Resolution No. 824-24 Live Local Act Property Tax Exemption

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INSTR# 2024115767 OR BK 11038 PG 1172 Page 1 of 2 07/01/2024 09:57 AM Rcpt: 2718412 Rec: 18.50 IDS: 0.00 IT: 0.00 Nikki Alvarez-Sowles, Esq., Pasco County Clerk & Comptroller RESOLUTION NO. 824-24 a A • SM WAIWO iftlr is y AU 10 WHEREAS, Section 196.1978(3), Florida Statutes (the "Live Local Act Property Tax Exemption") requires the Pasco County Property Appraiser to exempt certain rental properties from ad valorem taxes if such properties meet the criteria of the Live Act Local Property Tax Exemption; and WHEREAS, beginning with the 2025 tax roll, Section 196.1978(3)(o), Florida Statutes, allows taxing authorities to "opt -out" of providing the Live Local Act Property Tax Exemption to units in multifamily projects that are used to house natural persons or families whose annual household income is between 80 and 120 percent of the median annual adjusted gross income for households within the metropolitan statistical area ("MSA") or, if not within a MSA, within the county in which the person or family resides (the "80 to 120 Tax Exemption"), if the taxing authority finds that the latest Shimberg Center for Housing Studies Annual Report, prepared pursuant to Section 420.6075, Florida Statutes ("Shimberg Annual Report"), identifies that the number of affordable and available units in the MSA or region is greater than the number of renter households in the MSA or region for natural persons or families who meet the income criteria for the 80 to 120 Tax Exemption; and WHEREAS, the City Council of the City of Zephyrhills hereby finds that the latest Shimberg Annual Report identifies a surplus of affordable and available units in the Tampa -St. Petersburg - Clearwater MSA, in which the City of Zephyrhills is located, for those households that meet the income criteria for the 80 to 120 Tax Exemption; and WHEREAS, the City Council of the City of Zephyrhills hereby finds that the City of Zephyrhills is a taxing authority that is eligible for the election in Section 196.1978(3)(o), Florida Statutes, which allows the City of Zephyrhills to not exempt properties that would otherwise qualify for the 80 to 120 Tax Exemption. NOW, THEREFORE BE IT RESOLVED by the City Council of the City of Zephyrhills, Florida, as follows: Section 1. The City of Zephyrhills hereby elects not to exempt properties eligible for the 90 to 120 Tax Exemption in Section 196.1978(3)(d)l.a., Florida Statutes, pursuant to the authority in Section 196.1978(3)(o), Florida Statutes, and hereby requests that the Pasco County Property Appraiser not grant any such exemptions. Section 2. This resolution applies to all ad valorem property tax levies imposed by the City of Zephyrhills. Section 3. This resolution shall take effect on January 1, 2025, and shall expire on January 1, 2026. This resolution may be renewed prior to January 1, 2026, pursuant to Section 196.1978(3)(o), Florida Statutes. Section 4. This resolution has been duly advertised in accordance with Section 5 0. 011 (1), Florida Statutes, A copy of this resolution shall be provided to the Pasco County Property Appraiser prior to January 1, 2025. Section 5. The adoption of this resolution shall not constitute an admission that the Live Local. Property Tax Exemption is constitutional or consistent with Section 196.012(7), Florida Statutes, and shall not constitute an admission that the Shimberg Annual Report is the best method of 11