Senate Bill sb0478c2

    Florida Senate - 2004                     CS for CS for SB 478

    By the Committees on Comprehensive Planning; Regulated
    Industries; and Senator Margolis




    316-2086-04

  1                      A bill to be entitled

  2         An act relating to the sale of residential

  3         property; creating s. 689.261, F.S.; requiring

  4         a seller to give notice to the prospective

  5         purchaser of residential property concerning ad

  6         valorem taxes on the property; specifying the

  7         form of notice; providing an effective date.

  8  

  9  Be It Enacted by the Legislature of the State of Florida:

10  

11         Section 1.  Section 689.261, Florida Statutes, is

12  created to read:

13         689.261  Sale of residential property; disclosure of ad

14  valorem taxes to prospective purchaser.--

15         (1)  A prospective purchaser of residential property

16  must be presented a disclosure summary at or before execution

17  of the contract for sale. Unless a substantially similar

18  disclosure summary is included in the contract for sale, a

19  separate disclosure summary must be attached to the contract

20  for sale. The disclosure summary, whether separate or included

21  in the contract, must be in a form substantially similar to

22  the following:

23  

24                          AD VALOREM TAX

25                        DISCLOSURE SUMMARY

26  

27         1. THE AD VALOREM TAXES ON THE PROPERTY FOR THE YEAR

28  SUBSEQUENT TO THE PURCHASE MAY BE IN EXCESS OF THE AD VALOREM

29  TAXES ASSESSED AT THE TIME OF SALE.

30         2. IN THE YEAR FOLLOWING THE SALE OF RESIDENTIAL

31  PROPERTY WHEN THE CHANGE OF OWNERSHIP, AS DEFINED IN SECTION

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CODING: Words stricken are deletions; words underlined are additions.






    Florida Senate - 2004                     CS for CS for SB 478
    316-2086-04




 1  193.155(3), FLORIDA STATUTES, OCCURS, THE PROPERTY APPRAISER

 2  SHALL REASSESS THE SOLD PROPERTY AT JUST (MARKET) VALUE. THE

 3  AD VALOREM TAXES FOR THE SOLD PROPERTY WILL BE CALCULATED

 4  USING THE REASSESSED UST (MARKET) VALUE LESS ANY APPLICABLE

 5  EXEMPTIONS.

 6         3. IF YOU HAVE ANY QUESTIONS CONCERNING VALUATION AND

 7  AD VALOREM TAXES, PLEASE CONTACT YOUR COUNTY PROPERTY

 8  APPRAISER.

 9  

10         (2)  Unless included in the contract, the disclosure

11  summary must be provided by the seller. If the disclosure

12  summary is not included in the contract for sale, the contract

13  for sale must refer to and incorporate by reference the

14  disclosure summary and all contracts for sale must include, in

15  prominent language, a statement that the potential purchaser

16  should not execute the contract until he or she has read the

17  disclosure summary required by this section.

18         Section 2.  This act shall take effect October 1, 2004.

19  

20          STATEMENT OF SUBSTANTIAL CHANGES CONTAINED IN
                       COMMITTEE SUBSTITUTE FOR
21                          CS for SB 478

22                                 

23  This CS/CS differs from the CS in that it replaces the term
    "homestead property" with "residential property"; allows the
24  disclosure to be presented at closing, rather than only before
    closing; clarifies the disclosure statement in regards to the
25  reassessment of the property at market value subsequent to a
    change of ownership;  deletes a reference to the tax collector
26  in the disclosure statement; deletes the option to void the
    sales contract if the disclosure is not provided; and changes
27  the effective date from July 1 to October 1.

28  

29  

30  

31  

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CODING: Words stricken are deletions; words underlined are additions.