The Florida Real Property Appraisal Guidelines
The Florida Real Property Appraisal Guidelines
Adopted in 2002
Florida Department of Revenue
NOTE: THESE GUIDELINES ARE CURRENTLY UNDER REVIEW. The 2002 Florida Real Property Appraisal Guidelines are one of a three guideline series
which are part of the manual of instructions and establish standard measures
of value in accordance with section 195.032, Florida Statutes. These
guidelines were last adopted in 2002 and are the most recent version currently
available. The Department has initiated the process to update these guidelines
to address various changes in law since they were last adopted. This will be
done using an open and public process with opportunities for public review and
comment. Pursuant to section 195.062, Florida Statutes, these guidelines do NOT have the force and effect of rules and shall be used only to assist tax officers in the assessment of property as provided by section 195.002, Florida Statutes.
The Florida Real Property Appraisal Guidelines
Adopted November 26, 2002
FLORIDA DEPARTMENT OF REVENUE PROPERTY TAX ADMINISTRATION PROGRAM
TABLE OF CONTENTS
1.0 INTRODUCTION
1.1
Overview and Specific Authority
1.2
Statutory Focus on the Mass Appraisal Process
1.3
Description of Guidelines
1.4
Purposes of These Guidelines
1.5
Intended Users of These Guidelines
1.6
Intended Uses of These Guidelines
1.7
Uses for Which These Guidelines Are Not Intended
1.8
Organization and Content of These Guidelines
1.9
Sources of Information and Expertise for These Guidelines
1.10
Other Sources of Appraisal Guidance
2.0
2.1 2.1.1 2.1.2 2.1.3 2.1.4 2.1.5 2.2 2.3 2.4 2.4.1 2.4.2 2.4.3 2.4.4 2.5
FOUNDATIONS OF MASS APPRAISAL IN FLORIDA
Legal and Regulatory Foundations Florida Constitution Florida Statutes Florida Administrative Code Florida Case Law The Florida Real Property Appraisal Guidelines
Comparison of Single-Property Appraisal and Mass Appraisal History and Evolution of Mass Appraisal The Four Forces That Influence Real Property Value
Legal/Regulatory Forces Physical/Environmental Forces Economic Forces Social Forces Education and Training of Assessment Personnel
3.0
3.1 3.1.1 3.1.2 3.1.3 3.1.4 3.1.5 3.1.6 3.1.7 3.1.8 3.1.9 3.1.10 3.1.11 3.1.12
IMPORTANT DEFINITIONS AND CONCEPTS
Important Definitions Ad Valorem Tax Assessment Roll Real Property Personal Property Just Value Fair Market Value Market Value Arm's-Length Transaction Distinctions Between Cost, Price, and Value Market Participants Stratification Quality Assurance
3.2 3.2.1 3.2.2 3.2.3 3.2.4 3.2.5 3.2.6
Relevant Concepts Concept of Fairness in Real Property Ad Valorem Taxation Concept of Anticipation Concept of Substitution Concept of Change Concept of Real Property Markets Concept of Appraisal Judgment
4.0 THE MASS APPRAISAL PROCESS IN FLORIDA
4.1
Overview
4.2
Mass Appraisal Systems
4.3
Computer-Assisted Mass Appraisal Systems
4.4
Market Variation Between Counties
4.5
The Annual Just Valuation Cycle for Florida Property Appraisers
5.0
5.1 5.1.1 5.1.2 5.1.3 5.2 5.3 5.4 5.5
DEFINING THE MASS APPRAISAL PROCESS
Identification of Real Property Regulatory Identification of Real Property Administrative Identification of Real Property Identification of Property Groups for Mass Appraisal
Real Property Rights to be Appraised Purpose and Intended Use of the Appraisal Intended Users of the Appraisal Date of Appraisal
6.0
6.1 6.2 6.3 6.4 6.5 6.6 6.7 6.8 6.9 6.10 6.11 6.12 6.12.1 6.12.2 6.12.3 6.12.4 6.12.5 6.12.6 6.13 6.13.1
COLLECTING AND MANAGING MASS APPRAISAL DATA
The Importance of Data Completeness and Accuracy Legal, Physical, and Economic Data Considerations for the Scope of Data Collection General Data Specific Categories of Real Property Appraisal Data Collecting and Managing Title Transfer Documents Collecting and Managing Cadastral Mapping Data Collecting and Managing Aerial Photographs Collecting and Managing Regulatory Data Collecting and Managing Data on Physical Characteristics Collecting and Managing Cost and Depreciation Data Collecting and Managing Sale Data
Arm's Length Transactions Sale Coding and Reporting Requirements Additional Sale Coding Using Sale Data Separate Maintenance of Sale Characteristics Special Considerations in Sale Data Management Collecting and Managing Income Capitalization Data Accessibility and Confidentiality of Financial Records
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