HomeMy WebLinkAbout2024-10 Approval to Opt Out of the Live Local Act1
RESOLUTION NO. 2024-10
A RESOLUTION OF THE CITY OF OCOEE, FLORIDA, ELECTING TO
NOT EXEMPT CERTAIN PROPERTY UNDER SECTION 196.1978(3)(o)
AS ENACTED BY CHAPTER 2024-158, LAWS OF FLORIDA, AND
PROVIDING FOR SEVERABILITY AND AN EFFECTIVE DATE.
WHEREAS, Section 196.1978(3), Florida Statutes, contains the "Live Local Act
Property Tax Exemption," which requires the county property appraiser to exempt rental
properties from ad valorem taxation if the properties meet certain requirements under the
Live Local Act; and
WHEREAS, the Florida Legislature passed HB 7073 during the 2024 legislative
session; and
WHEREAS, on May 7, 2024, Governor Ron DeSantis signed HB 7073, which became
Chapter 2024-158, Laws of Florida; and
WHEREAS, Chapter 2024-158, Laws of Florida, which will be codified as Section
196.1978(3)(o), Florida Statutes, provides an exemption from ad valorem taxation for certain
properties deemed affordable housing for persons or families whose annual household
income is between 0 and 120 percent of the area median income (AMI) for households
within the
Orlando-Kissimmee, Florida Metropolitan Statistical Area (MSA); and
WHEREAS, Chapter 2024-158, Laws of Florida, provides that a taxing authority
(including the City of Ocoee (“City”)) is authorized to opt out of providing the Live Local Tax
Exemption if certain conditions are met, starting with the 2025 tax roll, if the City
Commission, by a two-thirds majority vote, finds that the latest Shimberg Center for Housing