Agricultural lands used in production of aquaculture; assessment.

(1) For purposes of this section, the terms “aquaculture” and “aquaculture products” have the same meanings as in s. 597.0015.

(2)(a) When proper application for agricultural assessment has been made and granted pursuant to s. 193.461, and the property owner requests assessment pursuant to this section, the assessment of land used in the production of aquaculture products shall be based solely on its agricultural use, consistent with the use factors specified in s. 193.461(6)(a), and assessed pursuant to paragraph (c).

(b) Notwithstanding any provision relating to annual assessments found in s. 192.042, the property appraiser shall rely on 5-year moving average data when utilizing the income methodology approach in an assessment of property used for agricultural purposes.

(c) For purposes of the income methodology approach to the assessment of land used in the production of aquaculture products, structures and equipment located on the property used for producing aquaculture products are considered a part of the average yield per acre and have no separately assessable contributory value.

(d) If a request for assessment under this section is granted, the property must be assessed as provided in this section for 10 years unless the ownership or use of the property changes. The property appraiser may not require annual application. The property appraiser may require the property owner to annually submit audited financial statements.

(e) In years in which proper application for agricultural assessment has not been made, the land shall be assessed under the provisions of s. 193.011.