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Assessed Value, Just Value, Taxable Value and Ad Valorem Taxes (real estate tax) Taxes and Property assessments are big topics of discussions these days and why not, with generally all our individual, city, county and state finances being impacted by the biggest recession since the 1940's, we are watching our dollars. Below is information on the property assessments and taxes for property owners in the State of Florida. County Appraiser Assessment regulation and challenging the assessment F.S. 194.301 Administrative Code for the hearing to challenge your tax assessment 12D-9 Meeting with Bill Jeter, Attorney for the Duval County Value Adjustment Board INSURABLE VALUE ESTIMATE Recent legislation in the Florida has changed how to complete condominium insurable value estimates, prompting this language in the insurable value reports: By prior agreement between the client and the appraiser, this report is the result of an Appraisal process conforming to guidelines of the Uniform Standards of Professional Appraisal Practice, Florida Statutes 718.111(11) and National Flood Insurance Program Guidelines as promoted by FEMA as they relate to Condominium Hazard and Flood Insurance coverage. These guidelines are interpreted by association management and the appraiser with the assistance of Insurance Professionals. Specifically, I appraised the subject properties reference with no extra-ordinary assumptions or hypothetical conditions, using a Replacement Cost Value (RCV) or Actual Cash Value (ACV) estimate as appropriate, supported by the “Marshall Valuation Service”. Deficiency Judgment, Deed in Lieu. Short Sale Sometimes this type of economy will force a decision either on the part of the lender or borrower to make a choice among less attractive options. It is important to understand the advantages and disadvantages of each. An appraiser can play a role in each type of choice be it a deficiency judgment, deed in lieu of foreclosure or a short sale. Richard P. Zaretsky an Attorney in West Palm Beach, Florida presents a good comparison of the options. Neither Lenders nor borrowers want to lose money and a judge might need an opinion of value in order to fairly try a case thats being litigated in his or her court. If market value is an unknown quantity call or email this appraisal office and order an appraisal to resolve the issues. Visit the City-Data Forum, it is a good site to ask questions regarding these types of issues. Short sales can have an IRS drawback. The Jacksonville Bar Association has a good referral system if you need a local attorney. The
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