A Florida appraiser is valuing a waterfront property in Miami-Dade County that has experienced significant hurricane damage but has been partially repaired. The property has an existing seawall that does not meet current FEMA flood zone requirements. What is the most appropriate approach for the appraiser to handle this valuation challenge?
Correct Answer
D) Consider all three approaches while accounting for functional obsolescence due to the non-conforming seawall
The appraiser should use all applicable approaches while recognizing that the non-conforming seawall represents functional obsolescence that affects market value. Option A is incorrect because relying on only one approach limits accuracy. Option B is wrong as it ignores current market conditions. Option D is incorrect as appraisers can value properties in various states of repair with proper disclosure.
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Training example Granite Packet asks the question this way. In a Tallahassee transaction, a closing coordinator wants the Florida rule on assessed value versus market value. Which statement is correct?
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Under Florida law, all of the following factors must be considered when appraising agricultural property for ad valorem tax purposes EXCEPT: