How does the Property Appraiser know if there has been a change of ownership or control?
Normally, the Property Appraiser learns that a property has been transferred when a deed is recorded in the public records. However, the public records will generally not disclose if a property is owned by the same entity, but the entity itself has undergone a change of control. Thus, Fla. Stat. 193.1556 requires any person or entity who owns property that is protected by the 10% cap to notify the Property Appraiser of any change of ownership or control on a form provided by the Department of Revenue. If a property owner fails to notify the Property Appraiser and the Property Appraiser later discovers that the property was erroneously continuing to receive the 10% cap, the Property Appraiser can record a tax lien for the back taxes, a 50% penalty and 15% interest, which is the same penalty applied in cases of homestead fraud.
Related Questions
- Once a change in control or a change in ownership has occurred, does this cause an automatic reassessment of the California real property owned by the acquired legal entity?
- What property is subject to reassessment if a change in control or change in ownership has occurred?
- DOES A LIEN AFFECT PROPERTY OWNERSHIP?
