Public Policy
State:
LEGISLATIVE UPDATE FROM SPECIAL SESSION ON PROPERTY TAXES (from FHC)
The Florida Community Land Trust Institute, a collaboration between 1000 Friends of Florida and the Florida Housing Coalition, is pleased to announce that the Florida Legislature has evidenced substantial support for community land trusts by responding to the ad valorem tax challenge in effectively using the community land trust vehicle.
On June 14 th, 2007, the special session on property tax relief brought with it the passage of what had started out in the general session as HB 1151, filed by Representative Keith Fitzgerald addressing community land trust ad valorem taxes ( Florida Statute, Section 193.017).
HB 1 (2007 B) provides statutory direction to property appraisers to use the restriction on the resale price contained in the recorded ground lease when determining the value of the house and it exempts the value of the land owned by the community land trust . The new statute also defines community land trusts- to be a 501 (3)(c ) organization and has as one of its purposes the acquisition of land to be held in perpetuity for the primary purpose of providing affordable homeownership.
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