Bill Text: FL S0886 | 2024 | Regular Session | Introduced

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Bill Title: Valuation of Timeshare Units

Spectrum: Partisan Bill (Republican 1-0)

Status: (Failed) 2024-03-08 - Died in Appropriations [S0886 Detail]

Download: Florida-2024-S0886-Introduced.html

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       Florida Senate - 2024                                     SB 886
       
       
        
       By Senator Gruters
       
       
       
       
       
       22-01359-24                                            2024886__
    1                        A bill to be entitled                      
    2         An act relating to valuation of timeshare units;
    3         amending s. 192.037, F.S.; specifying the methodology
    4         by which certain timeshare units must be valued in
    5         certain tax appeals; providing that the methodology
    6         meets the constitutional mandate for just valuation;
    7         authorizing a taxpayer to submit certain information
    8         for a specified purpose; providing an effective date.
    9          
   10  Be It Enacted by the Legislature of the State of Florida:
   11  
   12         Section 1. Present subsection (12) of section 192.037,
   13  Florida Statutes, is redesignated as subsection (13), and a new
   14  subsection (12) is added to that section, to read:
   15         192.037 Fee timeshare real property; taxes and assessments;
   16  escrow.—
   17         (12) In all tax appeals regarding timeshare units that are
   18  part of a timeshare development with more than 300 timeshare
   19  units, if the taxpayer asserts that there are an adequate number
   20  of resales to provide a basis for arriving at value conclusions,
   21  the number of resales must be considered adequate when a
   22  reasonable number of resales of timeshare units within the same
   23  timeshare development are provided by the taxpayer and supported
   24  by the most recent standards adopted by the Uniform Standards of
   25  Professional Appraisal Practice. This methodology meets the
   26  requirement of just valuation of all real estate located in this
   27  state, including timeshare units, as recognized by and provided
   28  in s. 4, Art. VII of the State Constitution. The taxpayer may
   29  submit the known and controlling resales of the properties sold
   30  to assist in arriving at value conclusions.
   31         Section 2. This act shall take effect July 1, 2024.