How SB 886 changes current law

AI-generated reading aid from the bill's amendatory text — verify against the official bill.

The bill establishes a new methodology for valuing timeshare units in tax appeals for developments with over 300 units.

• s. 192.037

  (12) In all tax appeals regarding timeshare units that are part of a timeshare development with more than 300 timeshare units, if the taxpayer asserts that there are an adequate number of resales to provide a basis for arriving at value conclusions, the number of resales must be considered adequate when a reasonable number of resales of timeshare units within the same timeshare development are provided by the taxpayer and supported by the most recent standards adopted by the Uniform Standards of Professional Appraisal Practice. This methodology meets the requirement of just valuation of all real estate located in this state, including timeshare units, as recognized by and provided in s. 4, Art. VII of the State Constitution. The taxpayer may submit the known and controlling resales of the properties sold to assist in arriving at value conclusions.

  This addition provides a clear framework for how timeshare units should be valued in tax appeals when there are sufficient resale data.

• s. 192.037

  present subsection (12) → subsection (13)

  This redesignation updates the numbering of the subsections to accommodate the new subsection.