• General Information
• Commercial Real Estate Defined
• Arriving at Value
• Factors determining Value
• The Site Review
• The Income and Expense Survey
• The Income and Expense Survey FAQ
• The TRIM Notice and Property Tax
• External Factors and Other Situations
• Damaged Property and the Appraisal
• Furnishings as Tangible Personal Property
• The Right to Appeal
• Help From the Property Appraiser
• Property Record Search

General Information

If your property generates or has the potential to produce business income, you most likely are the owner of real estate that is assessed "commercial" for appraisal purposes.

At the Sarasota County Property Appraiser's Office, we understand that owning and managing a business property requires a lot of time and attention, and it can be a daunting task to keep up with paperwork and deadlines. We have prepared this link to help you plan and prepare for a very important aspect of managing your commercial investment - the process of assessment and appraisal.

Your rights and responsibilities regarding the appraisal of your commercial property also are explained in this link. Please read it carefully, note important deadlines, and bookmark it for future reference. We invite you to call or stop by our offices any time you need more detailed information about your property's assessment.

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Commercial Real Estate Defined

How a property is used is the basis for determining if it will be appraised as commercial real estate. If the property has potential for income, we will review it for commercial qualification, regardless of the size and type of the business operation.

Following is a broad category listing of a representative sample of properties appraised as commercial real estate:

• Industrial
• Retail
• Hotels/motels/resorts
• Restaurants
• Golf courses
• Marinas
• Office complexes
• Health care provider facilities
• Multi-family buildings with five or more units

Land that is used for a commercial operation producing an agricultural product may qualify for an Agricultural Classification. For more information, please refer to our links, The Agricultural Classification and Residential Real Estate.

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Arriving at Value

The Property Appraiser values property according to its status and condition on January 1 of every year. A simple definition of market value is the typical price a willing buyer would pay to a willing seller.

Your property's market value is determined, in large part, by your actions. For example, the price you are willing to pay to purchase, maintain or upgrade the property affects the general marketplace. Other buyers and sellers influence your property's market value by making similar transactions and decisions every day.

In most cases with commercial property, market (just) value and assessed value are the same. If all or part of the property qualifies for the homestead exemption or agricultural classification use, the assessed value may differ from its market value. Please refer to our links, The Agricultural Classification and Homestead Exemption & Other Savings for more information.

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Factors determining Value

In determining your property's value, the Sarasota County Property Appraiser considers marketplace transactions with other important factors:

• The value of properties with a similar use
• A review of the Income and Expense Surveys (see below)
• Any effect of nearby major construction
• Whether there has been a change in how the property is used affecting its income potential
• The sales price if the property was sold

We gather and analyze data and records and combine them with information obtained from site reviews, then apply the traditional three approaches - cost, sales comparision, and income - to arrive at your property's market value.

If you would like to know more about the appraisal process and the three approaches to value, please read our link, Understanding Appraisals.

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The Site Review

At least once every three years an appraiser from our office will arrive at your property to conduct a general physical inspection of the property. Visits are made more often if there is a sale, damage, expansion, new construction, or at the owner's request.

Your cooperation as a property owner is necessary. State law requires our office to value every property. If we are denied entrance, we may be forced to arrive at a value based on judgment rather than confirmed information. You can help us work in your best interests to reach fair, accurate values. Please alert the designated person in authority at your property to accommodate a visit from an appraiser.

When a professional appraiser from the Sarasota County Property Appraiser's Office arrives at your property, he/she will show an official name badge and photo identification and ask to speak with the person in authority. We try to avoid disrupting your business operation and we keep the visit as brief as possible to get the required information.

Our staff's goal is to uphold the highest professional standards and conduct every appointment with courtesy and respect. We always are interested in how you think we are succeeding. Please let us hear from you if you have suggestions that will improve our service to you.

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The Income and Expense Survey

Every January our office mails a letter to commercial property owners requesting current income and expense information, and any other valuation data, as they relate to the property.

All information provided by return of the survey is strictly confidential by Florida law and safeguarded by the Sarasota County Property Appraiser's own protective policies. Please pay attention to the Income and Expense Survey and return it quickly with accurate, current information. It could be to your advantage to provide information that may avoid an over-assessment.

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The Income and Expense Survey FAQ

Following are our responses to common concerns and questions about the Income and Expense Survey as expressed by business and property owners:

1. "I'm buried by papers and don't want to see another survey."
2. "I already gave this information to the Internal Revenue Service."
3. "Why does the Property Appraiser need to know about my income?"
4. "The survey doesn't apply to me because my business had no income."

