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Largo staff to draft opt-out resolution for Live Local Act's 80 to—0120% middle-market tax exemption
Summary
City staff outlined how the Live Local Act's middle-market property tax exemption works and commissioners directed staff to prepare a resolution to opt out of the 80 to—0120% band for Largo's tax line, while keeping options for review if county or state housing data change.
City planning staff told the commission Aug. 12 that Florida's Live Local Act includes a middle-market property tax exemption for newly built or redeveloped multifamily housing serving households up to 120% of area median income, and that the City may choose to opt out of the 80 to—0120% portion of that exemption for Largo's property-tax line.
The planner said the exemption applies only to multifamily rental units built within five years of the application and that a development must have at least 71 qualifying units to be eligible. Units serving up to 80% of area median income (AMI) are eligible for a…
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