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Findings of Fact for Petition 2021-00208: <br />Hearing Scheduled for November 5, 2021 at 10:30 AM <br />Property Appraiser's Office and VAB Representatives Tina Greene, CFE, Karen Price, <br />and Todd Mudge <br />Petitioner's Representative Eric Marrera and Katherine Ortiz for Scott Tyler of Ryan <br />LLC, Houston, Texas <br />Special Magistrate, Tangible Personal Property, Alex Ruden, ASA (MTS, ARM), CG/ <br />Georgia <br />Evidence Packages, 259 pages by PAO exclusive of notices, 154 pages by Petitioner <br />excluding petition and power of attorney <br />The subject business enterprise is referred to as Buckhead Beef Company, located at 355 <br />Progress Road in Auburndale, Florida 33823. The firm operates out of a 110,000 square <br />foot facility. The firm is a beef meat packer providing beef cuts of meat to food markets <br />and restaurants. The firm is a subsidiary of Sysco, per information on the internet Sysco <br />is a global leader in selling, marketing and distributing food and non-food products to <br />restaurants, healthcare and educational facilities, lodging establishments and other <br />customers around the world. <br />Overview of more important evidence presented by the Property Appraiser's Office <br />The Original Cost Value reported by Buckhead Beef is $10,784,272, with an assessed <br />value of $4,788,006, less the Exemption Value of $25,000 netting to the Base Taxable <br />Value of $4,763,006. <br />The valuation considers the Cost Approach, Sales Comparison Approach and Income <br />Approach, with the value estimated being based upon Fair Market Value - Installed. As <br />such, Fair Market Value - Installed must meet the following requirements: <br />1. Equipment is installed <br />2. The highest and best use is as installed for the purpose of producing income <br />3. The equipment is employed or part of a business enterprise used to produce income <br />4. The equipment is economically feasible <br />The Cost Approach was developed for the purpose of the PAO's analysis, considering <br />Replacement Cost New - Installed, physical depreciation, but not functional nor <br />economic obsolescence. It is noted that the PAO indicates that the depreciation schedule <br />developed by Polk County indicates shorter normal useful lives than those provided by <br />Marshall Valuation Service or the American Society of Appraisers. Further, due to the <br />nature of mass appraisal, the PAO relies on the historic or actual age of the TPP to <br />2021-00208 Pagga of 7 <br />