AIVRAS "TOMORROW'S ANSWER'S TODAY"

PROPERTY VALUATIONS

No matter what state you reside in all valuations will be conducted the same way as the standards are universal for all states by law. It is the unique environment that will set one property out from others. All will have their own unique characters such as time of year, neighborhood, near by business, weather, etc.

 

The Assessor will use either the COST, MARKET or INCOME APPROACH to value.

 

If you built and know your COST was less then the assessed value this would be your argument. With the COST APPROACH if it takes three years to complete and the total value when done is $3,000,000, and on January 1 the hotel is 50% complete the value would be $1,500,000. 

 

If you purchased recently, and the sale was a NORMAL ARMS TRANSACTION, then you could use the MARKET approach.

 

If you lease or rent for less per square foot then the ASSESSOR has your rate set at, if VACANCY RATES or ROOM RATES, differ from that of the ASSESSOR you could use the INCOME APPROACH to argue for a reduction in value.