Current through Reg. 51, No. 058, March 25, 2025
(1) Any person or entity that owns
non-homestead property that is entitled to receive the 10 percent assessment
increase limitation under Section
193.1554 or
193.1555, F.S., must notify the
property appraiser of the county where the property is located of any change of
ownership or control as defined in Sections
193.1554(5) and
193.1555(5),
F.S. This notification is not required if a deed or other instrument of title
has been recorded in the county where the parcel is located.
(2) As provided in Sections
193.1554(5) and
193.1555(5),
F.S., a change of ownership or control means any sale, foreclosure, transfer of
legal title or beneficial title in equity to any person, or the cumulative
transfer of control or of more than fifty (50) percent of the ownership of the
legal entity that owned the property when it was most recently assessed at just
value.
(3) For purposes of a
transfer of control, "controlling ownership rights" means voting capital stock
or other ownership interest that legally carries voting rights or the right to
participate in management and control of the legal entity's activities. The
term also includes an ownership interest in property owned by a limited
liability company or limited partnership that is treated as owned by its sole
member or sole general partner.
(4)
(a) A cumulative transfer of control of the
legal entity that owns the property happens when any of the following occur:
1. The ownership of the controlling ownership
rights changes and either:
a. A shareholder or
other owner that did not own more than fifty (50) percent of the controlling
ownership rights becomes an owner of more than fifty (50) percent of the
controlling ownership rights, or
b.
A shareholder or other owner that owned more than fifty (50) percent of the
controlling ownership rights becomes an owner of less than fifty (50) percent
of the controlling ownership rights.
2.
a. There
is a change of all general partners, or
b. Among all general partners the ownership
of the controlling ownership rights changes as described in subparagraph 1.,
above.
(b) If
the articles of incorporation and bylaws or other governing organizational
documents of a legal entity require a two-thirds majority or other
supermajority vote of the voting shareholders or other owners to approve a
decision, the supermajority shall be used instead of the fifty (50) percent for
purposes of paragraph (a), above.
(5) There is no change of ownership if:
(a) The transfer of title is to correct an
error;
(b) The transfer is between
legal and equitable title, or
(c)
For "non-homestead residential property" as defined in Section
193.1554(1),
F.S., the transfer is between husband and wife, including a transfer to a
surviving spouse or a transfer due to a dissolution of marriage. This paragraph
does not apply to non-residential property that is subject to Section
193.1555,
F.S.
(6) For a publicly
traded company, there is no change of ownership or control if the cumulative
transfer of more than 50 percent of the ownership of the entity that owns the
property occurs through the buying and selling of shares of the company on a
public exchange. This exception does not apply to a transfer made through a
merger with or an acquisition by another company, including an acquisition by
acquiring outstanding shares of the company.
(7)
(a) For
changes of ownership or control, as referenced in subsection (2), of this rule,
the owner must complete and send Form DR-430, Change of Ownership or Control,
Non-Homestead Property, to the property appraiser unless a deed or other
instrument of title has been recorded in the county where the parcel is
located. This form is adopted by the Department of Revenue and incorporated by
reference in Rule 12D-16.002, F.A.C. If one owner
completes and sends a Form DR-430 to the property appraiser, another owner is
not required to send an additional Form DR-430.
(b) Form DR-430M, Change of Ownership or
Control, Multiple Parcels, which is incorporated by reference in Rule
12D-16.002, F.A.C., may be used
as an attachment to Form DR-430. A property owner may use DR-430M to list all
property owned or controlled in the state for which a change of ownership or
control has occurred. A copy of the form should be sent to each county property
appraiser where a parcel is located.
(c) On January 1, property assessed under
Sections 193.1554 and
193.1555, F.S., must be assessed
at just value if the property has had a change of ownership or control since
the January 1, when the property was most recently assessed at just
value.
(d) The property appraiser
is required to provide a notice of intent to record a tax lien on any property
owned by a person or entity that was granted, but not entitled to, the property
assessment limitation under Section
193.1554 or
193.1555, F.S. Before a lien is
filed, the person or entity who was notified must be given 30 days to pay the
taxes, applicable penalties, and interest. If the property assessment
limitation was improperly granted as a result of a clerical mistake or
omission, the person or entity improperly receiving the property assessment
limitation may not be assessed penalties or interest.
(e) The property appraiser shall use the
information provided on the Form DR-430 to assess property as provided in
Sections 193.1554,
193.1555 and
193.1556, F.S. For listing
ownership on the assessment rolls, the property appraiser must not use Form
DR-430 as a substitute for a deed or other instrument of title in the public
records.
Rulemaking Authority
195.027(1),
213.06(1) FS.
Law Implemented 193.1554,
193.1555,
193.1556
FS.
New 11-1-12, Amended
9-19-17.
