FL H7077

Increases the tangible personal property tax exemption from $25,000 to $50,000 of assessed value per tax return, effective for the 2025 tax roll.

Creates a new fund to offset ad valorem tax revenue losses experienced by fiscally constrained counties beginning in fiscal year 2025-2026, with distributions based on each county's proportion of total revenue reduction.

Requires fiscally constrained counties to apply by November 15 each year to the Department of Revenue with documentation from the property appraiser estimating taxable value reductions attributable to the constitutional amendment.

Calculates county compensation as 95 percent of estimated taxable value reduction multiplied by the lesser of the 2024 millage rate or current year millage rate for each county taxing jurisdiction.

Allows the Department of Revenue to adopt emergency rules for 6 months to administer the act and authorizes reversion of unallocated funds if counties fail to apply for distributions.