Approved opting out of the Live Local Act Property Tax Exemption Program for the 2026 tax year to keep school funding.

In plain words

A resolutionA formal Board decision that is not a law: it states a position, approves an agreement, sets a fee or rate, or directs staff. Adopted by a vote, usually without a public hearing. Florida Statutes 125.01 to opt out of the Live Local Act Property Tax Exemption Program, which would otherwise give a 75 percent tax break to certain multifamily rental developments.

What changes After approval, the School Board of Lake County will not apply the Live Local Act Property Tax Exemption to its ad valoremLatin for 'according to value': a tax figured as a share of what the property is worth. Property tax is an ad valorem tax. Florida Statutes 192.001 property tax levies for the 2026 tax year, unless renewed annually.

Who and the money Applies to all ad valorem property tax levies imposed by the School Board of Lake County; the record states there is no fiscal impact.

The record states no reason.

Why (staff, quoted) "The 2024 Shimberg Report confirms the number of affordable and available units is greater than the number of rental households in the identified category."

Written from the Board's minutes and the agenda item's staff text on BoardDocs, checked by script: every number appears in the record. Agenda on BoardDocs