FL S0552

Prohibits counties, school districts, and municipalities from levying ad valorem (property) taxes on tangible personal property, which includes business machinery, equipment, furniture, and fixtures

Removes the definition of "tangible personal property" from ad valorem taxation statutes and eliminates requirements for tangible personal property tax returns, filing deadlines, and assessment rolls

Repeals multiple existing exemptions that become unnecessary, including exemptions for renewable energy source devices and the $25,000 tangible personal property exemption for businesses

Requires any ad valorem tax levying, assessment, or collection on tangible personal property before January 1, 2027, to continue under existing law during the transition period

Takes effect only if voters approve a corresponding constitutional amendment (SJR 550) at the next general election or an earlier special election authorized for that purpose