Navigating Change: Florida’s Senate Bill 102

Senate Bill (SB) 102, the “Live Local Act,” presents a remarkable opportunity for commercial property owners in Florida. The bill’s “Missing Middle” provision allows for significant ad valorem tax exemptions—ranging from 75 to 100%—for market-rate multifamily properties with 70 or more units. To qualify, properties must be completed within the last five years, include a substantial number of units designated as affordable housing, adhere to specific income limits, and provide a Market Rent Study conducted by a Florida State-Certified General Appraiser.

The application process for these exemptions is set to open this fall, with a critical deadline of December 31, 2024. The process involves detailed coordination with the Florida Housing Finance Corporation and the local property appraiser’s office. Timely and accurate application submission is crucial to benefit from these exemptions.

At Ryan, we are well-prepared to assist property owners in navigating this complex process. Our full-service approach includes managing the exemption application from start to finish and covering the cost of the required Market Rent Study through our network of local appraisers. You can review more information from our team here.

Contact us today to ensure compliance and maximize your savings under SB 102.