FL H1345

Defines "fair market value" as the amount a willing buyer would pay a willing seller in an arm's length transaction, and "just value" as fair market value with proper consideration given to statutory factors under section 193.011.

Establishes that "just value" is not synonymous with "fair market value" and rejects all case law since 1967 stating otherwise, with retroactive application to 1967.

Adds to the Taxpayer's Bill of Rights the right to value definitions based on actual accepted assessment practices, applicable law, and consistent application in both assessment development and review.

Requires property appraisers to assess leasehold interests in condominiums and cooperatives, certain historic properties, and historically significant properties at "just value" rather than "fair market value."

Amends the notice of proposed property taxes to change references from "market value" to "assessed value" and allow taxpayers to file adjustment petitions based on assessed value of property.

Takes effect July 1, 2016.