Senate Bill sb0722

CODING: Words stricken are deletions; words underlined are additions.
    Florida Senate - 2007                                   SB 722

    By Senator Atwater





    25-858-07                                           See HB 261

  1                      A bill to be entitled

  2         An act relating to factors used in deriving

  3         just valuation; amending s. 193.011, F.S.;

  4         deleting a requirement that property appraisers

  5         consider the highest and best use of property

  6         as a factor in arriving at just valuation;

  7         requiring property appraisers to use only the

  8         income factor in arriving at just value of

  9         income-producing properties; amending ss.

10         192.011, 193.015, and 193.017, F.S., to

11         conform; providing application; providing an

12         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.  Section 193.011, Florida Statutes, is

17  amended to read:

18         193.011  Factors to consider in deriving just

19  valuation.--

20         (1)  In arriving at just valuation as required under s.

21  4, Art. VII of the State Constitution, the property appraiser

22  shall take into consideration the following factors:

23         (a)(1)  The present cash value of the property, which

24  is the amount a willing purchaser would pay a willing seller,

25  exclusive of reasonable fees and costs of purchase, in cash or

26  the immediate equivalent thereof in a transaction at arm's

27  length;

28         (b)(2)  The highest and best use to which the property

29  can be expected to be put in the immediate future and the

30  present use of the property, taking into consideration any

31  applicable judicial limitation, local or state land use

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






    Florida Senate - 2007                                   SB 722
    25-858-07                                           See HB 261




 1  regulation, or historic preservation ordinance, and

 2  considering any moratorium imposed by executive order, law,

 3  ordinance, regulation, resolution, or proclamation adopted by

 4  any governmental body or agency or the Governor when the

 5  moratorium or judicial limitation prohibits or restricts the

 6  development or improvement of property as otherwise authorized

 7  by applicable law. The applicable governmental body or agency

 8  or the Governor shall notify the property appraiser in writing

 9  of any executive order, ordinance, regulation, resolution, or

10  proclamation it adopts imposing any such limitation,

11  regulation, or moratorium;

12         (c)(3)  The location of said property;

13         (d)(4)  The quantity or size of said property;

14         (e)(5)  The cost of said property and the present

15  replacement value of any improvements thereon;

16         (f)(6)  The condition of said property;

17         (g)(7)  The income from said property; and

18         (h)(8)  The net proceeds of the sale of the property,

19  as received by the seller, after deduction of all of the usual

20  and reasonable fees and costs of the sale, including the costs

21  and expenses of financing, and allowance for unconventional or

22  atypical terms of financing arrangements. When the net

23  proceeds of the sale of any property are utilized, directly or

24  indirectly, in the determination of just valuation of realty

25  of the sold parcel or any other parcel under the provisions of

26  this section, the property appraiser, for the purposes of such

27  determination, shall exclude any portion of such net proceeds

28  attributable to payments for household furnishings or other

29  items of personal property.

30         (2)  Notwithstanding the requirement that property

31  appraisers consider all of the factors enumerated in

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






    Florida Senate - 2007                                   SB 722
    25-858-07                                           See HB 261




 1  subsection (1) in arriving at just valuation, property

 2  appraisers shall consider only the income from

 3  income-producing property in determining the just valuation of

 4  such property.

 5         Section 2.  Section 192.011, Florida Statutes, is

 6  amended to read:

 7         192.011  All property to be assessed.--The property

 8  appraiser shall assess all property located within the county,

 9  except inventory, whether such property is taxable, wholly or

10  partially exempt, or subject to classification reflecting a

11  value less than its just value at its present highest and best

12  use. Extension on the tax rolls shall be made according to

13  regulation promulgated by the department in order properly to

14  reflect the general law. Streets, roads, and highways which

15  have been dedicated to or otherwise acquired by a

16  municipality, a county, or a state agency may be assessed, but

17  need not be.

18         Section 3.  Subsection (1) of section 193.015, Florida

19  Statutes, is amended to read:

20         193.015  Additional specific factor; effect of issuance

21  or denial of permit to dredge, fill, or construct in state

22  waters to their landward extent.--

23         (1)  If the Department of Environmental Protection

24  issues or denies a permit to dredge, fill, or otherwise

25  construct in or on waters of the state, as defined in chapter

26  403, to their landward extent as determined under s.

27  403.817(2), the property appraiser is expressly directed to

28  consider the effect of that issuance or denial on the value of

29  the property and any limitation that the issuance or denial

30  may impose on the present highest and best use of the property

31  to its landward extent.

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






    Florida Senate - 2007                                   SB 722
    25-858-07                                           See HB 261




 1         Section 4.  Subsection (4) of section 193.017, Florida

 2  Statutes, is amended to read:

 3         193.017  Low-income housing tax credit.--Property used

 4  for affordable housing which has received a low-income housing

 5  tax credit from the Florida Housing Finance Corporation, as

 6  authorized by s. 420.5099, shall be assessed under s. 193.011

 7  and, consistent with s. 420.5099(5) and (6), pursuant to this

 8  section.

 9         (4)  If an extended low-income housing agreement is

10  filed in the official public records of the county in which

11  the property is located, the agreement, and any recorded

12  amendment or supplement thereto, shall be considered a

13  land-use regulation and a limitation on the present highest

14  and best use of the property during the term of the agreement,

15  amendment, or supplement.

16         Section 5.  This act shall take effect upon becoming a

17  law and shall apply to assessments beginning January 1, 2008.

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