Florida Statutes provide for two distributions to fiscally constrained counties based on reductions in taxable value caused by recent constitutional amendments. Both require funds to be appropriated by the Legislature.
Section 218.12, F.S., provides for a distribution to offset reductions in property tax revenue occurring as a result of the constitutional amendment approved on January 29, 2008. The provisions of this amendment include the $25,000 additional homestead exemption, the $25,000 tangible personal property exemption, homestead portability, and the 10% assessment increase limitation on non-homestead property.
Section 218.125, F.S., provides for a distribution to offset reductions in property tax revenue occurring as a direct result of the constitutional amendment approved on November 4, 2008. The provisions of this amendment allow an exemption for real property dedicated in perpetuity for conservation purposes and a classified use assessment for certain land used for conservation purposes.
For fiscal year 2014-15, the legislature appropriated $23.2 million for distribution pursuant to s. 218.12 F.S., and $300,000 for the impact of conservation lands. Section 218.12, F.S., states that on or before November 15 each year, each fiscally constrained county shall apply to the Department of Revenue to participate in the distribution of funds appropriated by the Legislature in the form and manner prescribed by the Department. The current application form, Form DR-420FC, can be found below.
Distribution of the funds will be made in January 2015. Annual distribution data is posted on the Property Tax Data Portal page.
List of Fiscally Constrained Counties: Counties eligible for this distribution are those defined as fiscally constrained in s. 218.67(1), Florida Statutes.
Application Form DR-420FC: Completed form must be signed by the property appraiser and the appropriate county official.
DR-420FC Worksheet: This worksheet is not required, but using the worksheet to calculate the taxable value impact can help reduce errors.
Rule 12D-8.022, Florida Administrative Code, Reporting of Fiscal Data by Fiscally Constrained Counties to the Department of Revenue. This rule provides assistance regarding certain actions to be taken by local governments and officials in fiscally constrained counties.