CITY OF ORMOND BEACH AND RIVER BEND INVESTMENT GROUP, INC., APPELLANTS,
v.
VOLUSIA COUNTY, ETC., ET AL., APPELLEES
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The court held that ad valorem tax assessments of municipally-owned property must reflect fair market value without regard to leases, but reversed and remanded because the trial court failed to address whether the County overassessed the actual fair market value.
For ad valorem taxation purposes, the assessed value of real property must be its fair market value without regard to leases or encumbrances, and the County properly included leasehold interests and improvements in the assessment.
[1] For ad valorem taxation of real property, the assessed value must reflect fair market value without regard to leases, encumbrances, or the nature of the lessee's use.
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Join FLexlaw to unlock all legal intelligenceThe City of Ormond Beach owned real property that it leased to River Bend Investment Group for operation as a privately-operated public golf course. T…
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GOSHORN, Judge.
The City of Ormond Beach (City) and River Bend Investment Group, Inc. (River Bend) appeal from the final summary judgment entered by the trial court in favor of Volusia County (County) in this action brought by the City and River Bend to challenge the value assessed by the County for purposes of levying ad valorem real property taxes on a parcel of real property owned by the City, but leased to River Bend for use as a privately operated public golf course. 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 in this case, 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. However, the record shows that the trial court did not address the remaining issue of whether the County overassessed 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.