A commercial property in Orlando contains environmental contamination from a former gas station. The contamination has been reported to the Florida Department of Environmental Protection, and remediation is ongoing under state oversight. The property is being appraised for a potential sale to a buyer who plans to continue the cleanup. How should the appraiser handle this situation?
Correct Answer
C) Consider the impact on marketability and apply appropriate discounts while noting the ongoing remediation
The appraiser must consider the market's reaction to contamination, including stigma and marketability issues, while properly disclosing the ongoing remediation status. Option A ignores a significant value factor. Option B may overstate the impact if remediation is progressing successfully. Option D is unnecessary if proper procedures and disclosures are followed.
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When appraising mobile homes in Florida, all of the following factors typically affect value EXCEPT:
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A Florida property owner is appealing their property tax assessment. The property has a market value of $380,000, qualifies for a $50,000 homestead exemption, and has additional exemptions totaling $15,000. If the millage rate is 18.5 mills, what is the annual property tax?