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F_ <br />r <br />Honorable Billy Law <br />Page Three <br />9001( 42. PAGE 448 <br />SOURCE: An in-depth study of this class of property resulted in a <br />weighted mean of 31.2%, indicating a level of assessment <br />less than just value. The study also indicated a general <br />equity problem with a tendency toward assessments of <br />higher priced parcels at a lower percent of value than <br />medium or lower priced parcels of this class. This ten- <br />dency was reflected by a price related differential of <br />112.9. <br />CORRECTIVE ACTION <br />RECO:MNDED: Determine local cost index by using 1979 construction <br />cost in your county. Apply this index to current base <br />rate.to determine the proper adjusted base rate to be <br />used in the cost.approach. Depreciation should be prop- <br />erly applied by analyzing current condition of existing <br />improved properties. Analyze current market data and <br />apply this data properly to eliminate inequities that <br />might occur between various categories of existing im- <br />proved properties. Apply appropriate appraisal tech- <br />niques to correlate cost and market approaches, .and <br />income approach where applicable, to arrive at just value <br />for all parcels in your county. <br />PROPERTY CLASS: ,roved Commercial_ a_' Industrial Parcels <br />NATURE OF DEFECT: Assessments do not reflect full and just value as re- <br />quired by Article VII, Section 4, Florida Constitution, <br />and Sections 193.011, 195.0012, F.S. <br />SOURCE: An in-depth study of this class of property resulted in a <br />weighted mean of 87.91,, indicating a level of assessment <br />less than just value. <br />CORRECTIVE ACTION <br />RECO?iMENDED: Determine local cost index by using 1979 construction <br />cost in your county. Apply this index to current base <br />rate to determine the proper adjusted base rate to be <br />used in the cost approach. Depreciation should be prop- <br />erly applied by analyzing current condition of existing <br />improved properties. Analyze current market data and <br />apply this data properly to eliminate inequities that <br />might occur between -various categories of existing im- <br />proved properties. Apply appropriate appraisal tech- <br />niques to correlate cost and market approaches, and <br />income approach where applicable, to arrive at just value <br />for all parcels in your county_ <br />