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I read Jackie Bueno Sousa's column this yesterday in the Miami Herald, Disconnect in home values is killing deals. Apparently, the new property appraiser which we elected in 2008, Pedro J. Garcia, is not counting foreclosures in his appraisals.
But the appraiser's website states," ...I set out to establish the right values for all properties in the County. The assessments on the 2009 Notice of Proposed Property Taxes (TRIM Notice) mailed to you last month, reflected market value reductions of as much as 20% to 30% in some municipalities. I have met my promise to you, the property owners of Miami-Dade County and my Office has done its job." The question becomes, if he counted foreclosures, how much lower would these values be?
Sousa states in her column that a purchaser gave up on a deal when he found out that a house which sold for $600,000 a couple of years ago and was now on the market for $300,000 would still be taxed at the higher value. How can this be? Apparently, from what Sousa says, this is happening all over Miami-Dade County
killing deals and preventing the economic recovery that could so help the county as a whole.
How is it possible that Mr. Garcia can just ignore foreclosures?
Here is what the Florida Statutes says on "factors to consider in deriving a just valuation":
- 1. The present cash value of the property, which is the amount a willing purchaser would pay a willing seller...
- 2. The highest and best use to which the property can be expected to be put in the immediate future and the present use of the property, taking into consideration the legally permissible use of the property...
- 3. The location of said property
- 4. The quantity or size of said property;
- 5. The cost of said property and the present replacement value of any improvements thereon;
- 6. The condition of said property;
- 7. The income from said property; and
- 8. The net proceeds of the sale of the property, as received by the seller, after deduction of all of the usual and reasonable fees and costs of the sale...
It seems to me that if the property appraiser follows the Florida Statutes above, particularly "1" and "2", he would be forced to consider whether the property in question actually went through a foreclosure, whether the property value of said property is being affected by a nearby foreclosed property, or whether the selling price is actually much lower than the last time it sold. Once the property sells it should be assessed at the lower value!
If we can get the construction industry moving again with the restoration of the real estate market and the reconstruction of many of these distressed properties, we can again move Miami into the economic engine it usually is, and get make more jobs available to those who have suffered so much in this environment.
Maybe it's time to get the legislature to put more teeth into the Florida Statutes and make sure the local property appraiser considers foreclosures in his valuations. Contact your representative and make sure he knows about your wishes on this issue.
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