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FL S0488
Bill
AI Summary
- Amends Florida's affordable housing property ad valorem tax exemption (s. 196.1978, F.S.) to allow land leased from a housing finance authority under part IV of chapter 159 to qualify, in addition to land owned entirely by a qualifying nonprofit entity
- Qualifying nonprofit entities must be 501(c)(3) corporations in compliance with Rev. Proc. 96-32 and must lease the land for a minimum of 99 years for the purpose of providing affordable housing
- Housing must serve natural persons or families meeting extremely-low-income, very-low-income, low-income, or moderate-income limits as defined in s. 420.0004
- Land qualifies as "predominantly used" for affordable housing if more than 50% of the square footage of all improvements on the land is used for qualifying housing
- Effective date is July 1, 2025; the underlying exemption provision applies beginning with the 2024 tax roll and is set to repeal on December 31, 2059
Legislative Description
Affordable Property Ad Valorem Tax Exemption for Leased Land
Last Action
Died in Community Affairs
6/16/2025
Full Bill Text
No bill text available