects must allocate at least 20% of units to households earning up to 50% of area median income, 20% at 80% of median income, and remaining units at 120% of median income.

For the first 16 years, qualifying projects receive a 100% tax reduction on base operating taxes with a maximum 2.5% annual adjustment; reduction percentages then decline over years 17-25 based on project type (affordable, workforce, or elderly housing).

Requires taxpayers to file annual reports confirming rent compliance, record a covenant restricting rents for the reduction period, and submit applications to the property appraiser by March 1 of the year following initial assessment.

Taxpayers who fail to maintain required rent restrictions are liable for back taxes, penalties, and interest; falsifying annual compliance reports constitutes a third-degree felony.