Time to Revalue Your Property - Spring 2005

It just takes a quick look at your commercial real estate tax bill to see that the Sarasota County Property Appraiser is hard at work revaluing commercial properties.  (I have not met the seller willing to sell for the assessed value).  Five years ago C-CBD land sold for around $30 per square foot, three years ago the sales eclipsed $50 per square foot and two years ago prices reached well over $100 per square foot.  Now toss in the 200 units per acre (DROD) and  C-CBD zoned land values may exceed $200 per square foot!  While certain areas have seen greater appreciation; across the board real estate values have increased.  If you have not reviewed the value of your commercial real estate recently you may be pleasantly surprised at the windfall.