The cost approach is based on how much it would cost today to build an almost identical structure on the parcel. Two other methods are used to appraise property – the cost approach and the income approach. During subsequent years, any improvements will fall under the Constitutional limitation. This limitation does not include any change, addition, or improvement to a homestead (excluding normal maintenance or substantially equivalent replacement). The Florida Constitution has been amended effective Januto limit any annual increase in the assessed value of residential property with a homestead exemption to 3 percent or the rate of inflation, whichever is lower. That is why property appraisers maintain an accurate database of real estate information and this is the sale comparison approach to value. Once this is determined, the property appraiser can base the value of a property on sales of comparable properties. An arm’s length transaction also means that the property was on the market for neither an excessive nor short period of time. Each transaction must be studied to make sure that it is an arms-length transaction.Īn arm’s length transaction is a sale involving a willing seller and a willing buyer without any undue pressure or special incentives (such as family relationships). To estimate the value of a property, the property appraiser must identify the properties that have sold, their sale prices and the terms and conditions of each sale. Sales of similar properties are strong indicators of value in the real estate market. However, individual property values may be adjusted between visits in light of sales activity or other factors affecting real estate values in your neighborhood. and most importantly, analyzes trends in sales prices, construction costs, and rents to best estimate the value of all assessable property.Īt least once every three years, the property appraiser or field evaluator will visit and inspect each property.accepts and approves applications from individuals eligible for exemptions and other forms of property tax relief.keeps descriptions of buildings and property characteristics up to date.The property appraiser has the legal responsibility to study those transactions and appraise your property accordingly. People establish the value by buying and selling real estate in the market place. What is important to remember is that the property appraiser does not create the value. Estimating the “market” value of your property means discovering the price most people would pay for your property in its current condition. The “market” value of real property is based on the current real estate market. The property appraiser is responsible for identifying, locating, and fairly valuing all property, both real and personal, within the county for tax purposes.
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