SB 1598 Summary: Value Adjustment Boards

• Adds definitions of "fair market value" and "just value" to property assessment statutes and expands the Florida Taxpayer's Bill of Rights to include rights to transparent VAB processes, competent special magistrates, and detailed written decisions with findings of fact logically connected to conclusions of law.

• Allows qualified taxpayers to file late agricultural classification applications within 25 days of assessment notice upon demonstrating extenuating circumstances, with the property appraiser or VAB determining qualification rather than requiring a nonrefundable $15 filing fee.

• Permits individual unit owners to withdraw their parcels from joint association VAB petitions at any time, requires VAB to report petition statistics within 35 days, and mandates that evidence lists include property record cards and documented adjustments to fair market value.

• Requires special magistrates to be compensated only by hourly wage (not lump sum or per-case fees), establishes they are public officers subject to ethics rules, and allows discipline of licensed special magistrates under their professional licenses for VAB-related actions.

• Refunds filing fees to successful petitioners, requires courts to levy 100% penalty on withheld interest owed to taxpayers, and applies changes to tax years beginning January 1, 2015.