FL H7019

The additional $25,000 homestead exemption (on assessed value above $50,000, for non-school levies) must be adjusted annually on January 1 for inflation, based on the percentage change in the Consumer Price Index for All Urban Consumers, but only if the change is positive.

Beginning in fiscal year 2025-2026, the Legislature is required to appropriate funds to offset ad valorem tax revenue losses experienced by fiscally constrained counties resulting from the constitutional amendment approved at the November 2024 general election, with distributions made each January proportional to each county's share of the total revenue reduction.

Fiscally constrained counties must apply to the Department of Revenue by November 15 each year with documentation from their property appraiser estimating the reduction in taxable value; a county's revenue loss is calculated as 95% of the estimated taxable value reduction multiplied by the lesser of the 2024 millage rate or the current year's applicable millage rate.

If a fiscally constrained county fails to apply for the distribution, its share reverts to the fund from which the appropriation was made.

The act takes effect contingent on voter approval of the related constitutional amendment proposed by HJR 7017 at the November 2024 general election, and first applies to the 2025 tax roll.