Dan, Both Buyer and Seller in North Miami, FL

I have a question on changing property values. Please see "question details"

Asked by Dan, North Miami, FL Tue Jul 6, 2010

How would I find out how the value of a commercial building changed from April of 2006 to 2008? I have an appraisal from 2006 and want to use that appraisal for fighting my 2009 taxes, which relates to 2008. I am in Dade County, FL. Thanks for any help I can get, Dan

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David Chiles’ answer
Thank you for your question Dan. There is a similar site with a commercial real estate question and answer that may be better able to give you the exact information you need to get a fair appraisal of a commercial building. http://www.loopnet.com
0 votes Thank Flag Link Wed Jul 7, 2010
Hi Dan:

Smart to get a new appraisal as well as get comparable from a Title Co. or your Realtor who sold you the place
or a Commercial Realtor that you should be in contact with.

Best regards
0 votes Thank Flag Link Tue Jul 6, 2010

The 2006 appraisal won't be your best defense for challenging the 2008 assessment. If I were you the first thing I would do is find out from the Dade County assessor what approach to value they used to determine your 2008 assessment. Chances are they are giving more weight to the income approach to value, but recent sales could also be a consideration. Mott may be right in suggesting that you get a new appraisal but make sure you know three important things from the local assessor first: (1) the effective date of value for the assessment being challenged (2008?), and (2) the timeframe studied for commercial property sales; and (3) the period studies for income and expenses. Your new appraisal will want to uses the same effective date, and consider sales and income and expenses for the same time frames.
0 votes Thank Flag Link Tue Jul 6, 2010
Obviously you need to show a loss on your taxes:

Contact a title/escrow company in your area, and ask for their customer service department. Tell them what you need the information for so they can pull comparable sales for the time frames you need. Good Luck!
Web Reference: http://www.soreal.biz
0 votes Thank Flag Link Tue Jul 6, 2010
I agree, in this market an appraisal is only good for 6 months at best. Appraisal can cost about $330. Good luck.
0 votes Thank Flag Link Tue Jul 6, 2010
The best method is to have another appraisal done. Values have probably declined significantly- but not necessarily. Another approach is to check the recent sales of similar properties in North Miami and try to determine the value.
0 votes Thank Flag Link Tue Jul 6, 2010
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