Miami Property Appraiser In Denial
Monday, August 17, 2009 - We have a number of major challenges facing the real estate market in Miami. It is difficult to say which pill is the most painful to swallow, but property taxes are certainly represent the big white elephant in the room.
Unlike his peer, Broward County Property Appraiser Lori Parrish, Miami’s Property Appraiser, Pedro J. Garcia, finally stated his position on foreclosure sales. According to an article in the Miami Herald this past weekend “Garcia has decided to disregard foreclosure sales — homes sold off by banks after foreclosing on the previous owner — when determining a neighborhood’s taxable values.”
His explanation for this decision is that “foreclosed homes are almost always stripped of appliances and fixtures or otherwise vandalized, and consequently, they do not reflect the true value of better-kept homes in the neighborhood.” Excuse me while I pick my jaw up off the floor.
I don’t think that Garcia has ever visited Ikea or Home Depot to determine the cost to install a brand new kitchen. Even if you make an adjustment of $10,000 for a NEW kitchen and appliances, and $5,000 for NEW bathroom fixtures, how is it possible to justify placing a valuation of $320,000 on a single family home that recently sold for $180,000 to a willing and able buyer in Miami Shores. Now add to that equation that in the past 12 months, over 80 percent of sales in the neighborhood have been foreclosure or short sales.
This basis for valuation is ludicrous and just more of the same of cronyism that we need to get rid of in our city. Clearly, nobody wants to take responsibility, say it like it is, and then make real decisions based on the facts.
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