Insurable Value
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MOODY APPRAISAL Neptune Beach, Fl. 32266 

(904) 631-4741 (Cell);

  Market Value, Fair Market Value, Insurable Value, Assessed Value, Just Value, Taxable Value and Ad Valorem Taxes (real estate tax)

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Duval County Map

Assessed Value, Just Value, Taxable Value and Ad Valorem Taxes (real estate tax)

Taxes and Property assessments are big topics of discussions these days and why not, with generally all our individual, city, county and state finances being impacted by the biggest recession since the 1940's, we  are watching our dollars.  Below is  information on the property assessments and taxes for property owners in the State of Florida.  

Factors for Just Value

House Bill 521

County Appraiser Assessment regulation and challenging the assessment F.S. 194.301

Administrative Code for the hearing to challenge your tax assessment 12D-9 

Meeting with Bill Jeter, Attorney for the Duval County Value Adjustment Board

Insurable Value

The newer terminology for Insurable Value is "Replacement-Reconstruction Cost New.  Citizens Property Insurance Corporation is the insurance company of last resort if you own a home or commercial/industrial property and can't get insurance coverage elsewhere. This estimate of cost tends to be higher than Replacement Cost New:

Reconstruction Cost: Reconstruction cost is what it would cost to rebuild improvements with materials of like kind and quality. There are multiple factors that affect reconstruction cost. Some of the major costs are:

·              Access to the site is restricted by other structures, trees, lawns, and fences.

·              Rebuilding improvements will be a custom job, as opposed to the efficient volume building approach of new home builders.

·              There are demolition and debris removal costs.

·              Building code changes will incur additional costs.

·              Labor costs will be higher.

·              Materials will also be a higher price, especially if damage to the improvements are the result of catastrophe. This is due to limited supplies and higher demand.

·              Possessions must be removed for safekeeping in the event of a partial loss.

·              Rebuilding renovations and additions will add to reconstruction costs.  

INSURABLE VALUE ESTIMATE FOR CONDOMINIUMS Recent legislation in the Florida has changed how to complete condominium insurable value estimates, prompting this language in the insurable value reports: By prior agreement between the client and the appraiser, this report is the result of an Appraisal process conforming to guidelines of the Uniform Standards of Professional Appraisal Practice, Florida Statutes 718.111(11) and National Flood Insurance Program Guidelines as promoted by FEMA as they relate to Condominium Hazard and Flood Insurance coverage. These guidelines are interpreted by association management and the appraiser with the assistance of Insurance Professionals.  Specifically, I appraised the subject  properties reference with no extra-ordinary assumptions or hypothetical conditions, using a Replacement Cost Value (RCV) or Actual Cash Value (ACV)  estimate as appropriate, supported by the “Marshall Valuation Service”.

Deficiency Judgment, Deed in Lieu. Short Sale 

Sometimes this type of economy will force a decision either on the part of the lender or borrower to make a choice among less attractive options. It is important to understand the advantages and disadvantages of each. An appraiser can play a role in each type of choice be it a deficiency judgment, deed in lieu of foreclosure or a short sale. Richard P. Zaretsky an Attorney in West Palm Beach, Florida presents a good comparison of the options. Neither Lenders nor borrowers want to lose money and a judge might need an opinion of value in order to fairly try a case that's being litigated in his or her court. If market value is an unknown quantity call or email this appraisal office and order an appraisal to resolve the issues. Visit the City-Data Forum, it is a good site to ask questions regarding these types of issues.  Short sales can have an IRS drawback. The Jacksonville Bar Association has a good referral system if you need a local attorney.

Market Value vs. Fair Market Value

 The first term is defined in the Uniform Standards of Professional Appraisal Practice. The second term is required by IRS in tax lien situations or property donations scenarios.  Place an appraisal inquiry if you would like a detail explanation.