The Appraisal Process
Just or Market Value
Florida law requires the Property Appraiser to assess all property according to its “just value” as of January 1st of each year F.S. 192.042. Just value or market value, according to Florida Statutes, is the present cash value of the property, which is the amount a willing purchaser would pay a willing seller in cash its equivalent in a transaction at arms length F.S. 193.011 1. Simply put, just value is what a property would sell for in cash, on the open market.
Factors We Consider
In determining the value of a property, the Property Appraiser must consider not only its present cash value, but also takes into consideration these other factors F.S. 193.011 2-8:
- The highest and best use to which the property can be expected to be put in the immediate future and the present use of the property;
- The location of said property;
- The quantity or size of said property;
- The cost of said property and the present replacement value of any improvements there on;
- The condition of said property;
- The income of said property;
- The net proceeds of the sale of the property, as received by the seller, after deduction of all the usual and reasonable fees and costs of the sale.
Your Final Value
Once a structure residential or commercial is completed, our appraiser will visit the property, measure the building, inspect it for quality and construction detail and get all necessary data about the building.
All of the information regarding your lot size, building details, and any extra features like a pool or fence is entered and retained in our Computer Assisted Mass Appraisal system CAMA system. Utilizing the CAMA system, the appraiser then calculates the cost to reproduce your building and extra features, and adds in the land value to produce an overall value based on a market modified cost per square foot or per unit basis.
Each year we study the sales in your neighborhood to determine what homes or properties like yours are selling for. After making adjustments for differences such as size, number of bathrooms, lot size, etc., we can further refine our estimate of value based on the sales comparison approach.
We also consider the income your property could produce, particularly if it is an investment property such as a duplex, apartment building, hotel or retail store. Using typical market rents and expenses, the net income can be capitalized to produce a market value using the income approach.
Is Your Value Too High?
The Property Appraiser’s Office is always willing to talk to property owners concerning their value. You may call or visit the office anytime during regular business hours. Please see the “Appeals Process” to learn more on filing a formal appeal of your value.