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A bill to be entitled

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An act relating to factors used in deriving just

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valuation; amending s. 193.011, F.S.; deleting a

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requirement that property appraisers consider the highest

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and best use of property as a factor in arriving at just

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valuation; requiring property appraisers to use only the

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income factor in arriving at just value of income-

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producing properties; amending ss. 192.011, 193.015, and

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193.017, F.S., to conform; providing for 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:

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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) Notwithstanding the requirement that property

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appraisers consider all of the factors enumerated in subsection

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(1) in arriving at just valuation, property appraisers shall

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consider only the income from income-producing property in

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determining the just valuation of such property.

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     Section 2.  Section 192.011, Florida Statutes, is amended to

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read:

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     192.011  All property to be assessed.--The property

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appraiser shall assess all property located within the county,

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except inventory, whether such property is taxable, wholly or

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partially exempt, or subject to classification reflecting a value

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less than its just value at its present highest and best use.

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Extension on the tax rolls shall be made according to regulation

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promulgated by the department in order properly to reflect the

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general law. Streets, roads, and highways which have been

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dedicated to or otherwise acquired by a municipality, a county,

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or a state agency may be assessed, but need not be.

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

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Statutes, is amended to read:

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     193.015  Additional specific factor; effect of issuance or

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

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their landward extent.--

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     (1)  If the Department of Environmental Protection issues or

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denies a permit to dredge, fill, or otherwise construct in or on

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waters of the state, as defined in chapter 403, to their landward

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extent as determined under s. 403.817(2), the property appraiser

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is expressly directed to consider the effect of that issuance or

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denial on the value of the property and any limitation that the

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issuance or denial may impose on the present highest and best use

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of the property to its landward extent.

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

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Statutes, is amended to read:

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

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affordable housing which has received a low-income housing tax

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credit from the Florida Housing Finance Corporation, as

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

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

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section.

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

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the official public records of the county in which the property

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is located, the agreement, and any recorded amendment or

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supplement thereto, shall be considered a land-use regulation and

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a limitation on the present highest and best use of the property

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during the term of the agreement, amendment, or supplement.

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

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and applies to assessments beginning January 1, 2009.