08/16/2023 VAB - Laserfiche WebLink

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The PXs evidence included company description, articles, subject photos, valuation and analysis .process, account review. asset additions and deletions consideration, evalulltim of leasehold improvements, property recold card, rife studies, market data, asset summary and IMIP& TPP return, index factors and depredation tables, corWdenlion of W, criteria F.S. 19.3.Z.1, evidence request letter, disclaimers and Appraiser Certftaflons. ThO describe in more detail the services provided and high-tech equipment used the The PA per -formed a site visit The PA then discussed the consideration of each of the 3 approaches to value and how each was considered and/or developed. Then,, depreciation Is calculated and applied to Reptatement Cost New (KN). The depreciation schedules, used were supplied in the evidence package. The PA discussed the development oaf their Normal Useful Ufe (NUL) study and age/life, analysJis. The,PA consistently reviews market datato monitor trends and changes within eii1xipmeot categories. 'rhe PA also performs life expectancy studies annually through review of the TPP returns, which may allow for additional obsolescence consideration. The PA stated that the income Approach was not utilized in this report based on the lack of ability to isolate the income attributable to the equipment. Therefore, the primary valuation method used was the Cost Approach to establish Fair Market Value — Installed. The Sales Comparison Approach added support, to the reasonableness of theCost Approach. The PA described the life adjustments made and gave a further description of the asset types located within this facility. The PA stated that during the 2019 inspection it was determined that the Taxpayer had extensive buildout, which included lessehold improvements that had not been reported on the Real Property or_TfT rM assets halve MW , the assessment and depreciated per guidelines wpstT�gAsAlso, 2018 — 2021 additions were added and depreciated per tifims and guldelfriet'. The following shows the specific considerations given by the County Property Appraiser to the 8 factors of F.S. 193.011: -(1) The present cash value of the property—The Cost Approach and the Sales Cornparl n Approach are based onthe idea that a knowledgeable buyer wig not pay triom for property than the cost of acquiring similar or comparable Property, If the property *RS purchased new, In an open and1miqMitive market then the Cost Approach becomes similar to the Sales C4mparison Approachl andactounts. for all forms of depreciation and obsolescence. The Sales Comparison Approach was considereO, buthas limited application In appraising personal property. Generally, sales of personal property are:Wted and is often the result of liquidation due to the failure of the business. In any case, the equipment is not new and has accrued depreciation built into the price. If the transaction Is not the result of Jkloidation, the property must be valued at the proper trade level, value in uw and installed . Typically sale prices represent value. in exchange and are not appropriate for valuing e4ulpment for ad valorem purposes. By valuing the Subject property at its depreciated value Instalted.1he PAS;} property considered fS -103-