12D-6.006. Fee Time-Share Real Property

(1) Applicability of rule:

This rule shall apply to the valuation, assessment, listing, billing and collection for ad valorem tax purposes of all fee time-share real property, as defined in Section 192.001, F.S.

(2) Definitions – As used in this rule:

(a) “Accommodations” means any apartment, condominium or cooperative unit, cabin, lodge or hotel or motel room or any other private or commercial structure which is situated on real property and designed for occupancy by one or more individuals. (Section 721.05(1), F.S.)

(b) “Fee time-share real property” means the land and buildings and other improvements to land that are subject to time-share interests which are sold as a fee interest in real property. (Section 192.001(14), F.S.)

(c) “Managing entity” means the person responsible for operating and maintaining the time-share plan. (Section 721.05(20), F.S.)

(d) “Time-share development” means the combined individual time-share periods or time-share estates of a time-share property as contained in a single entry on the tax roll. (Section 192.037(2), F.S.)

(e) “Time-share estate” means a right to occupy a time-share unit, coupled with a freehold estate or an estate for years with a future interest in a time-share property or a specified portion thereof. (Section 721.05(28), F.S.)

(f) “Time-share instrument” means one or more documents, by whatever name denominated, creating or governing the operation of a time-share plan. (Section 721.05(29), F.S.)

(g) “Time-share period” means that period of time when a purchaser of a time-share plan is entitled to the possession and use of the accommodations or facilities, or both, of a time-share plan. (Section 721.05(31), F.S.)

(h) “Time-share period titleholder” means the purchaser of a time-share period sold as a fee interest in real property, whether organized under Chapter 718 or 721, F.S. (Section 192.001(15), F.S.)

(i) “Time-share plan” means any arrangement, plan, scheme, or similar device, other than an exchange program, whether by membership, agreement, tenancy in common, sale, lease, deed, rental agreement, license, or right-to-use agreement or by any other means, whereby a purchaser, in exchange for a consideration, receives ownership rights in, or a right to use, accommodations or facilities, or both, for a period of time less than a full year during any given year, but not necessarily for consecutive years, and which extends for a period of more than 3 years. (Section 721.05(32), F.S.)

(j) “Time-share property” means one or more time-share units subject to the same time-share instrument, together with any other property or rights to property appurtenant to those units. (Section 721.05(33), F.S.)

(k) “Time-share unit” means an accommodation of a time-share plan which is divided into time-share periods. (Section 721.05(34), F.S.)

(3) Method of Assessment and Valuation.

(a) Each fee time-share development, as defined in paragraph (2)(d) of this rule, shall be listed on the assessment roll as a single entry.

(b) The assessed value of each time-share development shall be the value of the combined individual time-share periods or time-share estates contained therein. In determining the highest and best use to which the time-share development can be expected to be put in the immediate future and the present use of the property, the property appraiser shall properly consider the terms of the time-share instrument and the use of the development as divided into time-share estates or periods. (Section 192.037(2), F.S.)

(c) Each of the eight factors set forth in Sections 193.011(1)-(8) inclusive, F.S., shall be considered by the property appraiser in arriving at assessed values in the manner prescribed in paragraph (3)(b) of this rule. In such considerations the property appraiser shall properly evaluate the relative merit and significance of each factor.

(d) Consistent with the provisions of Section 193.011(8), F.S., and when possible, resales of comparable time-share developments with ownership characteristics similar to those of the subject being appraised for ad valorem assessment purposes, and resales of time-share periods from time-share period titleholders to subsequent time-share period titleholders, shall be used as the basis for determining the extent of any deductions and allowances that may be appropriate.

(4) Listing of fee time-share real property on assessment rolls.

(a) Fee time-share real property shall be listed on the assessment rolls as a single entry for each time-share development. (Section 192.037(2), F.S.)

(b) The assessed value listed for each time-share development shall be derived by the property appraiser in the manner prescribed in subsection (3) of this rule.

(5) Billing and Collection.

(a) For the purposes of ad valorem taxation and special assessments, including billing and collections, the managing entity responsible for operating and maintaining fee time-share real property shall be considered the taxpayer as an agent of the time-share period titleholders.

(b) The property appraiser shall annually notify the managing entity of the proportions to be used by the managing entity in allocating the valuation, taxes, and special assessments on time-share property among the various time-share periods.

(c) The tax collector shall accept only full payment of the taxes and special assessments due on the time-share development and sell tax certificates as provided in paragraph 12D-13.051(2)(b), F.A.C., on the time-share development as a whole parcel, as listed on the tax roll.

Rulemaking Authority 195.027(1), 213.06(1) FS. Law Implemented 192.001, 192.037, 193.011, 721.05 FS. History–New 5-29-85, Formerly 12D-6.06, Amended 12-27-94.