FL H7127

Creates s. 193.704, F.S. to establish a working waterfront property classification for tax assessment purposes, including seven eligible categories: commercial fishing land, public vessel launch facilities, public marinas and drystacks, water-dependent marine manufacturing and repair facilities, and water-dependent commercial transportation facilities in certain counties.

Requires working waterfront property to be assessed based on current use, either through income approach using debt coverage ratio capitalization rates or present cash value if income data is unavailable, with assessed value not exceeding just value.

Mandates annual applications by March 1 for classification; allows property appraisers to approve late applications with extenuating circumstances; permits counties to waive annual reapplication requirements by majority vote.

Imposes 15 percent annual interest plus 50 percent penalty on back taxes if property owners fail to notify appraisers of changes in use or ownership that eliminate eligibility, with liens recorded against all property owned by the noncompliant owner.

Adds working waterfront property as a new classification category to s. 195.073, F.S. and modifies s. 380.5105, F.S. to establish general program objectives for the Stan Mayfield Working Waterfronts Program; creates alternate July 1 application deadline for calendar year 2010.