CS/HB 71 Summary

• Creates Section 197.319, Florida Statutes, establishing a tax abatement program for residential improvements rendered uninhabitable by catastrophic events for at least 30 days.

• Defines "catastrophic event abatement" as the product of the damage differential multiplied by timely paid taxes levied in the year the event occurred, with damage differential calculated using percent change in property value and the ratio of uninhabitable days to 365 days.

• Requires property owners to file applications with the property appraiser either within 30 days of restoration or by March 1 of the following year, with late applications permitted if extenuating circumstances are demonstrated.

• Directs property appraisers to investigate applications and issue written statements to tax collectors, who then calculate the damage differential and process refunds equal to the catastrophic event abatement amount.

• Requires tax collectors to report annually to the Department of Revenue and affected local governments on total tax reductions granted under this program, and authorizes the Department of Revenue to adopt emergency rules for implementation.