Florida HOA Regulatory Update: March 2024

This update summarizes recent legislative activity relevant to community associations in Florida. As of March 8, 2024, one bill impacting Chapter 718 has passed the House and is pending Senate consideration.

Valuation Methodology for Timeshare Units

House Bill 471 (H0471) https://www.flsenate.gov/Session/Bill/2024/471 proposes a new methodology for valuing certain timeshare units during property tax appeals. The bill asserts that this methodology meets the constitutional requirement for "just valuation." While the specific formula or method is referenced in the bill text, details are not provided in the legislative history summary.

Potential Impact on HOAs

If enacted, H0471 could have a significant impact on timeshare associations and their unit owners involved in property tax appeals. The new valuation methodology may result in changes to assessed values for these units, potentially affecting property taxes owed by individual owners.

Next Steps

H0471 passed third reading in the House on March 8, 2024, and is currently pending Senate consideration. No effective date has been set. Community association managers and board members should monitor the progress of this bill and consult with legal counsel to understand its potential implications for their communities.

Bottom Line

This legislative update highlights a proposed change in how certain timeshare units are valued for property tax purposes. While the specific details of the new methodology are not yet publicly available, it is important for community association stakeholders to stay informed about the progress of H0471 and its potential impact on their communities.