Wilkinson v. St. Jude Harbors, Inc.

LEHAN, Judge.

We affirm the trial court’s ruling that transferable development rights (TDRs) are not real property subject to assessment for ad valorem taxation.

TDRs have been described as follows: “Basically, a TDR allows that development rights, attributable to one piece of land, be transferred to another.” City of Hollywood v. Hollywood, Inc., 432 So.2d 1332, 1337 (Fla. 4th DCA), review denied, 441 So.2d 632 (Fla.1983).

Land may be viewed as an assemblage or bundle of rights. According to TDR theory, the right to develop one’s property may be severed from the land and sold, much in the same…