Bill Text: FL S0380 | 2024 | Regular Session | Introduced

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Bill Title: Disclosure of Estimated Ad Valorem Taxes

Spectrum: Partisan Bill (Republican 1-0)

Status: (Failed) 2024-03-08 - Died in Finance and Tax [S0380 Detail]

Download: Florida-2024-S0380-Introduced.html

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       Florida Senate - 2024                                     SB 380
       
       
        
       By Senator Hooper
       
       
       
       
       
       21-00260C-24                                           2024380__
    1                        A bill to be entitled                      
    2         An act relating to disclosure of estimated ad valorem
    3         taxes; amending s. 689.261, F.S.; defining the term
    4         “listing platform”; requiring that certain listings to
    5         include estimated ad valorem taxes; prohibiting the
    6         current owner’s ad valorem taxes from being displayed
    7         or used for certain purposes; providing requirements
    8         for listing platforms, the Department of Revenue, and
    9         property appraisers; providing construction;
   10         prohibiting certain materials from including specified
   11         information; requiring, beginning on a specified date,
   12         the department to annually publish a formula and
   13         certain information on its website; authorizing the
   14         department to adopt rules; providing an effective
   15         date.
   16          
   17  Be It Enacted by the Legislature of the State of Florida:
   18  
   19         Section 1. Subsection (3) is added to section 689.261,
   20  Florida Statutes, to read:
   21         689.261 Sale of residential property; disclosure of ad
   22  valorem taxes to prospective purchaser.—
   23         (3)(a) As used in this subsection, the term “listing
   24  platform” means any public-facing online real property listing
   25  platform, including, but not limited to, websites, web
   26  applications, and mobile applications.
   27         (b) Any residential property visible on a listing platform
   28  must include the estimated ad valorem taxes for such property.
   29         1. The current owner’s ad valorem taxes may not be
   30  displayed or used to calculate the estimated ad valorem taxes.
   31         2. If the ad valorem taxes are estimated using a tax
   32  estimator or buyer payment calculator, the listing platform must
   33  calculate and display the ad valorem taxes that would be due,
   34  both with and without the homestead tax exemption, if the
   35  purchaser were taxed on the listing price of the property at
   36  current millage rates using the data and formula published under
   37  paragraph (d). The use of such data and formula constitutes a
   38  reasonable estimate of ad valorem taxes. The listing platform
   39  must include a disclaimer next to the estimated ad valorem taxes
   40  that the millage rates of applicable taxing authorities may vary
   41  within a county and that the estimated ad valorem taxes do not
   42  include all applicable non-ad valorem assessments or exemptions,
   43  discounts, and other tax benefits, including, but not limited
   44  to, transfer of the homestead assessment difference under s. 4,
   45  Art. VII of the State Constitution.
   46         3. If ad valorem taxes are not estimated using a tax
   47  estimator or buyer payment calculator as provided in
   48  subparagraph 2., the listing platform shall include a link to
   49  the property appraiser’s tax estimator for the county in which
   50  the property is located, if available, or to such property
   51  appraiser’s home page. The Department of Revenue must maintain a
   52  table of links to each property appraiser’s home page and tax
   53  estimator, if available, on its website. Each property appraiser
   54  is responsible for providing the department the link to its tax
   55  estimator.
   56         (c) Printed listing materials produced by real estate sales
   57  agents may comply with these requirements by not displaying a
   58  seller’s ad valorem taxes.
   59         (d) The department shall annually develop a formula that
   60  may be used by a listing platform to calculate the estimated ad
   61  valorem taxes required under this subsection. The department
   62  shall require each property appraiser to provide the department
   63  with any information needed to develop the formula, including,
   64  at a minimum, the county name, tax district code, summary school
   65  millage rate, and summary millage rate for all other applicable
   66  taxing authorities. Beginning December 15, 2024, and annually
   67  thereafter, the department shall publish the formula and the
   68  information collected from each property appraiser under this
   69  paragraph on its website.
   70         (e) The department may adopt rules to implement paragraph
   71  (d).
   72         Section 2. This act shall take effect July 1, 2024.