Title: Aquaculture Land Valuation

Summary: Provides for assessment of land used in production of aquaculture to be based solely on its aquaculture use; provides assessment methodology; requires property to be assessed for certain period of time using assessment methodology created by act; authorizes property appraiser to require audited financial statements.

Full Text:
An act relating to aquaculture land valuation; creating s. 193.4613, F.S.; defining terms; providing for the assessment of land used in the production of aquaculture to be based solely on its agricultural use; providing assessment methodology; requiring property to be assessed for a certain period of time using a specified assessment methodology; authorizing the property appraiser to require audited financi al statements; providing applicability; providing an effective date. Be It Enacted by the Legislature of the State of Florida: Section 1. Section 193.4613, Florida Statutes, is created to read: 193.4613 Agricultural lands used in production of aquaculture; assessment.-(1) For purposes of this section, the terms "aquaculture" and "aquaculture products" have the same meanings as in s. 597.0015. (2)(a) When proper application for agricultural assessment has been made and granted pursuant to s. 193.461, and the property owner requests assessment pursuant to this section, the assessment of land used in the production of aquaculture CS/HB 2022 products shall be based solely on its agricultural use, consistent with the use factors specified in s. 193.461(6)( a), and assessed pursuant to paragraph (c). (b) Notwithstanding any provision relating to annual assessments in s. 192.042, the property appraiser shall rely on 5-year moving average data when utilizing the income methodology approach in assessing proper ty used for purposes under this section. (c) For purposes of the income methodology approach to the assessment of land used in the production of aquaculture products, structures and equipment located on the property used for producing aquaculture product sare considered a part of the average yield per acre and have no separately assessable contributory value. (d) If a request for assessment under this section is granted, the property must be assessed as provided in this section for years unless the ownership or use of the property changes. The property appraiser may not require annual application. The property appraiser may require the property owner to annually submit audited financial statements. (e) When proper application for agricultural assess ment has not been made, the land shall be assessed under the provisions of s. 193.011. Section 2. The provisions of this act apply to assessments made on or after January 1, 2023. CS/HB 2022 Section 3. This act shall take effect January 1, 2023.