Yeah, I know it's morbid. But it's a matter of public interest and public record.
So here's the info for those of you who want to know more about the house in which Dolphin linebacker Sean Taylor was fatally injured in as big a waste of football talent and as characteristically callous an act as you ever want to see in our community.
33-5035-005-0110
Property: 18050 OLD CUTLER RD
Mailing Address: SEAN TAYLOR
18050 OLD CUTLER RD PALMETTO BAY FL
33157-6423
Property Information: Primary Zone: 2300 ESTATE RESIDENTIAL
CLUC: 0001 RESIDENTIAL- SINGLE FAMILY
Beds/Baths: 4/4
Floors: 1
Living Units: 1
Adj Sq Footage: 3,705
Lot Size: 33,541 SQ FT
Year Built: 1971
Legal Description: CUTLER SOUTH PB 80-80 LOT 11 BLK 1 LOT SIZE 205.000 X 165 OR 18697-2031 0599 1 F/A/U 30-5035-005-0110 COC 23569-2355 06 2005 1
Sale Date: 6/2005
Sale Amount: $900,000
Assessment Information: Year: 2007
Land Value: $423,500 $
Building Value: $305,797
Market Value: $729,297
Assessed Value: $729,297
Homestead Exemption: $25,000
Total Exemptions: $25,000
Taxable Value: $704,297
_______________________________________________________________________________
Weiss has been named a “Top Lawyer” by South Florida Legal Guide (2007, 2008), Florida Super Lawyers (2006), Florida Trend Legal Elite (2004) and Who’s Who in Practicing Attorneys (1989-1990) and has been included on Miami’s “A list” in five categories: law, philanthropy, business, arts and social prominence, in New York’s Avenue Magazine (2006, 2007, 2008).
Wednesday, May 28, 2008
Thursday, May 22, 2008
Property Tax Appeal Tip #1: Why You Should File Your Actual Income
Recently a commercial property tax client of mine expressed surprise when I told her we'd fare better at the appeal hearing if I filed her federal income tax return schedule relating to the subject property instead of just her own summary of income and expenses.
The truth of the matter is that there are a whole slew of reasons to file the IRS schedule in preference to most any other form of record of income and expenses.
Here are the top 3:
1. Federal income tax returns are regarded as inherently reliable. Because they are signed and submitted under penalty of perjury, federal income tax returns--and all attached schedules--are generally treated by the local property tax personnel as authoritative.
2. Schedules for rental property--whether Schedule E or Form 8825--clearly identify the property and segregate income and expenses of the subject property from those of any other property. The tax assessor will have a higher comfort level in reviewing your federal income tax return than in looking at a pile of receipts whose origins--or ties to the subject property--may be dubious.
3. Line items and statements (footnotes) on your federal income tax return segregate depreciation, debt service, and property taxes, each of which must be omitted from treatment as an actual expense or converted to a millage rate and made part of a formula to solve for an unknown (in the case of current property taxes), thereby facilitating accurate use of the component information as evidence of property value on the income approach.
The bottom line on the decision of whether to include or exclude a record of the preceding year's actual income and expenses as part of your income approach to property value should take into consideration the three factors discussed above.
In some instances, actual income may be driven by factors which are not properly part of the County Property Appraiser's consideration, including intangibles which drive gross receipts in a world class shopping center or flagship hotel.
If it is too difficult to separate the income derived from the intangibles, you may want to go with imputed market income and omit the record of actual income--which in some instances may include proprietary information protected by contract or contra-indicated by competition in the marketplace of a closely-held entity.
But if you are appealing 4 or 10 or 12 units of multifamily residential property, give serious thought to including the actual schedule from the federal income tax return in lieu of the property owner's summary of income and expenses. Special considerations can be accounted for--or discounted for--in your pro forma income analysis or calculation of stabilized income and expenses, or selection of cap rate.
________________________________________________________________________________
Weiss has been named a “Top Lawyer” by South Florida Legal Guide (2007, 2008), Florida Super Lawyers (2006), Florida Trend Legal Elite (2004) and Who’s Who in Practicing Attorneys (1989-1990) and has been included on Miami’s “A list” in five categories: law, philanthropy, business, arts and social prominence, in New York’s Avenue Magazine (2006, 2007, 2008).
