Senate Bill sb1074

    Florida Senate - 2006                                  SB 1074

    By Senator Smith





    14-773-06

  1                      A bill to be entitled

  2         An act relating to the assessment of obsolete

  3         agricultural equipment for purposes of ad

  4         valorem taxation; providing for obsolete

  5         agricultural equipment to be assessed at its

  6         value as salvage; defining the term

  7         "agricultural equipment"; providing a procedure

  8         for a taxpayer to claim the right of assessment

  9         under this section; authorizing the property

10         appraiser to require information establishing a

11         taxpayer's right to the classification;

12         providing an effective date.

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

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16         Section 1.  Assessment of obsolete agricultural

17  equipment.--

18         (1)  For purposes of assessment for ad valorem property

19  taxes, obsolete agricultural equipment shall be deemed to have

20  a market value no greater than its value for salvage. As used

21  in this section, the term "agricultural equipment" means any

22  equipment that qualifies for the sales tax exemption provided

23  in s. 212.08(3), Florida Statutes, wherever purchased.

24  Agricultural equipment shall be considered obsolete for

25  purposes of this section if it is no longer commonly used by

26  the taxpayer in agricultural production.

27         (2)  Any taxpayer claiming the right of assessment for

28  ad valorem taxes under this section shall so state in a return

29  filed as provided by law, giving a brief description of the

30  equipment and its use. The property appraiser may require the

31  taxpayer to produce any additional information as necessary in

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






    Florida Senate - 2006                                  SB 1074
    14-773-06




 1  order to establish the taxpayer's right to have such property

 2  classified as obsolete under this section for purposes of the

 3  assessment.

 4         Section 2.  This act shall take effect upon becoming a

 5  law.

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 8                          SENATE SUMMARY

 9    Provides for obsolete agricultural equipment to be
      assessed for purposes of ad valorem taxation at its value
10    as salvage. Authorizes the property appraiser to require
      information establishing a taxpayer's right to the
11    classification.

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