Bill > S0556

This bill establishes new rules for assessing resale-restricted affordable housing in Florida by amending existing property valuation statutes. The legislation defines key terms such as "501(c)(3) housing organization" (a nonprofit focused on providing affordable housing), "affordable housing" (property providing housing for low and moderate-income families), and "resale-restricted" (a legally enforceable deed restriction lasting 15 years or more that limits property resale to income-eligible buyers). The bill requires owners of such properties to submit a specific application to the property appraiser, including details about the legal limitations on the property and an affidavit confirming their commitment to resale restrictions. When determining the property's value, the property appraiser must now consider these resale restrictions as a land-use regulation that limits the property's highest and best use, which could potentially result in a lower assessed value. This approach aims to support affordable housing efforts by providing a valuation method that recognizes the unique constraints placed on these properties, ultimately making homeownership more accessible to lower-income families by maintaining affordability over an extended period.

https://www.flsenate.gov/Session/Bill/2025/556