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A bill to be entitled

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An act relating to residential property just valuation;

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amending s. 193.011, F.S.; providing an alternative

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methodology for deriving just valuation of residential

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property; amending s. 420.507, F.S., relating to the

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Florida Housing Finance Corporation; conforming a cross-

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reference; providing for retroactive application;

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providing an effective date.

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

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     Section 1.  Section 193.011, Florida Statutes, is amended to

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read:

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     193.011  Factors to consider in deriving just valuation.--

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     (1) In arriving at just valuation as required under s. 4,

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Art. VII of the State Constitution, the property appraiser shall

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take into consideration the following factors unless just

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valuation is determined under subsection (2):

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

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amount a willing purchaser would pay a willing seller, exclusive

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of reasonable fees and costs of purchase, in cash or the

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immediate equivalent thereof in a transaction at arm's length;

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

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be expected to be put in the immediate future and the present use

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of the property, taking into consideration any applicable

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judicial limitation, local or state land use regulation, or

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historic preservation ordinance, and considering any moratorium

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imposed by executive order, law, ordinance, regulation,

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resolution, or proclamation adopted by any governmental body or

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agency or the Governor when the moratorium or judicial limitation

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prohibits or restricts the development or improvement of property

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as otherwise authorized by applicable law. The applicable

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governmental body or agency or the Governor shall notify the

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property appraiser in writing of any executive order, ordinance,

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regulation, resolution, or proclamation it adopts imposing any

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such limitation, regulation, or moratorium;

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

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

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

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replacement value of any improvements thereon;

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

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

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

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received by the seller, after deduction of all of the usual and

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

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expenses of financing, and allowance for unconventional or

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atypical terms of financing arrangements. When the net proceeds

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of the sale of any property are utilized, directly or indirectly,

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in the determination of just valuation of realty of the sold

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parcel or any other parcel under the provisions of this section,

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the property appraiser, for the purposes of such determination,

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shall exclude any portion of such net proceeds attributable to

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payments for household furnishings or other items of personal

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property.

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     (2) In lieu of the factors specified in subsection (1), in

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arriving at just valuation of residential property as required by

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

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may consider the average of:

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     (a) The purchase price of the property, exclusive of any

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portion of the price attributable to payments for household

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furnishing or other items of personal property;

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     (b) The assessed value of a comparable home in the same

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area which has been continuously assessed as provided in s. 4(c),

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Art. VII of the State Constitution for at least 5 years; and

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     (c) The assessed value of a comparable home in the same

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area which has been continuously assessed as provided in s. 4(c),

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Art. VII of the State Constitution for at least 10 years.

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     Section 2.  Subsection (46) of section 420.507, Florida

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Statutes, is amended to read:

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     420.507  Powers of the corporation.--The corporation shall

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have all the powers necessary or convenient to carry out and

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effectuate the purposes and provisions of this part, including

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the following powers which are in addition to all other powers

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granted by other provisions of this part:

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     (46)  To require, as a condition of financing a multifamily

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rental project, that an agreement be recorded in the official

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records of the county where the real property is located, which

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requires that the project be used for housing defined as

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affordable in s. 420.0004(3) by persons defined in s.

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420.0004(8), (10), (11), and (15). Such an agreement is a state

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land use regulation that limits the highest and best use of the

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property within the meaning of s. 193.011(1)(b) s. 193.011(2).

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     Section 3.  This act shall take effect upon becoming a law

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and shall apply retroactively to assessments made for tax years

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beginning January 1, 2003.