Almost all (66 of 67) Florida county property appraisers assess billboards for ad valorem tax purposes and classify them as tangible personal property. Those that appraise billboards use the replacement cost approach to determine value. Most (63) also use the replacement cost approach to value similar types of commercial businesses on leased land. These appraisal methods are similar to those used by other states we contacted.
Florida county property appraisers use a variety of depreciation schedules in estimating billboard value. Although the Department of Revenue has developed guidelines that include recommended depreciation schedules, the guidelines are outdated and are followed by only 27 counties. This raises concern as to whether billboards are being equitably appraised throughout the state.
The department should adopt new appraisal guidelines for appraising billboards that include up-to-date depreciation schedules and residual values.

Progress Report: The Department of Revenue Has Begun Updating Its Guidelines for Assessment of Billboards
Report 04-46 July 2004
Progress Report: Department of Revenue Needs to Further Improve Oversight of Property Appraisers
Report 99-44 March 2000
Justification Review of the Right-of-Way Acquisition Program
Report 99-02 August 1999
Program Evaluation and Justification Review Property Tax Administration Program Administered by the Department of Revenue
Report 96-81 April 1997

Copies of this report in print or alternate accessible format may be obtained by email OPPAGA@oppaga.fl.gov, telephone (850) 488-0021, or mail 111 W. Madison St., Room 312 Tallahassee, FL 32399-1475.