Monday, 19 April 2021 17:07

Faulty Logic in Monroe County Property Value Assessment

The purpose of this article is to discuss the faulty logic that was used for determining commercial property values when Monroe County went through its reassessment in 2018.

When determining a property's value, we are considering how much a property would be worth if was sold. Appraisals are performed by banks and assessments by taxing authorities, but the two sets of numbers should be similar.  

On page 2 of the appeal form, Monroe County asks:

A. how much the owner is charges for renting each unit.
B. how much much was financed, the term, and rate.
C. It also asks for 3 years of income and expenses.

(!!!?!?)

On page 3, it asks for more details that are irrelevant to the value of that property: 3 years of expenses for insurance, electricity, water, manager's salary, legal & accounting, advertising, and more.

The information requested: amount financed, the rents collected, and 3 years of expenses should be considered private, confidential, and therefore out of bounds when considering a property's value.

 

How do any of the following scenarios affect the property's value?

If a building owner:

  • financed half of the property in the form of a commercial mortgage?
  • decided to rent out his units at half price?
  • pays more than he should for building maintenance?
  • rents the units to Section 8 tenants where the rent is fixed?

If you think about it, I think you will agree that none of these items affect the property's VALUE - this is just another example of government overreach.  

Read 63 times Last modified on Monday, 19 April 2021 17:12

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  • “The refusal of King George to allow the colonies to operate an honest money system, which freed the ordinary man from clutches of the money manipulators was probably the prime cause of the revolution.”

    - Benjamin Franklin

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