More property tax reforms. Commercial property owners will be pleased to learn that legislation passed requiring property appraisers to consider zoning and permits before applying the "highest and best use" valuation standard. Florida Association of Realtors has long maintained that businesses should be assessed for current use, not for best "possible" use, and HB 909 by Rep. Peter Nehr (R-Tarpon Springs) will go a long way to help local businesses who are feeling the impact of extraordinary property tax increases. HB 909 also changes the makeup of the value adjustment board in each county to include property owners in addition to local government officials. This will give citizens more say in challenges to property assessments.

The tax benefits set forth in HB 909 complement three constitutional amendments approved last week by members of the Tax and Budget Reform Commission, a powerful group that meets every 20 years and whose members included attorneys, executives, tax collectors and real estate professionals (including 2007 FAR President Nancy Riley). One amendment would cut property taxes by at least 25 percent and cap annual assessments on non-homestead property at 5 percent; a second amendment would give marinas, commercial fishing facilities and other "working waterfront" businesses a possible tax break by setting tax assessments according to current use rather than "highest and best use;" and the third amendment would exempt land held in perpetuity for conservation from property taxes. Other  conservation lands would be taxed based on their current use rather than "highest and best" use.