Florida Senate bill 1588, effective July 1, 2008 imposes a requirement that transfers of real property done without deeds (like Assignments of Beneficial Interest in land trusts and transfers of membership interests in LLCs) be disclosed to the property appraisers. It is expected that the Florida Department of Revenue will soon have a form to be used for this purpose. But the law applies to any transactions beginning July 1, 2008 regardless of when the form is ready. The penalties for failure to disclose are very stiff. The state can go back 10 years and assess penalties and interest of 15% on underassessments.

This is from Mark Warda at Land Trust Service Corporation.