File #: 25-0185    Version: 1 Name:
Type: Resolution Status: General Agenda
File created: 12/1/2025 In control: Town Commission
On agenda: 12/16/2025 Final action:
Title: Resolution 2025-27 Multi-Family Middle Market Tax Exemption Opt-Out Summary: Section 196.1978 (3) (d) 1.a., Florida Statutes, provides an ad valorem tax exemption under the "Live Local Act Property Tax Exemption" of seventy-five percent of the assessed value of the units in qualified multifamily projects that are used to provide affordable housing. The Town Commission hereby finds that the latest Shimberg Center for Housing Studies Annual Report identifies in this metropolitan statistical area, the number of affordable and available units is greater than the number of renter households in the metropolitan statistical area. Based on this surplus in the metropolitan statistical area, the Town Commission hereby finds that the Town is a taxing authority that is eligible to adopt a resolution to not exempt properties that would otherwise be eligible for the Live Local Act Property Tax Exemption.
Attachments: 1. Resolution 2025-27 MultiFamily Middle Market Tax Exemption Opt-Out
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Summary

To: Town Commission

From: Gay Lancaster, Town Manager

Date: 12/16/2025

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Subject:

Title

Resolution 2025-27 Multi-Family Middle Market Tax Exemption Opt-Out

 

Summary:

Section 196.1978 (3) (d) 1.a., Florida Statutes, provides an ad valorem tax exemption under the “Live Local Act Property Tax Exemption” of seventy-five percent of the assessed value of the units in qualified multifamily projects that are used to provide affordable housing. The Town Commission hereby finds that the latest Shimberg Center for Housing Studies Annual Report identifies in this metropolitan statistical area, the number of affordable and available units is greater than the number of renter households in the metropolitan statistical area. Based on this surplus in the metropolitan statistical area, the Town Commission hereby finds that the Town is a taxing authority that is eligible to adopt a resolution to not exempt properties that would otherwise be eligible for the Live Local Act Property Tax Exemption.

 

 

Body

Recommendation: Staff recommends approval.

 

 

Proposed Motion: I move approval of Resolution 2025-27.