FL S1350

Expands eligibility for affordable housing property tax exemptions by reducing the minimum unit threshold from 70 to 50 units for multifamily projects and shortening the "newly constructed" timeframe from 5 years to 2 years

Creates a new "LURA" (land use restriction agreement) mechanism allowing properties with recorded 3-year agreements to receive presumptive eligibility for tax exemptions in the first taxable year after obtaining a certificate of occupancy

Requires property appraisers to issue verification letters within 30 days confirming whether proposed multifamily projects would qualify for exemptions if constructed as planned, with approved projects exempt from future opt-out ordinances

Tightens requirements for taxing authorities to opt out of the 75% exemption for moderate-income housing (80-120% AMI), requiring findings that affordable housing supply exceeded demand for each of the previous 3 years rather than just the most recent year

Moves the deadline for the Shimberg Center for Housing Studies annual housing report from December 31 to September 30, and authorizes the Department of Revenue to adopt emergency rules through July 1, 2028, with amendments first applying to the 2027 tax roll