Florida's 'Glitch Bill' SB 328 Simplifies Affordable Housing Tax Exemption Process
The Florida Legislature has passed Senate Bill 328, also known as the LiveLocal Act 'glitch bill', on February 28, 2024. This bill aims to clarify and amend the 2023 Live Local Act affordable housing law, making three key modifications to the property tax exemption for middle-income multifamily rental units in Florida.
SB 328 introduces changes to the exemption process. Previously, both the Florida Housing Finance Corporation (FHFC) and the county property appraiser shared responsibility for granting and enforcing the exemption. Now, the county property appraiser holds full authority, with the option to verify incomes and ensure Rental Cap compliance.
The bill also clarifies that the exemption applies to the proportionate value of the land and common areas attributed to an affordable unit in Florida. Additionally, it relaxes the minimum affordable unit requirement for projects in the Florida Keys from 71 to 10 units.
One modification in SB 328 could potentially make it harder to obtain the exemption due to new constitutional requirements. Despite this, the bill is designed to simplify the exemption process by centralizing authority with the county property appraiser.
SB 328, if signed into law, will bring these changes to the property tax exemption for affordable multifamily middle-income rental units in Florida. The bill aims to streamline the exemption process while ensuring compliance with constitutional requirements. As of now, it's unclear how many local governments in Florida have issued guidelines to assist condominium owners with the application process under the new law.
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