| 1 | A bill to be entitled |
| 2 | An act relating to residential property just valuation; |
| 3 | amending s. 193.011, F.S.; providing an alternative |
| 4 | methodology for deriving just valuation of residential |
| 5 | property; providing for retroactive application; providing |
| 6 | an effective date. |
| 7 |
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| 8 | Be It Enacted by the Legislature of the State of Florida: |
| 9 |
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| 10 | Section 1. Section 193.011, Florida Statutes, is amended |
| 11 | to read: |
| 12 | 193.011 Factors to consider in deriving just valuation.-- |
| 13 | (1) In arriving at just valuation as required under s. 4, |
| 14 | Art. VII of the State Constitution, the property appraiser shall |
| 15 | take into consideration the following factors: |
| 16 | (a)(1) The present cash value of the property, which is |
| 17 | the amount a willing purchaser would pay a willing seller, |
| 18 | exclusive of reasonable fees and costs of purchase, in cash or |
| 19 | the immediate equivalent thereof in a transaction at arm's |
| 20 | length; |
| 21 | (b)(2) The highest and best use to which the property can |
| 22 | be expected to be put in the immediate future and the present |
| 23 | use of the property, taking into consideration any applicable |
| 24 | judicial limitation, local or state land use regulation, or |
| 25 | historic preservation ordinance, and considering any moratorium |
| 26 | imposed by executive order, law, ordinance, regulation, |
| 27 | resolution, or proclamation adopted by any governmental body or |
| 28 | agency or the Governor when the moratorium or judicial |
| 29 | limitation prohibits or restricts the development or improvement |
| 30 | of property as otherwise authorized by applicable law. The |
| 31 | applicable governmental body or agency or the Governor shall |
| 32 | notify the property appraiser in writing of any executive order, |
| 33 | ordinance, regulation, resolution, or proclamation it adopts |
| 34 | imposing any such limitation, regulation, or moratorium; |
| 35 | (c)(3) The location of said property; |
| 36 | (d)(4) The quantity or size of said property; |
| 37 | (e)(5) The cost of said property and the present |
| 38 | replacement value of any improvements thereon; |
| 39 | (f)(6) The condition of said property; |
| 40 | (g)(7) The income from said property; and |
| 41 | (h)(8) The net proceeds of the sale of the property, as |
| 42 | received by the seller, after deduction of all of the usual and |
| 43 | reasonable fees and costs of the sale, including the costs and |
| 44 | expenses of financing, and allowance for unconventional or |
| 45 | atypical terms of financing arrangements. When the net proceeds |
| 46 | of the sale of any property are utilized, directly or |
| 47 | indirectly, in the determination of just valuation of realty of |
| 48 | the sold parcel or any other parcel under the provisions of this |
| 49 | section, the property appraiser, for the purposes of such |
| 50 | determination, shall exclude any portion of such net proceeds |
| 51 | attributable to payments for household furnishings or other |
| 52 | items of personal property. |
| 53 | (2) In lieu of the factors specified in subsection (1), in |
| 54 | arriving at just valuation of residential property as required |
| 55 | by s. 4, Art. VII of the State Constitution, the property |
| 56 | appraiser may consider the purchase price of the property, |
| 57 | exclusive of any portion of the price attributable to payments |
| 58 | for household furnishing or other items of personal property, |
| 59 | the assessed value of a comparable home in the same area that |
| 60 | has been continuously assessed as provided in s. 4(c), Art. VII |
| 61 | of the State Constitution for at least 5 years, and the assessed |
| 62 | value of a comparable home in the same area that has been |
| 63 | continuously assessed as provided in s. 4(c), Art. VII of the |
| 64 | State Constitution for at least 10 years, and use the average of |
| 65 | the three values as the just valuation. |
| 66 | Section 2. This act shall take effect upon becoming a law |
| 67 | and shall apply retroactively to assessments made for tax years |
| 68 | beginning January 1, 2002. |