The truth of the matter is that there are a whole slew of reasons to file the IRS schedule in preference to most any other form of record of income and expenses.
Here are the top 3:
1. Federal income tax returns are regarded as inherently reliable. Because they are signed and submitted under penalty of perjury, federal income tax returns--and all attached schedules--are generally treated by the local property tax personnel as authoritative.
2. Schedules for rental property--whether Schedule E or Form 8825--clearly identify the property and segregate income and expenses of the subject property from those of any other property. The tax assessor will have a higher comfort level in reviewing your federal income tax return than in looking at a pile of receipts whose origins--or ties to the subject property--may be dubious.
3. Line items and statements (footnotes) on your federal income tax return segregate depreciation, debt service, and property taxes, each of which must be omitted from treatment as an actual expense or converted to a millage rate and made part of a formula to solve for an unknown (in the case of current property taxes), thereby facilitating accurate use of the component information as evidence of property value on the income approach.
The bottom line on the decision of whether to include or exclude a record of the preceding year's actual income and expenses as part of your income approach to property value should take into consideration the three factors discussed above.
In some instances, actual income may be driven by factors which are not properly part of the County Property Appraiser's consideration, including intangibles which drive gross receipts in a world class shopping center or flagship hotel.
If it is too difficult to separate the income derived from the intangibles, you may want to go with imputed market income and omit the record of actual income--which in some instances may include proprietary information protected by contract or contra-indicated by competition in the marketplace of a closely-held entity.
But if you are appealing 4 or 10 or 12 units of multifamily residential property, give serious thought to including the actual schedule from the federal income tax return in lieu of the property owner's summary of income and expenses. Special considerations can be accounted for--or discounted for--in your pro forma income analysis or calculation of stabilized income and expenses, or selection of cap rate.
________________________________________________________________________________
Weiss has been named a “Top Lawyer” by South Florida Legal Guide (2007, 2008), Florida Super Lawyers (2006), Florida Trend Legal Elite (2004) and Who’s Who in Practicing Attorneys (1989-1990) and has been included on Miami’s “A list” in five categories: law, philanthropy, business, arts and social prominence, in New York’s Avenue Magazine (2006, 2007, 2008).
Celebrity Property Tax Assessment: Jim Mandich
Ever wonder where to find college All American and 1972 perfect-season Dolphin tight end Jim Mandich when he's not doing color on tv? Well here're a couple of places to look for him.
The first is a home on the golf course in Miami Lakes:
Summary Details: Folio No.: 32-2014-004-0680
Property: 16101 ABERDEEN WAY
Mailing Address: JIM MANDICH
Property Information: Primary Zone: 0100 SINGLE FAMILY RESIDENCE
CLUC: 0001 RESIDENTIAL- SINGLE FAMILY
Beds/Baths: 3/3
Floors: 2
Living Units: 1
Adj Sq Footage: 2,621
Lot Size: 20,000 SQ FT
Year Built: 1965
Sale Date: 1/1978
Sale Amount: $139,000
Assessment Information: Year: 2007
Land Value: $468,016
Building Value: $307,437
Market Value: $775,453
Assessed Value: $775,453
Total Exemptions: $0
Taxable Value: $775,453
Hey, Jim, are you living here? If you are, why don't you have a homestead exemption? If you'd had one since you bought the house, you'd be paying less than half the property taxes you're paying now; did you know that? Jim, if you actually are living here, email me and I'll help you apply for a homestead exemption to limit the increases in assessed value to 3% a year or less.
The second is a warehouse on 7/10 of an acre not too far from the house, which seems to have been a good investment, considering the difference between the purchase price and the County's estimate of current value:
Summary Details: Folio No.: 34-2118-004-0023
Property: 16101 NW 54 AVE
Mailing Address: JAMES M MANDICH
16101 NW 54 AVE MIAMI LAKES FL
33014-6102
Property Information: Primary Zone: 7700 INDUSTRIAL-CONDITIONAL
CLUC: 0032 LIGHT MANUFACTURING
Floors: 2
Adj Sq Footage: 18,328
Lot Size: 30,831 SQ FT
Year Built: 1971
Sale Date: 6/1982
Sale Amount: $450,000
Assessment Information: Year: 2007
Land Value: $431,634
Building Value: $605,891
Market Value: $1,037,525
Hey, Jim, call me if you want the taxes appealed in September 2008. Maybe your assessment will be more than market value! Check your TRIM notice the last week of August and see what you think. Or, better yet, call me and see what I think! Dan Weiss, 305-374-7850.
