No. SB 1430
Filed under Taxes & Budget.
Ad Valorem Tax Exemption for Nonprofit Homes for the Aged; Revising an eligibility requirement for Florida limited partnerships applying for ad valorem tax exemptions for nonprofit homes for the aged, etc.
Plain English Summary
AI-GENERATEDThe bill expands who can qualify for a property tax exemption. It allows limited partnerships where the general partner is wholly owned by a nonprofit, not just a nonprofit itself.
It also updates the legal reference for nonprofit status. The law now points to the current federal tax code section instead of the 1954 version.
These changes take effect for the 2027 tax roll. Existing exemptions are not affected, but new applicants must meet the updated criteria.
AIBroadens the types of entities that can qualify for the property tax exemption.
AIReplaces outdated legal references with current statutory language.
AISpecifies when the new eligibility rules begin to apply to property tax assessments.