| 1 | A bill to be entitled |
| 2 | An act relating to factors used in deriving just |
| 3 | valuation; amending s. 193.011, F.S.; deleting a |
| 4 | requirement that property appraisers consider the highest |
| 5 | and best use of property as a factor in arriving at just |
| 6 | valuation; requiring property appraisers to use only the |
| 7 | income factor in arriving at just value of income- |
| 8 | producing properties; amending ss. 192.011, 193.015, and |
| 9 | 193.017, F.S., to conform; providing application; |
| 10 | providing an effective date. |
| 11 |
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| 12 | Be It Enacted by the Legislature of the State of Florida: |
| 13 |
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| 14 | Section 1. Section 193.011, Florida Statutes, is amended |
| 15 | to read: |
| 16 | 193.011 Factors to consider in deriving just valuation.-- |
| 17 | (1) In arriving at just valuation as required under s. 4, |
| 18 | Art. VII of the State Constitution, the property appraiser shall |
| 19 | take into consideration the following factors: |
| 20 | (a)(1) The present cash value of the property, which is |
| 21 | the amount a willing purchaser would pay a willing seller, |
| 22 | exclusive of reasonable fees and costs of purchase, in cash or |
| 23 | the immediate equivalent thereof in a transaction at arm's |
| 24 | length; |
| 25 | (b)(2) The highest and best use to which the property can |
| 26 | be expected to be put in the immediate future and the present |
| 27 | use of the property, taking into consideration any applicable |
| 28 | judicial limitation, local or state land use regulation, or |
| 29 | historic preservation ordinance, and considering any moratorium |
| 30 | imposed by executive order, law, ordinance, regulation, |
| 31 | resolution, or proclamation adopted by any governmental body or |
| 32 | agency or the Governor when the moratorium or judicial |
| 33 | limitation prohibits or restricts the development or improvement |
| 34 | of property as otherwise authorized by applicable law. The |
| 35 | applicable governmental body or agency or the Governor shall |
| 36 | notify the property appraiser in writing of any executive order, |
| 37 | ordinance, regulation, resolution, or proclamation it adopts |
| 38 | imposing any such limitation, regulation, or moratorium; |
| 39 | (c)(3) The location of said property; |
| 40 | (d)(4) The quantity or size of said property; |
| 41 | (e)(5) The cost of said property and the present |
| 42 | replacement value of any improvements thereon; |
| 43 | (f)(6) The condition of said property; |
| 44 | (g)(7) The income from said property; and |
| 45 | (h)(8) The net proceeds of the sale of the property, as |
| 46 | received by the seller, after deduction of all of the usual and |
| 47 | reasonable fees and costs of the sale, including the costs and |
| 48 | expenses of financing, and allowance for unconventional or |
| 49 | atypical terms of financing arrangements. When the net proceeds |
| 50 | of the sale of any property are utilized, directly or |
| 51 | indirectly, in the determination of just valuation of realty of |
| 52 | the sold parcel or any other parcel under the provisions of this |
| 53 | section, the property appraiser, for the purposes of such |
| 54 | determination, shall exclude any portion of such net proceeds |
| 55 | attributable to payments for household furnishings or other |
| 56 | items of personal property. |
| 57 | (2) Notwithstanding the requirement that property |
| 58 | appraisers consider all of the factors enumerated in subsection |
| 59 | (1) in arriving at just valuation, property appraisers shall |
| 60 | consider only the income from income-producing property in |
| 61 | determining the just valuation of such property. |
| 62 | Section 2. Section 192.011, Florida Statutes, is amended |
| 63 | to read: |
| 64 | 192.011 All property to be assessed.--The property |
| 65 | appraiser shall assess all property located within the county, |
| 66 | except inventory, whether such property is taxable, wholly or |
| 67 | partially exempt, or subject to classification reflecting a |
| 68 | value less than its just value at its present highest and best |
| 69 | use. Extension on the tax rolls shall be made according to |
| 70 | regulation promulgated by the department in order properly to |
| 71 | reflect the general law. Streets, roads, and highways which have |
| 72 | been dedicated to or otherwise acquired by a municipality, a |
| 73 | county, or a state agency may be assessed, but need not be. |
| 74 | Section 3. Subsection (1) of section 193.015, Florida |
| 75 | Statutes, is amended to read: |
| 76 | 193.015 Additional specific factor; effect of issuance or |
| 77 | denial of permit to dredge, fill, or construct in state waters |
| 78 | to their landward extent.-- |
| 79 | (1) If the Department of Environmental Protection issues |
| 80 | or denies a permit to dredge, fill, or otherwise construct in or |
| 81 | on waters of the state, as defined in chapter 403, to their |
| 82 | landward extent as determined under s. 403.817(2), the property |
| 83 | appraiser is expressly directed to consider the effect of that |
| 84 | issuance or denial on the value of the property and any |
| 85 | limitation that the issuance or denial may impose on the present |
| 86 | highest and best use of the property to its landward extent. |
| 87 | Section 4. Subsection (4) of section 193.017, Florida |
| 88 | Statutes, is amended to read: |
| 89 | 193.017 Low-income housing tax credit.--Property used for |
| 90 | affordable housing which has received a low-income housing tax |
| 91 | credit from the Florida Housing Finance Corporation, as |
| 92 | authorized by s. 420.5099, shall be assessed under s. 193.011 |
| 93 | and, consistent with s. 420.5099(5) and (6), pursuant to this |
| 94 | section. |
| 95 | (4) If an extended low-income housing agreement is filed |
| 96 | in the official public records of the county in which the |
| 97 | property is located, the agreement, and any recorded amendment |
| 98 | or supplement thereto, shall be considered a land-use regulation |
| 99 | and a limitation on the present highest and best use of the |
| 100 | property during the term of the agreement, amendment, or |
| 101 | supplement. |
| 102 | Section 5. This act shall take effect upon becoming a law |
| 103 | and shall apply to assessments beginning January 1, 2008. |