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FL S1510
Joint Resolution
Status
Failed
6/16/2025
Primary Sponsor
Finance and Tax
Click for details
AI Summary
- Proposes amendments to the Florida Constitution (Article VII, Sections 3 and 4) to authorize the Legislature to grant two $25,000 ad valorem tax exemptions on certain residential rental property subject to a written lease of 6 months or more
- Property owners must already hold legal or equitable title to a separate homestead-exempt property to qualify, and the leased property must be one that could qualify for homestead exemption if the owner lived there
- The first $25,000 exemption applies to assessed value up to $25,000; the second exemption applies to assessed value between $50,000 and $75,000 and excludes school district levies, mirroring the standard homestead exemption structure
- Creates a new assessment limitation capping annual increases on qualifying leased properties at the lower of 3% or the change in the Consumer Price Index, with reassessment at just value triggered by change of ownership or loss of homestead status
- The amendment would be submitted to voters at the next general election and, if approved, would take effect beginning with the 2027 tax roll
Legislative Description
Homestead Property Exemptions and Assessment Limitation
Last Action
Died in Rules
6/16/2025
Committee Referrals
Rules4/17/2025
Finance and Tax3/25/2025
Full Bill Text
No bill text available