In order to find the value of a piece of property, Highlands County Property Appraiser must first know what properties similar to it are selling for, what it would cost today to replace it, how much it takes to operate and keep it in repair, what rent it may earn, and a lot of other dollar facts affecting the value of it, such as the current rate of interest charged for borrowing the money to buy or build property like yours.
By using all those facts, Highlands County Property Appraiser can then go about finding the value of the property in three different ways. The first one is to find properties like yours which have been sold recently. In order to get at the true picture, their selling prices, however, have to be analyzed very carefully. A certain property may have sold for more than it was really worth. The main reason behind it is because the buyer was in a hurry to occupy the property and was willing pay an inflated price.
Another one may have sold for less money than it was actually worth. The main reason behind it is because the owner needed cash right away. The owner was willing to sell to the first buyer who made him the offer.
Using comparing the selling prices of properties similar to your, Highlands County Property Appraiser must always consider such as or under pricing to arrive at the fair evaluation of the value of your property.
The second one Highlands County Property Appraiser can go about this is based on how much money it would take, at current material and labor costs, to replace your property with one just like it. if a certain property is not new, Highlands County Property Appraiser must also determine how much it has depreciated.
The third one is used as the addition to the other two before. This one is for the condition if you happen to own property that provides you with the rental income, like the apartment house, the shopping center, or the mobile home or r.v. rental park. Here the Highlands County Property Appraiser must consider such dollar facts as your operating expenses, taxes, insurance, maintenance costs, the degree of financial risk the knowledgeable investor is expecting from this kind of investment, the income potential of the property, and the anticipated return on this type of the property.
Talking about Highlands County Property Appraiser, there will be a thing called The Notice pf Proposed Property Taxes which is also more known as TRIM notice mailed each August. This one enables the taxpayer to compare the prior year assessed value and taxes with the present year assessed value and proposed taxes. Aside from that, this one also allows every tax payer to compare the amount of taxes if there is no budget change for the upcoming year. Everything about notice lists, including the date, the time, and the location of all budget hearings at which the taxing authorities will hear from the public.