FL H0495

Authorizes counties and municipalities to grant ad valorem tax exemptions to property owners whose multifamily projects of at least 50 dwelling units provide affordable housing for extremely-low-income, very-low-income, low-income, or moderate-income persons.

Allows exemptions of up to 75 percent of assessed value if at least 10 percent of project units are affordable housing, or up to 100 percent if 100 percent of units are affordable housing, with both requiring a recorded land use restriction agreement.

Permits exemption of up to 100 percent of common areas' assessed value if at least 25 percent of total project units are used for affordable housing with a recorded land use restriction agreement.

Imposes penalties and interest on organizations or persons who improperly receive exemptions or fail to use property for affordable housing within 5 years, including 15 percent annual interest and 50 percent tax penalty, but waives penalties if the exemption was granted due to property appraiser clerical error.

Amendments apply to taxable years beginning on or after January 1, 2023, and the act takes effect July 1, 2022.