P.S. Belated congratulations on the perfect season. There'll never be another team like the '72 Dolphins. Take it from one who remembers when the AFL got its start!
P.P.S. Your birthday is July 30, 1948; mine's just one day later! Call me if you want to have a drink together during the summer to celebrate our birthdays. My treat, buddy!
_______________________________________________________________________________
Weiss has been named a “Top Lawyer” by South Florida Legal Guide (2007, 2008), Florida Super Lawyers (2006), Florida Trend Legal Elite (2004) and Who’s Who in Practicing Attorneys (1989-1990) and has been included on Miami’s “A list” in five categories: law, philanthropy, business, arts and social prominence, in New York’s Avenue Magazine (2006, 2007, 2008).
The first is a home on the golf course in Miami Lakes:
Summary Details: Folio No.: 32-2014-004-0680
Property: 16101 ABERDEEN WAY
Mailing Address: JIM MANDICH
Property Information: Primary Zone: 0100 SINGLE FAMILY RESIDENCE
CLUC: 0001 RESIDENTIAL- SINGLE FAMILY
Beds/Baths: 3/3
Floors: 2
Living Units: 1
Adj Sq Footage: 2,621
Lot Size: 20,000 SQ FT
Year Built: 1965
Sale Date: 1/1978
Sale Amount: $139,000
Assessment Information: Year: 2007
Land Value: $468,016
Building Value: $307,437
Market Value: $775,453
Assessed Value: $775,453
Total Exemptions: $0
Taxable Value: $775,453
Hey, Jim, are you living here? If you are, why don't you have a homestead exemption? If you'd had one since you bought the house, you'd be paying less than half the property taxes you're paying now; did you know that? Jim, if you actually are living here, email me and I'll help you apply for a homestead exemption to limit the increases in assessed value to 3% a year or less.
The second is a warehouse on 7/10 of an acre not too far from the house, which seems to have been a good investment, considering the difference between the purchase price and the County's estimate of current value:
Summary Details: Folio No.: 34-2118-004-0023
Property: 16101 NW 54 AVE
Mailing Address: JAMES M MANDICH
16101 NW 54 AVE MIAMI LAKES FL
33014-6102
Property Information: Primary Zone: 7700 INDUSTRIAL-CONDITIONAL
CLUC: 0032 LIGHT MANUFACTURING
Floors: 2
Adj Sq Footage: 18,328
Lot Size: 30,831 SQ FT
Year Built: 1971
Sale Date: 6/1982
Sale Amount: $450,000
Assessment Information: Year: 2007
Land Value: $431,634
Building Value: $605,891
Market Value: $1,037,525
Hey, Jim, call me if you want the taxes appealed in September 2008. Maybe your assessment will be more than market value! Check your TRIM notice the last week of August and see what you think. Or, better yet, call me and see what I think! Dan Weiss, 305-374-7850.
P.S. Belated congratulations on the perfect season. There'll never be another team like the '72 Dolphins. Take it from one who remembers when the AFL got its start!
P.P.S. Your birthday is July 30, 1948; mine's just one day later! Call me if you want to have a drink together during the summer to celebrate our birthdays. My treat, buddy!
_______________________________________________________________________________
Weiss has been named a “Top Lawyer” by South Florida Legal Guide (2007, 2008), Florida Super Lawyers (2006), Florida Trend Legal Elite (2004) and Who’s Who in Practicing Attorneys (1989-1990) and has been included on Miami’s “A list” in five categories: law, philanthropy, business, arts and social prominence, in New York’s Avenue Magazine (2006, 2007, 2008).
Subscribe to:
Posts (Atom)
Posts
