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A bill to be entitled

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An act relating to the just valuation of property;

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amending s. 193.011, F.S.; deleting a requirement that a

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property appraiser consider the highest and best use of

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property in determining just valuation; requiring the

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property appraiser to use only income in determining the

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just value of income-producing property; amending ss.

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192.011, 193.015, 193.017, and 420.507, F.S.; conforming

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provisions to changes made by the act; conforming a cross-

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reference; providing for application; providing an

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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 the just valuation of property as

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required under s. 4, Art. VII of the State Constitution, the

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property appraiser shall take into consideration all of the

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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 if when the moratorium or judicial

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limitation prohibits or restricts the development or improvement

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of the property as otherwise authorized by applicable law. The

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applicable governmental body or agency or the Governor shall

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notify the property appraiser in writing of any executive order,

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ordinance, regulation, resolution, or proclamation it adopts

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imposing any such limitation, regulation, or moratorium.;

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

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

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

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replacement value of any improvements to the property. thereon;

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

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

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

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

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

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and expenses of financing, and allowance for unconventional or

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atypical terms of financing arrangements. If When the net

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proceeds of the sale of the any property are used utilized,

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directly or indirectly, to determine the in the determination of

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just valuation of realty of the sold parcel or any other parcel

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being considered under the provisions of this section, the

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property appraiser, for the purposes of such determination, shall

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exclude any portion of the 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 the property

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appraiser take into consideration all of the factors listed in

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subsection (1), the property appraiser shall consider only income

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when determining the just valuation of income-producing 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 valuation value at its present highest and

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

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regulation promulgated by the department in order properly to

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

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been dedicated to or otherwise acquired by a municipality, a

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county, 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 the methodology ratified in s.

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373.4211 s. 403.817(2), the property appraiser is expressly

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directed to consider the effect of that issuance or denial on the

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just valuation value of the property and any limitation that the

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

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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.  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 present highest and best use

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of the property as provided in s. 193.011 within the meaning of

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s. 193.011(2).

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     Section 6.  This act shall take effect upon becoming a law

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and shall apply to assessments beginning January 1, 2009.