Florida Senate - 2010                             CS for SB 1884
       
       
       
       By the Committee on Finance and Tax; and Senator Altman
       
       
       
       
       593-04254-10                                          20101884c1
    1                        A bill to be entitled                      
    2         An act relating to real property; amending s. 193.155,
    3         F.S.; revising the criteria under which a transfer of
    4         homestead property is not considered a change of
    5         ownership; providing for such provisions to apply to a
    6         leasehold interest under certain circumstances;
    7         amending s. 193.1554, F.S.; providing that a change in
    8         the ownership of nonhomestead residential property is
    9         not deemed to have occurred due to certain
   10         transactions involving a publicly traded company;
   11         amending s. 193.1555, F.S.; providing that a change in
   12         the ownership of nonresidential property is not deemed
   13         to have occurred due to certain transactions involving
   14         a publicly traded company; amending s. 193.1556, F.S.;
   15         providing that a recorded deed or other instrument
   16         shall serve as notice of a change of ownership;
   17         requiring the Department of Revenue to provide a form
   18         by which a property owner may notify any property
   19         appraiser of a change of ownership or control;
   20         providing an effective date.
   21  
   22  Be It Enacted by the Legislature of the State of Florida:
   23  
   24         Section 1. Subsection (3) of section 193.155, Florida
   25  Statutes, is amended to read:
   26         193.155 Homestead assessments.—Homestead property shall be
   27  assessed at just value as of January 1, 1994. Property receiving
   28  the homestead exemption after January 1, 1994, shall be assessed
   29  at just value as of January 1 of the year in which the property
   30  receives the exemption unless the provisions of subsection (8)
   31  apply.
   32         (3)(a) Except as provided in this subsection or subsection
   33  (8), property assessed under this section shall be assessed at
   34  just value as of January 1 of the year following a change of
   35  ownership. Thereafter, the annual changes in the assessed value
   36  of the property are subject to the limitations in subsections
   37  (1) and (2). For the purpose of this section, a change of
   38  ownership means any sale, foreclosure, or transfer of legal
   39  title or beneficial title in equity to any person, except as
   40  provided in this subsection. There is no change of ownership if:
   41         1.(a) Subsequent to the change or transfer, the same person
   42  is entitled to the homestead exemption as was previously
   43  entitled and:
   44         a.1. The transfer of title is to correct an error;
   45         b.2. The transfer is between legal and equitable title or
   46  equitable and equitable title and no additional person applies
   47  for a homestead exemption on the property; or
   48         c.3. The change or transfer is by means of an instrument in
   49  which the owner is listed as both grantor and grantee of the
   50  real property and one or more other individuals are additionally
   51  named as grantee. However, if any individual who is additionally
   52  named as a grantee applies for a homestead exemption on the
   53  property, the application shall be considered a change of
   54  ownership;
   55         2.(b)Legal or equitable title is changed or transferred
   56  The transfer is between husband and wife, including a change or
   57  transfer to a surviving spouse or a transfer due to a
   58  dissolution of marriage;
   59         3.(c) The transfer occurs by operation of law to the
   60  surviving spouse or minor child or children under s. 732.401 s.
   61  732.4015; or
   62         4.(d) Upon the death of the owner, the transfer is between
   63  the owner and another who is a permanent resident and is legally
   64  or naturally dependent upon the owner.
   65         (b) For purposes of this subsection, a leasehold interest
   66  that qualifies for the homestead exemption under s. 196.031 or
   67  s. 196.041 shall be treated as an equitable interest in the
   68  property.
   69         Section 2. Subsection (5) of section 193.1554, Florida
   70  Statutes, is amended to read:
   71         193.1554 Assessment of nonhomestead residential property.—
   72         (5) Except as provided in this subsection, property
   73  assessed under this section shall be assessed at just value as
   74  of January 1 of the year following a change of ownership or
   75  control. Thereafter, the annual changes in the assessed value of
   76  the property are subject to the limitations in subsections (3)
   77  and (4). For purpose of this section, a change of ownership or
   78  control means any sale, foreclosure, transfer of legal title or
   79  beneficial title in equity to any person, or the cumulative
   80  transfer of control or of more than 50 percent of the ownership
   81  of the legal entity that owned the property when it was most
   82  recently assessed at just value, except as provided in this
   83  subsection. There is no change of ownership if:
   84         (a) The transfer of title is to correct an error.;
   85         (b) The transfer is between legal and equitable title.; or
