FL S0346

Creates statutory classification for "working waterfront property" including commercial fishing operations, marinas, drystacks, marine manufacturing and repair facilities, and public vessel launch facilities, effective January 1, 2011

Requires working waterfront properties to be assessed based on current use rather than market value, using income approach methodology with annual capitalization rate calculations or present cash value if comparable data unavailable

Mandates annual applications by March 1 (July 1 for 2010) with property appraiser authority to approve late applications showing extenuating circumstances; allows counties to waive annual reapplication requirements by majority vote

Imposes penalties of 50 percent of additional taxes plus 15 percent annual interest for property owners failing to notify appraiser of changes in use or ownership that affect working waterfront classification, with tax liens recordable in county records

Establishes appeal process through value adjustment board and courts for denied classification applications, with $15 nonrefundable filing fee; property appraiser must maintain public list of all applications showing acreage, values, and approval status