The Florida Senate

199.103  Basis of assessment; valuation.--All intangible personal property shall be subject to the annual tax at its just valuation as of January 1 of each year. Such property shall be valued in the following manner:

(1)  Shares of stock of corporations, or any interest of a limited partner in any limited partnership, regularly listed on any public stock exchange or regularly traded over-the-counter shall be valued at their closing prices on the last business day of the previous calendar year.

(2)  Shares or units of companies or trusts registered under the Investment Company Act of 1940, as amended, including mutual funds, money market funds, and unit investment trusts where such shares or units are not exempt under s. 199.185, shall be valued at the net asset value of such shares or units on the last business day of the previous calendar year.

(3)  Bonds regularly listed on any public stock exchange or regularly traded over-the-counter shall be valued at their closing bid prices on the last business day of the previous calendar year.

(4)  Shares of stocks, bonds, or similar instruments of corporations not listed on any public stock exchange or not regularly traded over-the-counter shall be valued as of January 1 of each year on the basis of those factors customarily considered in determining fair market value.

(5)  Accounts receivable shall be valued at their face value as of January 1 of each year, less a reasonable allowance for uncollectible accounts.

(6)  All notes and other obligations shall have a value equal to their unpaid balance as of January 1 of each year, unless the taxpayer can establish a lesser value upon proof satisfactory to the department.

(7)  All other forms of intangible personal property shall be valued on the basis of those factors customarily considered in determining fair market value.

(8)  Stocks or shares of a savings association or middle tier stock holding company, held by a parent mutual holding company, whose depositors are members of the mutual holding company, which converted from a mutual savings association to a mutual holding company pursuant to 12 U.S.C. s. 1467a.(o), shall be valued as of January 1 each year on the same basis as ownership in the mutual savings association was valued for intangible tax purposes prior to the conversion. Stocks or shares of such a converted association which are held by individuals or entities other than the parent mutual holding company shall be valued pursuant to subsection (1) or subsection (4).

History.--s. 1, ch. 71-134; s. 8, ch. 85-342; s. 9, ch. 86-152; s. 6, ch. 87-316; s. 1, ch. 88-190; s. 2, ch. 90-132; s. 1, ch. 95-244; s. 14, ch. 97-287.