Title: Valuation of Timeshare Real Property

Summary: Providing a condition for the adequacy of the number of resales for the purposes of certain tax appeals; providing that this condition meets the constitutional mandate for just valuation, etc.

Full Text:
An act relating to valuation of timeshare real property; amending s. 192.037, F.S.; providing a condition for the adequacy of the number of resales for the purposes of certain tax appeals; providing that this condition meets the constitutional mandate for just valuation; providing applicability; providing an effective date. Be It Enacted by the Legislature of the State of Florida: Section 1. Present subsection (12) of section 192.037, Florida Statutes, is redesignated as subsection (13) and amended, and a new subsection (12) is added to that section, to read: 192.037 Fee timeshare real property; taxes and assessments; escrow.  (12)   In all tax appeals regarding timeshare real property in which the taxpayer asserts that there is an adequate number of resales to provide a basis for arriving at value conclusions, the number of resales is deemed to be adequate when a reasonable number of resales is provided by the taxpayer as supported by the Uniform Standards of Professional Appraisal Practice. This meets the requirement of just valuation of all property, including timeshare real property, as required under s. 4, Art. VII of the State Constitution. (13) (12)  Subsections (10),and (11),and (12) apply to fee and non-fee timeshare real property. Section 2. This act shall take effect July 1, 2022.