TaxCuts1, Inc., FL Property Tax Consultants

SUITE TALK MAGAZINE July/August 2004 edition

TaxCuts1 Reports Final 2003 Property Tax Reduction Results

TaxCuts1, Inc., a Fort Myers-based property tax consulting & appeals firm, recently reported its' results for tax year 2003 in Lee County,  finalized on 3/16/2004. TaxCuts1 focuses on cutting commercial property tax assessments through informal discussions with the Property Appraiser, as well as through the Value Adjustment Board petitioning process (which commences again beginning July 1, 2004). Tax reduction highlights include:

* Hotel-Sanibel Gulf-front : assessment reduced from $10,889,620 to $9,204,970., based upon income valuation approach;

*RV Park In Fort Myers Beach Area: assessment value reduced from $4,638,660 to $3,710,920, based upon income approach;

*National Builder-Owned Estero Subdivision Lots-: 111 subdivision lots assessments were cut by +/- $2.1 million, based upon the sales comparison approach (in conjunction with Steve Hartsell, Esq.);

*College Parkway Fort Myers Class "A" Office Building: taxable value reduced from $4,958,060 to $4,617,500 via income valuation;

* Hotel On The Caloosahatchee River: assessed value was cut from $3,050,180 to $2,768,600 based upon income and secondary valuation;

*I-75 Interchange Area Commercial Lots: cut assessments values of lots located just behind the front outparcels. Reductions were  based upon sales comparison study indicating that such secondary parcels sell for only 50% of the sales price/sf of the frontage parcels (in conjunction with Leo Salvatori, Esq.).

*South Lee County Publicly-Traded Builder/Developer's Vacant Lots : 26 assessments were cut by an avg. of $11,000. per lot (in conjunction with Steve Hartsell, Esq.);

* Upscale single family homes on Sanibel, Captiva, Boca Grande & Riverfront: assessments reduced by varying amounts;

*North Fort Myers Signature Development: total pre-construction taxable values were cut from $6.8M to $5.48M (in conjunction with Steve Hartsell, Esq.);