   86         (c) The transfer is between husband and wife, including a
   87  transfer to a surviving spouse or a transfer due to a
   88  dissolution of marriage.
   89         (d)For a publicly traded company, the cumulative transfer
   90  of more than 50 percent of the ownership of the entity that owns
   91  the property occurs through the buying and selling of shares of
   92  the company on a public exchange. This exception does not apply
   93  to a transfer made through a merger with or an acquisition by
   94  another company, including an acquisition by acquiring
   95  outstanding shares of the company.
   96         Section 3. Subsection (5) of section 193.1555, Florida
   97  Statutes, is amended to read:
   98         193.1555 Assessment of certain residential and
   99  nonresidential real property.—
  100         (5) Except as provided in this subsection, property
  101  assessed under this section shall be assessed at just value as
  102  of January 1 of the year following a qualifying improvement or
  103  change of ownership or control. Thereafter, the annual changes
  104  in the assessed value of the property are subject to the
  105  limitations in subsections (3) and (4). For purpose of this
  106  section:
  107         (a) A qualifying improvement means any substantially
  108  completed improvement that increases the just value of the
  109  property by at least 25 percent.
  110         (b) A change of ownership or control means any sale,
  111  foreclosure, transfer of legal title or beneficial title in
  112  equity to any person, or the cumulative transfer of control or
  113  of more than 50 percent of the ownership of the legal entity
  114  that owned the property when it was most recently assessed at
  115  just value, except as provided in this subsection. There is no
  116  change of ownership if:
  117         1. The transfer of title is to correct an error.; or
  118         2. The transfer is between legal and equitable title.
  119         3.For a publicly traded company, the cumulative transfer
  120  of more than 50 percent of the ownership of the entity that owns
  121  the property occurs through the buying and selling of shares of
  122  the company on a public exchange. This exception does not apply
  123  to a transfer made through a merger with or acquisition by
  124  another company, including acquisition by acquiring outstanding
  125  shares of the company.
  126         Section 4. Section 193.1556, Florida Statutes, is amended
  127  to read:
  128         193.1556 Notice of change of ownership or control
  129  required.—
  130         (1) Any person or entity that owns property assessed under
  131  s. 193.1554 or s. 193.1555 must notify the property appraiser
  132  promptly of any change of ownership or control as defined in ss.
  133  193.1554(5) and 193.1555(5). If the change of ownership is
  134  recorded by a deed or other instrument in the public records of
  135  the county where the property is located, the recorded deed or
  136  other instrument shall serve as notice to the property
  137  appraiser. If any property owner fails to so notify the property
  138  appraiser and the property appraiser determines that for any
  139  year within the prior 10 years the owner’s property was not
  140  entitled to assessment under s. 193.1554 or s. 193.1555, the
  141  owner of the property is subject to the taxes avoided as a
  142  result of such failure plus 15 percent interest per annum and a
  143  penalty of 50 percent of the taxes avoided. It is the duty of
  144  the property appraiser making such determination to record in
  145  the public records of the county a notice of tax lien against
  146  any property owned by that person or entity in the county, and
  147  such property must be identified in the notice of tax lien. Such
  148  property is subject to the payment of all taxes and penalties.
  149  Such lien when filed shall attach to any property, identified in
  150  the notice of tax lien, owned by the person or entity that
  151  illegally or improperly was assessed under s. 193.1554 or s.
  152  193.1555. If such person or entity no longer owns property in
  153  that county, but owns property in some other county or counties
  154  in the state, it shall be the duty of the property appraiser to
  155  record a notice of tax lien in such other county or counties,
  156  identifying the property owned by such person or entity in such
  157  county or counties, and it becomes a lien against such property
  158  in such county or counties.
  159         (2) The Department of Revenue shall provide a form by which
  160  a property owner may provide notice to all property appraisers
  161  of a change of ownership or control. The form must allow the
  162  property owner to list all property that it owns or controls in
  163  this state for which a change of ownership or control as defined
  164  in s. 193.1554(5) or s. 193.1555(5) has occurred, but has not
  165  been noticed previously to property appraisers. Providing notice
  166  on this form constitutes compliance with the notification
  167  requirements in this section.
  168         Section 5. This act shall take effect July 1, 2010.


Disclaimer: The information on this system is unverified. The journals or printed bills of the respective chambers should be consulted for official purposes. Copyright © 2000-2019 State of Florida.