Florida Expands Affordable Housing Exemption for Multifamily Projects: PTO 25-10

Florida’s PTO Bulletin 25-10 provides guidance on the new affordable housing property exemption for multifamily projects, clarifying eligibility standards and implementation for the 2025 tax roll.

Introduction

In August 2025, the Florida Department of Revenue’s Property Tax Oversight (PTO) program released Informational Bulletin 25-10, clarifying how the affordable housing property exemption applies to multifamily projects. This bulletin implements legislative changes designed to encourage the development and preservation of affordable rental housing in Florida.

Affordable Housing Exemption

The Florida Legislature created a property tax exemption for certain affordable housing properties. PTO 25-10 specifically addresses how this exemption extends to multifamily rental projects that meet statutory eligibility criteria.

Eligibility Requirements

• Be designated and operated as affordable housing under Florida law.
• Comply with statutory income limits for tenants.
• Maintain compliance with regulatory agreements or covenants ensuring the property’s affordability.

The exemption may apply on a unit-by-unit basis, depending on the proportion of affordable housing units within the project.

Application by Property Appraisers

PTO 25-10 directs property appraisers to apply the exemption consistently statewide. Appraisers must review each multifamily project’s eligibility documents, including regulatory agreements, to determine whether the project qualifies in whole or in part.

Impact on Developers and Tenants

For developers, the exemption can significantly reduce property tax liability, making affordable housing projects more financially feasible. For tenants, this measure supports greater housing stability by encouraging supply of lower-cost rental units.

Conclusion

PTO 25-10 clarifies how Florida’s new affordable housing exemption applies to multifamily projects. Property owners, developers, and appraisers must carefully apply the eligibility requirements to ensure compliance, while benefiting from the intended tax relief.