No. SB 1350
Filed under Housing.
Affordable Housing Property Tax Exemptions; Defining the term “LURA”; revising conditions under which multifamily projects are considered property used for a charitable purpose and are eligible to receive an ad valorem property tax exemption; revising the list of units in multifamily projects which property appraisers are required to exempt; providing that certain annual compliance reports and statements from the Florida Housing Finance Corporation are presumptive evidence that certain properties meet certain limitations, etc.
Plain English Summary
AI-GENERATEDThe bill widens the property tax exemption for affordable housing by lowering the unit-count threshold from 70 to 50 units and shortening the construction window from 5 years to 2.
It creates a new 3-year opt-out mechanism for local governments, allowing them to deny exemptions in areas where affordable housing supply exceeds renter demand.
The legislation requires the state to publish annual housing reports by September 30, providing the data needed for local opt-out decisions.
AICreates a new legal definition for LURA and reduces the timeframe for a building to qualify as newly constructed from 5 years to 2 years.
AIReduces the minimum number of affordable units required in a newly constructed multifamily project to qualify for a tax exemption from 70 to 50 units.
AIAllows annual compliance reports from the Florida Housing Finance Corporation to serve as presumptive evidence that a property meets income and rent limits.
AIAllows local taxing authorities to opt out of granting exemptions for moderate-income units if local housing supply exceeds renter demand.
AIRequires property appraisers to issue verification letters confirming a project's eligibility for the exemption before construction begins.