Property Tax Oversight Program
RULE NO.:RULE TITLE:
12D-6.006Fee Time-Share Real Property
NOTICE OF CHANGE
Notice is hereby given that the following changes have been made to the proposed rule in accordance with subparagraph 120.54(3)(d)1., F.S., published in Vol. 39, No. 187, September 25, 2013 issue of the Florida Administrative Register.
The Department has made changes to subsection (3) of the proposed rule based on comments received from the public. A revised version of this proposed rule containing these changes is available at: http://dor.myflorida.com/dor/property/vab/draftrules.html. When adopted, subsection (3) of the proposed rule will read as follows:
12D-6.006 Fee Timeshare Time Share Real Property.
(3) Method of Assessment and Valuation.
(a) Each fee timeshare time-share development, as described defined in Section 192.037(2), F.S. paragraph (2)(d) of this rule, must 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.)
(b)(c) Each of the eight factors set forth in subsections Sections 193.011(1)-(8) inclusive, F.S., must shall be considered by the property appraiser in arriving at assessed vaues as in the manner prescribed in paragraph (3)(a) (2)(b) of this rule. In these such considerations, the property appraiser must 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.
