FL S0456

Creates s. 193.704, F.S. to establish a working waterfront property classification for tax assessment purposes, effective January 1, 2011, including specific definitions for water-dependent commercial facilities such as marinas, fishing operations, and vessel construction/repair facilities.

Requires working waterfront property to be assessed based on current use, either through income approach using debt coverage ratio formula or present cash value as if required to remain in current use, with assessed value not to exceed just value.

Mandates property owners file classification applications by March 1 annually with the property appraiser; allows late applications by July 1 if applicant demonstrates extenuating circumstances; permits counties to waive annual application requirements by majority vote.

Imposes penalties of 15 percent interest per annum plus 50 percent of additional taxes owed for failure to notify property appraiser of changes in use or ownership that would affect working waterfront classification, with property tax liens to recover penalties; penalties waivable upon showing of reasonable care.

Establishes appeal process through value adjustment board for denied applications with $15 filing fee; amends s. 195.073 to add working waterfront property as a classification category; modifies Stan Mayfield Working Waterfronts program selection criteria to focus on preservation of commercial fishing and marine industries.