Bill Text: FL S1264 | 2022 | Regular Session | Introduced

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Bill Title: Ad Valorem Taxation

Spectrum: Partisan Bill (Republican 1-0)

Status: (Failed) 2022-03-14 - Died in Community Affairs [S1264 Detail]

Download: Florida-2022-S1264-Introduced.html

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       Florida Senate - 2022                                    SB 1264
       
       
        
       By Senator Brandes
       
       
       
       
       
       24-01361-22                                           20221264__
    1                        A bill to be entitled                      
    2         An act relating to ad valorem taxation; amending s.
    3         196.031, F.S.; providing for the periodic increase in
    4         the ad valorem taxation exemption on a homestead
    5         property’s assessed value that exceeds a specified
    6         amount; providing a contingent effective date.
    7          
    8  Be It Enacted by the Legislature of the State of Florida:
    9  
   10         Section 1. Subsection (1) of section 196.031, Florida
   11  Statutes, is amended to read:
   12         196.031 Exemption of homesteads.—
   13         (1)(a) A person who, on January 1, has the legal title or
   14  beneficial title in equity to real property in this state and
   15  who in good faith makes the property his or her permanent
   16  residence or the permanent residence of another or others
   17  legally or naturally dependent upon him or her, is entitled to
   18  an exemption from all taxation, except for assessments for
   19  special benefits, up to the assessed valuation of $25,000 on the
   20  residence and contiguous real property, as defined in s. 6, Art.
   21  VII of the State Constitution. Such title may be held by the
   22  entireties, jointly, or in common with others, and the exemption
   23  may be apportioned among such of the owners as reside thereon,
   24  as their respective interests appear. If only one of the owners
   25  of an estate held by the entireties or held jointly with the
   26  right of survivorship resides on the property, that owner is
   27  allowed an exemption of up to the assessed valuation of $25,000
   28  on the residence and contiguous real property. However, an
   29  exemption of more than $25,000 is not allowed to any one person
   30  or on any one dwelling house, except that an exemption up to the
   31  assessed valuation of $25,000 may be allowed on each apartment
   32  or mobile home occupied by a tenant-stockholder or member of a
   33  cooperative corporation and on each condominium parcel occupied
   34  by its owner. Except for owners of an estate held by the
   35  entireties or held jointly with the right of survivorship, the
   36  amount of the exemption may not exceed the proportionate
   37  assessed valuation of all owners who reside on the property.
   38  Before such exemption may be granted, the deed or instrument
   39  shall be recorded in the official records of the county in which
   40  the property is located. The property appraiser may request the
   41  applicant to provide additional ownership documents to establish
   42  title.
   43         (b) Every person who qualifies to receive the exemption
   44  provided in paragraph (a) is entitled to an additional exemption
   45  of up to $25,000 or the amount as determined under paragraph (c)
   46  on the assessed valuation greater than $50,000 for all levies
   47  other than school district levies.
   48         (c) On January 1, 2023, the additional exemption in
   49  paragraph (b) shall be equal to the greater of the prior year’s
   50  additional exemption or the prior year’s additional exemption
   51  multiplied by the percentage change in the All-Transactions
   52  House Price Index for Florida, Not Seasonally Adjusted published
   53  by the Federal Housing Finance Agency for the most recent 4
   54  quarter period ending September 30 compared to the 4-quarter
   55  period ending September 30 of the year immediately preceding the
   56  most recent period. The additional exemption must be
   57  recalculated beginning January 1, 2025, and each January 1 every
   58  5 years thereafter, using the same method.
   59         Section 2. This act shall take effect on the effective date
   60  of the amendment to the State Constitution proposed by SJR ___
   61  or a similar joint resolution having substantially the same
   62  specific intent and purpose, if such amendment to the State
   63  Constitution is approved at the general election held in
   64  November 2022 or at an earlier special election specifically
   65  authorized by law for that purpose.