TaxCuts1, Inc., the Fort Myers-based property tax consulting and appeals brokerage firm released, for the 8th consecutive year, the highlights of its year end Lee County Value Adjustment Board petitions results. TaxCuts1’s top cases, in terms of dollar amount of assessment reduction or percentage of taxes cut, include the following notable results:
•Bonita Beach Waterfront lots: $4,000,000 to $1,300,000 (67.5% reduction). These five contiguous bayside lots were assessed by the Property Appraiser with no weight given to a timely 2009 bankruptcy sale. TaxCuts1 demonstrated that the BK sale met the definition of an arm’s length transaction and was the best indicator of value;
•Fort Myers downtown office building: $1,739,760 to $1,157,000 (33.5% cut). TaxCuts1 demonstrated that income applied by the LCPA in assessing this building exceeded rents that were typical for that submarket;
Bonita Springs non-anchored retail: $1,648,833 to $1,070,444 (35% decrease). Property was wrongly classified by the LCPA as ”anchored”, whereas the junior anchor on the adjoining parcel was not truly part of the subject property;
•Fort Myers warehouse: $1,338.647 to $1,087,630;
•Fort Myers offices: 34% reduction. Assessment failed to account for the depressed state of poorlyperforming sub-neighborhood.