HB 0753CS


1The Finance & Tax Committee recommends the following:
3     Council/Committee Substitute
4     Remove the entire bill and insert:
A bill to be entitled
6An act relating to the deferral of ad valorem property
7taxes; amending s. 197.252, F.S.; decreasing the age and
8increasing the income threshold required for eligibility
9to defer ad valorem property taxes; decreasing the maximum
10interest rate that may be charged on deferred ad valorem
11taxes; providing an effective date.
13Be It Enacted by the Legislature of the State of Florida:
15     Section 1.  Paragraph (b) of subsection (2) and subsection
16(4) of section 197.252, Florida Statutes, are amended to read:
17     197.252  Homestead tax deferral.--
18     (2)
19     (b)  If In the event the applicant is entitled to claim the
20increased exemption by reason of age and residency as provided
21in s. 196.031(3)(a), approval of such application shall defer
22that portion of such ad valorem taxes plus non-ad valorem
23assessments which exceeds 3 percent of the applicant's
24household's income for the prior calendar year. If any such
25applicant's household income for the prior calendar year is less
26than $10,000, or is less than the amount of the household income
27designated for the additional homestead exemption pursuant to s.
28196.075 and the $12,000 if such applicant is 65 70 years of age
29or older, approval of the such application shall defer such ad
30valorem taxes plus non-ad valorem assessments in their entirety.
31     (4)  The amount of taxes, non-ad valorem assessments, and
32interest deferred pursuant to this act shall accrue interest at
33a rate equal to the semiannually compounded rate of one-half of
341 percent plus the average yield to maturity of the long-term
35fixed-income portion of the Florida Retirement System
36investments as of the end of the quarter preceding the date of
37the sale of the deferred payment tax certificates; however, the
38interest rate may not exceed 7 9.5 percent.
39     Section 2.  This act shall take effect July 1, 2006.

CODING: Words stricken are deletions; words underlined are additions.