Florida Senate - 2025                                     SB 488
       
       
        
       By Senator DiCeglie
       
       
       
       
       
       18-00892-25                                            2025488__
    1                        A bill to be entitled                      
    2         An act relating to affordable property ad valorem tax
    3         exemption for leased land; amending s. 196.1978, F.S.;
    4         authorizing certain leased land to qualify for a
    5         specified ad valorem tax exemption; providing an
    6         effective date.
    7          
    8  Be It Enacted by the Legislature of the State of Florida:
    9  
   10         Section 1. Paragraph (b) of subsection (1) of section
   11  196.1978, Florida Statutes, is amended to read:
   12         196.1978 Affordable housing property exemption.—
   13         (1)
   14         (b) Land that is owned entirely, or is leased from a
   15  housing finance authority pursuant to part IV of chapter 159, by
   16  a nonprofit entity that is a corporation not for profit,
   17  qualified as charitable under s. 501(c)(3) of the Internal
   18  Revenue Code and in compliance with Rev. Proc. 96-32, 1996-1
   19  C.B. 717, and is leased for a minimum of 99 years for the
   20  purpose of, and is predominantly used for, providing housing to
   21  natural persons or families meeting the extremely-low-income,
   22  very-low-income, low-income, or moderate-income limits specified
   23  in s. 420.0004 is exempt from ad valorem taxation. For purposes
   24  of this paragraph, land is predominantly used for qualifying
   25  purposes if the square footage of the improvements on the land
   26  used to provide qualifying housing is greater than 50 percent of
   27  the square footage of all improvements on the land. This
   28  paragraph first applies to the 2024 tax roll and is repealed
   29  December 31, 2059.
   30         Section 2. This act shall take effect July 1, 2025.