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FL S1512
Bill
Status
Failed
6/16/2025
Primary Sponsor
Finance and Tax
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AI Summary
- Creates a property tax exemption of up to $25,000 in assessed value (plus an additional $25,000 exemption on value above $50,000 for non-school levies) for residential property that is rented under a bona fide written lease of 6 months or more, provided the owner holds a homestead exemption on a separate primary residence
- Limits annual assessment increases on qualifying leased properties to the lower of 3% or the change in the Consumer Price Index, mirroring homestead assessment caps
- Restricts the exemption to one additional parcel per owner, limited to properties classified as single-family, mobile homes, or condominiums with nine or fewer units, and not eligible for assessment under the working waterfront property provision
- Requires property owners to file an annual application by March 1 that includes the address of their homesteaded property and an executed copy of the lease; damaged or destroyed properties may retain the exemption if the owner commits to repair or rebuild within 5 years
- Takes effect only if a corresponding amendment to the Florida State Constitution (proposed by SJR 1510 or similar joint resolution) is approved by voters at the next general election
Legislative Description
Property Tax Exemption and Assessment Limitation on Long-term Leased Property
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