FL H0073

Creates section 193.704, F.S. to establish a working waterfront property classification for eligible waterfront properties including commercial fishing facilities, public boat launches, marinas, and marine manufacturing/repair facilities.

Requires working waterfront property to be assessed based on current use, with assessed value calculated using income approach with debt coverage ratio capitalization rate or other specified factors, but not exceeding just value.

Mandates property owners file annual applications by March 1 with the property appraiser to maintain classification, with provisions allowing late applications for extenuating circumstances and allowing counties to waive annual filing requirements.

Imposes penalties of 15 percent annual interest plus 50 percent of additional taxes owed on property owners who fail to notify the appraiser of changes in use or ownership that would disqualify them, with penalties waivable if reasonable care was taken to notify.

Establishes an appeal process to the value adjustment board for denied classification applications, with petitioners paying a $15 nonrefundable fee and the board having authority to grant classification upon finding qualification and extenuating circumstances.