All property shall be assessed according to its just value as follows:
- (1) Real property, on January 1 of each year. Improvements or portions not substantially completed on January 1 shall have no value placed thereon. "Substantially completed" shall mean that the improvement or some self-sufficient unit within it can be used for the purpose for which it was constructed.
- (2) Tangible personal property, on January 1, except construction work in progress shall have no value placed thereon until substantially completed as defined in s. 192.001(11)(d).
- (3) Intangible personal property, according to the rules laid down in chapter 199.
History.--s. 4, ch. 70-243; s. 57, ch. 80-274; s. 9, ch. 81-308.