2010 Florida Code
TITLE XIV TAXATION AND FINANCE
Chapter 197 TAX COLLECTIONS, SALES, AND LIENS  
197.304 Tax deferral for recreational and commercial working waterfronts.

197.304 Tax deferral for recreational and commercial working waterfronts.

   (1) Any property owner in a jurisdiction that has adopted a tax deferral ordinance pursuant to s. 197.303 that owns a recreational and commercial working waterfront facility as defined in s. 342.07 may elect to defer payment of those ad valorem taxes and non-ad valorem assessments designated in the ordinance authorizing the deferral by filing an annual application for tax deferral with the county tax collector on or before January 31 following the year in which the taxes and non-ad valorem assessments are assessed. The applicant has the burden to affirmatively demonstrate compliance with the requirements of this section.

   (2) Approval of an application for tax deferral shall defer that portion of the combined total of ad valorem taxes and any non-ad valorem assessments that are authorized to be deferred by the ordinance authorizing the deferral.

   (3) A tax deferral may not be granted if:

   (a) The total amount of deferred taxes, non-ad valorem assessments, and interest plus the total amount of all other unsatisfied liens on the property exceeds 85 percent of the assessed value of the property; or

   (b) The primary financing on the property is for an amount that exceeds 70 percent of the assessed value of the property.

   (4) The amount of taxes, non-ad valorem assessments, and interest deferred shall accrue interest at a rate equal to the semiannually compounded rate of one-half of 1 percent plus the average yield to maturity of the long-term fixed-income portion of the Florida Retirement System investments as of the end of the quarter preceding the date of the sale of the deferred payment tax certificates; however, the interest rate may not exceed 9.5 percent.

   (5) The taxes, non-ad valorem assessments, and interest deferred pursuant to this section constitute a prior lien and shall attach as of the date and in the same manner and be collected as other liens for taxes, as provided for under this chapter, but such deferred taxes, non-ad valorem assessments, and interest shall only be due, payable, and delinquent as provided in ss. 197.303-197.3047.

History. s. 14, ch. 2005-157.