Commercial and Tangible Personal Property Department
The Commercial Appraisal Department of the Osceola County Property Appraiser’s Office is responsible for all real and tangible property that is not considered residential or agricultural in the county.
Each year all properties are reassessed to determine changes in market value. The valuation date is Jan. 1 of each year and the values are analyzed using the previous year’s sales data. The assessment notices are sent out in August of each year so very recent changes in the market may not appear to be reflected in your assessed value but will be taken into account in the next years valuation.
Each year all properties are reassessed to determine changes in market value. The valuation date is Jan. 1 of each year and the values are analyzed using the previous years sales data. The assessment notices are sent out in August of each year so very recent changes in the market may not appear to be reflected in your assessed value but will be taken into account in the next years valuation.
There are typically 3 major ways to determine the value of a property:
- The Cost Approach analyzes current land values and construction costs which are then depreciated for physical, functional and economic affects to value.
- The Sales Comparison method compares properties of similar types to see how much properties are selling for on units of comparison such as price per sq. ft., price per number of units, price per room, etc. with adjustments for differences condition, size, amenities, etc. in the properties.
- The Income Capitalization Approach examines the income potential for a property and then the net income is capitalized using typical rates that investors are expecting to receive on their investment.
Most properties are valued using mass appraisal techniques, which compare a large number of properties that have sold and then using statistical analysis the contributory value of the improvements added to the market value of the land. This method primarily uses the cost and sales comparison data.
Properties that are typically purchased for their income potential and purchased for investment such as hotels, shopping centers and apartments may have the income approach given the most weight in their analysis.
It is our goal to be fair and equitable in all property valuations. Florida state law requires that all properties be assessed at 100% of just value as defined by state law. Assessments are based on historical market “arm’s length” sales primarily using the most recent last year to determine current value.
Tangible Personal Property
Tangible personal property is everything other than real estate that has value by itself. It would include things such as furniture, fixtures, tools, machinery, household appliances, signs, equipment, leasehold improvements, supplies, leased equipment and any other equipment used in a business or to earn income.
As a result of COVID-19, the Osceola County Property Appraiser’s Office has granted all Tangible Personal Property (TPP) accounts an automatic 45-day extension to file their TPP return. The deadline for all TPP Returns is Friday, May 15, 2020. Please note that while you are not required to submit a request form for the extension, all TPP Returns and supporting documentation must be submitted to our office by Friday, May 15, 2020. You may utilize our online filing system, or mail your TPP Return to our office. Any supporting documentation can be e-mailed to PA-Tangible@property-appraiser.org.