The Property Tax Appeal Group takes pride in custom tailoring its methods and arguments for each property owner it represents, by analyzing the condition and complexity of each property appealed. By doing so, P-Tag has successfully recovered substantial refunds for many of our Clients.
Friday, September 13, 2013
Mall in downtown Miami was given a 94% property tax reduction
County’s property assessment consists of two components--Land and Building
The mall, in downtown Miami is taxed for a building value which is not an
asset and its best use would be to demolish it and build a skyscraper at that
a recent Value Adjustment Board before a Special Magistrate for the 2012
property tax assessment, a 94%
reduction was granted for the building. It was reduced from $1,762,500 to only a “token
value” of $100,000.
argument presented by Barry Sharpe pointed out that the County was in effect
“double-dipping” by charging taxes on land that is not buildable in its present
state, plus charging additional taxes on an old building with a liability
County was assessing the mall, comparing its assessment with the values of
other “supposedly” like parcels of land, that actually have the ability to
build an 80 story skyscraper.
order to obtain the highest and best use at this, it should first be
demolished. Then, it would no longer be “handicapped” with an old
building in the way. Having such a building is actually a negative for a
builder. One has to then deal with
demolition, environmental matters, evicting and relocating tenants, etc.
All this takes time and money.
investor or building contractor such as Sharpe, who handled the tax appeal, would
not want to purchase with so many unknowns. He would prefer purchasing a
vacant lot, with the ability to build, from day one.
is an example as to how one can have an income producing building in downtown
Miami and on the other hand, not have to pay taxes on the building. This is a win-win situation for the property