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You have posed an interesting question.

The submerged land would come under the jurisdiction of the government. In Florida, the state has control over the area from the Ordinary High Water line seaward for a distance of three miles. That distance is increased to nine miles in the Gulf of Mexico. The federal government has jurisdiction over the area from that three mile limit for a distance of 200 miles seaward.

There would be no practical reason to "own" a parcel of land that is submerged under the ocean. It would become subject to state and federal law. You couldn't charge boats for sailing over it. If the land should reappear your title may become relevant once again. However, you wouldn't want to be taxed for land that is under water and of no practical use.

There is an interesting interactive chart at the link below that illustrates state and federal jurisdiction for each state.

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