Senate Bill sb0852

    Florida Senate - 2007                                   SB 852

    By Senator Fasano





    11-888-07

  1                      A bill to be entitled

  2         An act relating to residential property just

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

  4         an alternative methodology for deriving just

  5         valuation of residential property; providing

  6         for retroactive application; providing an

  7         effective date.

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

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11         Section 1.  Section 193.011, Florida Statutes, is

12  amended to read:

13         193.011  Factors to consider in deriving just

14  valuation.--

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

16  4, Art. VII of the State Constitution, the property appraiser

17  shall take into consideration the following factors:

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

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

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

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

22  length;

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

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

25  present use of the property, taking into consideration any

26  applicable judicial limitation, local or state land use

27  regulation, or historic preservation ordinance, and

28  considering any moratorium imposed by executive order, law,

29  ordinance, regulation, resolution, or proclamation adopted by

30  any governmental body or agency or the Governor when the

31  moratorium or judicial limitation prohibits or restricts the

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    Florida Senate - 2007                                   SB 852
    11-888-07




 1  development or improvement of property as otherwise authorized

 2  by applicable law. The applicable governmental body or agency

 3  or the Governor shall notify the property appraiser in writing

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

 5  proclamation it adopts imposing any such limitation,

 6  regulation, or moratorium;

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

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

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

10  replacement value of any improvements thereon;

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

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

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

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

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

16  and expenses of financing, and allowance for unconventional or

17  atypical terms of financing arrangements. When the net

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

19  indirectly, in the determination of just valuation of realty

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

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

22  determination, shall exclude any portion of such net proceeds

23  attributable to payments for household furnishings or other

24  items of personal property.

25         (2)  In lieu of the factors specified in subsection

26  (1), in arriving at just valuation of residential property as

27  required by s. 4, Art. VII of the State Constitution, the

28  property appraiser may consider the purchase price of the

29  property, exclusive of any portion of the price attributable

30  to payments for household furnishing or other items of

31  personal property, the assessed value of a comparable home in

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    Florida Senate - 2007                                   SB 852
    11-888-07




 1  the same area which has been continuously assessed as provided

 2  in s. 4(c), Art. VII of the State Constitution for at least 5

 3  years, and the assessed value of a comparable home in the same

 4  area which has been continuously assessed as provided in s.

 5  4(c), Art. VII of the State Constitution for at least 10

 6  years, and use the average of the three values as the just

 7  valuation.

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

 9  law and shall apply retroactively to assessments made for tax

10  years beginning January 1, 2002.

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