Bill > S0488

This bill amends Florida's affordable housing property tax exemption law to allow land leased from a housing finance authority to qualify for a property tax exemption, provided certain conditions are met. Specifically, the exemption applies to land leased for at least 99 years by a nonprofit, tax-exempt charitable corporation (as defined by IRS code 501(c)(3)) that uses the land predominantly for providing housing to individuals or families meeting specific income thresholds (extremely-low, very-low, low, or moderate-income levels). To be considered "predominantly used" for qualifying purposes, more than 50% of the improvements on the land must be dedicated to qualifying housing. The exemption will first apply to the 2024 tax roll and remains in effect until December 31, 2059, with the bill itself taking effect on July 1, 2025. This change aims to provide additional financial relief and incentives for nonprofit organizations developing affordable housing in Florida by reducing their property tax burden.

https://www.flsenate.gov/Session/Bill/2025/488