12D-1.002: Definitions
PURPOSE AND EFFECT: The purpose of the amendment to Rule 12D-1.002, F.A.C., is to clarify that just value and fair market value are legally synonymous as held by the Florida Supreme Court.
SUBJECT AREA TO BE ADDRESSED: Just value definition.
SPECIFIC AUTHORITY: 195.027(1), 213.06(1) FS.
LAW IMPLEMENTED: 192.001, 193.085, 193.461, 213.05 FS.
A RULE DEVELOPMENT WORKSHOP WILL BE HELD AT THE DATE, TIME AND PLACE SHOWN BELOW:
DATE AND TIME: December 7, 2006, 9:30 a.m.
PLACE: Larson Building, Room 142, 200 E. Gaines St., Tallahassee, Florida
THE PERSON TO BE CONTACTED REGARDING THE PROPOSED RULE DEVELOPMENT AND A COPY OF THE PRELIMINARY DRAFT, IF AVAILABLE, IS: Sharon Gallops, Property Tax Technical Unit, Department of Revenue, P. O. Box 3000, Tallahassee, Florida 32315-3000, telephone (850)414-6108, e-mail address gallopss@dor.state.fl.us
NOTICE UNDER THE AMERICANS WITH DISABILITIES ACT: Any person requiring special accommodations to participate in this workshop is asked to advise the Department at least 48 hours before the workshop by contacting Larry Green, (850)922-4830. If you are hearing or speech impaired, please contact the Department by using the Florida Relay Service, which can be reached at 1(800)955-8770 (Voice) and (800)955-8771 (TDD).
THE PRELIMINARY TEXT OF THE PROPOSED RULE DEVELOPMENT IS:
12D-1.002 Definitions.
Unless otherwise stated or unless otherwise clearly indicated by the context in which a particular term is used, all terms used in this chapter shall have the same meanings as are attributed to them in the current Florida Statutes. In this connection, reference is made to the definitions contained in Sections 192.001, 196.012, and 197.102, Florida Statutes.
(1) No change.
(2) “Just Value” – “Just Valuation”, “Actual Value”, “Fair Market Value” and “Value” – The Florida Supreme Court has held that “just value” and “fair market value” are legally synonymous and has defined fair market value as: “The amount a purchaser willing but not obliged to buy, would pay to one willing but not obliged to sell.” See Walter v. Schuler, 176 So.2d 81 (Fla. 1965) Means the price at which a property, if offered for sale in the open market, with a reasonable time for the seller to find a purchaser, would transfer for cash or its equivalent, under prevailing market conditions between parties who have knowledge of the uses to which the property may be put, both seeking to maximize their gains and neither being in a position to take advantage of the exigencies of the other.
(3) through (7) No change.
Specific Authority 195.027(1), 213.06(1) FS. Law Implemented 192.001, 193.085, 193.461, 213.05 FS. History–New 10-12-76, Formerly 12D-1.02, Amended 12-27-94, 2-25-96, ________.