CITY OF DAYTONA BEACH, APPELLANT,
v.
VOLUSIA COUNTY, ETC., ET AL., APPELLEES
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The City of Daytona Beach's appeal of a tax assessment on leased property is reversed and remanded because, while the County properly included leasehold value in the assessment under Capital City Country Club v. Tucker, the trial court failed to address whether the fair market value itself was overstated.
For ad valorem taxation purposes, the fair market value of real property owned by a municipality must include the value of leasehold interests and improvements, regardless of any leases or encumbrances.
[1] For ad valorem taxation of real property, fair market value is determined without regard to leases or encumbrances, and thus a county may properly include leasehold inter…
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Join FLexlaw to unlock all legal intelligenceThe City of Daytona Beach owned two parcels of real property that it leased to Pawnee-Daytona Beach Hotel Venture for use as a parking facility and a …
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GOSHORN, Judge.
The City of Daytona Beach (City) appeals from the final summary judgment entered by the trial court in favor of Volusia County (County) in this action brought by the City to challenge the value assessed by the County for purposes of levying ad valorem real property taxes against the City on two parcels of real property owned by the City, but leased to Pawnee-Daytona Beach Hotel Venture, a general partnership, for use as a parking facility and a concession area with shops, restaurants, and nightclubs. Pursuant to the Florida Supreme Court’s decision in Capital City Country Club, Inc. v. Tucker, 613 So. 2d 448, 453 (Fla.1993), we hold that for purposes of ad valorem taxation, the value of the City’s real property is the fair market value of the real property without regard to any leases or encumbrances, and thus, the County properly included the value of the leasehold interest and improvements in the tax assessment against the City. However, the record shows that the trial court did not address the remaining issue of whether the County overas-sessed the fair market value of this real property, and therefore, we reverse the final summary judgment and remand the cause for further proceedings consistent with this opinion.
REVERSED and REMANDED.
GRIFFIN and DIAMANTIS, JJ., concur.