Bill > S1520

This bill modifies the existing affordable housing property tax exemption by changing the criteria a local government (taxing authority) must meet to opt out of providing this exemption. Previously, a taxing authority could opt out if a specific housing report identified a shortage of affordable housing units for households earning up to 120% of the Area Median Income (AMI). The bill now requires the taxing authority to make a finding that annual housing reports from the Shimberg Center for Housing Studies identify a surplus of affordable and available units for renter households in that area for each of the previous three years, meaning there are more units than renter households in that income category. Importantly, even if a taxing authority opts out, properties in multifamily projects that had already received the exemption before the opt-out, or those that received final site plan approval within a year before the opt-out was adopted, can continue to receive the exemption as long as the owner reapplies and qualifies each year. These changes will apply to the property tax roll starting in 2027, and the bill itself takes effect on July 1, 2026.

Budget and Finance

https://www.flsenate.gov/Session/Bill/2026/1520