Tax Year: 2013
Location: Orange Avenue Orlando
Property Type: Medical Office
Original Assessment: $2,511,157
Revised Assessment: $1,565,041
Assessment Savings: $946,116 (37.7% reduction)
Heated Sq Ft: 19,191
Lot Size: 18,404
Year Built: 1996
Zoning: AC-2/T
Value Method: Income

This property tax appeal was unique because the entire 19,191 sq ft footprint was vacant as of January 1, 2013. Because of the discount for rent loss, the property is worth significantly less than the 2013 assessed value that the property appraiser had originally set for the property.

Tax Year: 2012
Location: Fruitville Road Sarasota
Property Type: Office
Original Assessment: $10,305,100
Revised Assessment: $9,280,000
Assessment Savings: $1,025,100 (10.0% reduction)
Heated Sq Ft: 108,768
Lot Size: 343,833
Year Built: 1986
Zoning: ORD
Value Method: Income

The sheer size of this building at over 100,000 sq ft, and its strategic location close to Downtown Sarasota make this property unique.  Because of the recession, recent leases in this property were reduced to keep the building occupied. ARE Solutions provided the property appraiser with a detailed evidence package supporting an assessment reduction, and as a result, the assessed value was lowered 10%.