| 1 | A bill to be entitled |
| 2 | An act relating to property assessments; amending s. |
| 3 | 193.011, F.S.; revising the factors that a property |
| 4 | appraiser must consider when deriving the just |
| 5 | valuation of property; providing conditions and |
| 6 | limitations relating to a property appraiser's use of |
| 7 | certain property transactions to arrive at just |
| 8 | valuation of property; providing for retroactive |
| 9 | application; providing an effective date. |
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| 11 | Be It Enacted by the Legislature of the State of Florida: |
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| 13 | Section 1. Subsection (1) of section 193.011, Florida |
| 14 | Statutes, is amended to read: |
| 15 | 193.011 Factors to consider in deriving just valuation.-In |
| 16 | arriving at just valuation as required under s. 4, Art. VII of |
| 17 | the State Constitution, the property appraiser shall take into |
| 18 | consideration the following factors: |
| 19 | (1) The present cash value of the property, which is the |
| 20 | amount a willing purchaser would pay a willing seller, exclusive |
| 21 | of reasonable fees and costs of purchase, in cash or the |
| 22 | immediate equivalent thereof in open market transactions or |
| 23 | transactions a transaction at arm's length which have occurred |
| 24 | in good faith between unrelated or unaffiliated parties, |
| 25 | including, but not limited to, a distress sale, short sale, bank |
| 26 | sale, or sale at public auction. The property appraiser shall |
| 27 | exercise discretion in using all open market transactions and |
| 28 | shall use such transactions only if the transactions, in the |
| 29 | opinion of the property appraiser, constitute a sufficient |
| 30 | number as to affect market value within any specific |
| 31 | geographical area; |
| 32 | Section 2. This act shall take effect upon becoming a law |
| 33 | and shall apply retroactively to January 1, 2012. |