PLACEMENT: Consent
TITLE:
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REQUEST APPROVAL OF A RESOLUTION BY THE BOARD OF COUNTY COMMISSIONERS TO OPT-OUT OF AD VALOREM PROPERTY TAX EXEMPTION UNDER FLORIDA STATUTES ? 196.1978(3)(O) FOR THE 2025 TAX ROLL
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EXECUTIVE SUMMARY:
executive summary
Staff is presenting a draft resolution to be considered by the Board of County Commissioners of Martin County to opt-out of the middle-income affordable housing exemption. Staff has determined that Martin County meets the criteria necessary to be eligible to execute an opt-out tax exemption provision as provided by Section 196.1978(3)(o), Florida Statutes.
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DEPARTMENT: Administration
PREPARED BY: Name: George M. Stokus
Title: Assistant County Administrator
REQUESTED BY:
PRESET:
PROCEDURES: None
BACKGROUND/RELATED STRATEGIC GOAL:
The Martin County Board of County Commissioners (BCC) has raised several concerns with the "Live Local Act" and more specifically the property tax exemption for affordable housing units, which requires the Martin County Property Appraiser to exempt certain rental properties from ad valorum taxes. The tax exemption only applies to affordable housing multifamily rental units that meet the specific criteria found in Section 196.1978(3) of Florida Statutes. The statute was amended to allow taxing authorities to opt out of certain exemptions in the statute. Specifically, the County can opt out of the tax exemption established by Florida Statutes ? 196.1978, which provides a 75% ad valorem property tax exemption for multifamily affordable housing projects which are leased to tenants with income of more than 80% but not exceeding 120% of the median income. This amendment would not have impacted any exemptions given for the 2024 tax roll year; however, none were granted in Martin County. In addition, the opt-out provision does not apply to units occupied by tenants with 80% or less of median income, which is eligible for a 100% tax exemption.
ISSUES:
Martin ...
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