Lee County property tax (appraiser, for sale, income)

[Bettygirl]

Does anyone have any ideas on what will happen to the property tax now that home values are sinking?
Won't the county assessor have to lower assessed value based on fair market value decreases?

[2peaches2oranges]

Not sure about Lee, but just north in Charlotte, the 2006 assessed values are UP! Mine is up over $30K from 2005 value of $392K to $426K in 2006. Of course, they are not final until the bill comes out in August. But, I am thinking they are going UP not down.

[sunrico90]

See below for Santa Rosa County system..



HOW ARE PROPERTIES APPRAISED?

Santa Rosa County uses the same appraisal techniques normally used by independent fee appraisers. These are the Cost Approach, Sales Comparison Approach and the Income Approach.

* COST APPROACH - The principle of substitution is basic to the cost approach. This principle affirms that no prudent buyer would pay more for a property than the cost to acquire a similar site and construct improvements of equal desirability and utility without undue delay. Information pertaining to cost is acquired from builders, cost information services and from market abstraction. If the property is not new the appraiser must estimate depreciation and deduct it from replacement cost new.
* SALES COMPARISON APPROACH - This approach is the process in which a market value estimate is derived by analyzing the market for sales of similar properties and comparing these properties to the subject. Sales of similar properties must be carefully analyzed to make sure that no adverse conditions existed that would affect the purchase price. Once this is determined we can estimate value of the subject property.
* INCOME APPROACH - This approach is a unique method to evaluate property, usually commercial property. It requires a study of how much revenue the property would produce if rented. From the gross estimated revenue the appraiser would adjust for losses and expenses. The net estimated income would then be converted into an indication of value by a mathematical process called "capitalization."