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FL H1257
Joint Resolution
Status
Failed
6/16/2025
Primary Sponsor
Commerce Committee
Click for details
AI Summary
- Proposes amendments to the Florida State Constitution (Article VII, Sections 3, 4, and 6) to be placed before voters at the next general election, with an effective date of January 1, 2027
- Authorizes the Legislature to provide two $25,000 ad valorem tax exemptions and a 3% annual assessment increase cap (matching homestead rules) for residential real property subject to a long-term lease of 6 continuous months or more, provided the property owner already receives a homestead exemption on a separate property and owns the leased property directly or through an LLC
- Creates a new additional homestead exemption for first-time homestead property owners (those who have not owned homestead property in the previous 4 calendar years), equal to 50% of the property's just value on January 1 of the year the homestead is established, capped at the county's median homestead just value, applying to all levies except school district levies
- The first-time homeowner exemption phases out over 5 years, reducing by 20% annually from the original exemption amount, and terminates if the property is sold before the 5-year period ends
- Requires that the existing $25,000 non-school homestead exemption and any future non-school homestead exemptions added after January 1, 2025, be adjusted annually for inflation based on the Consumer Price Index
Legislative Description
Property Tax Benefits for Residential Properties
Last Action
Died in Rules
6/16/2025
Committee Referrals
Commerce Committee4/2/2025
Housing, Agriculture & Tourism Subcommittee3/28/2025
Ways and Means Committee3/5/2025
Full Bill Text
No bill text available