You may have different questions specific to your property and situation. If so, please call us. We will be happy to take the time to discuss your concerns.

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"I'm buried by papers and don't want to see another survey."

We understand, and we wish there were another convenient way to collect information. We encourage you to provide the information in the manner that is best for you. And we always are ready to answer questions if you get stumped. Just call us.

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"I already gave this information to the Internal Revenue Service."

The IRS and other governmental and regulatory agencies are prohibited from sharing your confidential information with our office. The Income and Expense Survey provides the information we need to make an accurate assessment, and it can come only from you. However, if you choose to attach or substitute other information, such as IRS schedules, we will accept them and you can save a couple of minutes for yourself.

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"Why does the Property Appraiser need to know about my income?"

The market (i.e., buyers and sellers) shows a direct relationship between property income and property value. Therefore, it is good appraisal practice to know a property's income-producing potential. Further, Florida law requires the Property Appraiser to consider the income from the property. And finally, if you do not share income information with the Property Appraiser, you may not be able to bring it up later if you choose to challenge the valuation.

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"The survey doesn't apply to me because my business had no income."

(See previous answer first.)
Everyone who receives the Survey can provide some useful information. For example, whether or not the property itself had income, there always are expenses related to maintaining a commercial property, and that is important information you want to see reflected in your assessment.

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The TRIM Notice and Property Tax

The TRuth In Millage Notice is the familiar name for the official Notice of Proposed Taxes. This estimate is mailed every August to let property owners know what their property tax will be if the taxing districts adopt their proposed budgets.

Business owners sometimes confuse the TRIM Notice with other official notices from different government agencies. Because it is not a bill, it often gets put aside, but the TRIM Notice needs your immediate attention so you can request a review and revision or correction, if appropriate. Florida law strictly limits our ability to revise or correct your value after the assessment roll is certified.

The TRIM Notice sets forth the estimated amount of Ad Valorem tax, the official name for the property tax. Your tax is based on a millage rate (set by taxing districts) multiplied by your property's taxable value (appraised by the Property Appraiser). We are happy to discuss your property's value, as that is our responsibility. However, the Property Appraiser's Office does not set the millage rates, adopt budgets or collect taxes. If your questions concern any of those issues, please contact the taxing authority listed on the notice.

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External Factors and Other Situations

Valuations of properties must be based on facts, regardless of a situation's appearance or the frustration it may cause. The impact of factors beyond your control, such as major road construction in front of your property that causes a sharp drop in your business or a tenant who closes shop in June, usually would be reflected in the Income and Expense Survey and considered as fact.

If you have circumstances that you think should be considered in your property's assessment, please let us know.

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Damaged Property and the Appraisal

State law dictates that property is assessed in its condition on January 1. There is no allowance for our office to prorate for events that take place during the year. This means that if commercial property is damaged after the first of the year, thus rendering it inoperable as a business, but is completely rebuilt by the end of the same year, it is left on the assessment roll for the entire year. However, if the same property remains substantially incomplete at the next January 1, the building value would not be on the roll and the value would be based on the land alone.

Owners of damaged property can report any resulting loss of income on the Income and Expense Survey, thereby obtaining some relief in their assessment. Please let us know if you think the damage is severe enough to warrant a review.

This is a complicated portion of appraising. If you suffer damage to your property, please call our office to learn more about the effect it may have on your appraised value.

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Furnishings as Tangible Personal Property

The appraisal of office and business machinery, furniture, fixtures and equipment used for business purposes, furnishings located in rental properties, and other items is explained in our Tangible Personal Property link. Please call our office to request your copy.

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The Right to Appeal

If you disagree with the Property Appraiser's opinion of your property's value, you have the right to appeal. But please call us first. Often a quick review of the records will clear up any misunderstanding. If you have new information, we will be happy to consider it. After talking with us, if you still disagree, you have three options for a challenge. The first option is to request an informal conference with the Property Appraiser. Your second option is filing a petition with the value adjustment board, and the third option is filing a suit in Circuit Court. If you want additional information about your avenues for appeal, please call us.

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Help From the Property Appraiser

The Sarasota County Property Appraiser is an independent elected officer serving Sarasota County with a legal charge by the Florida Constitution to establish the fair, legal and just value of property.

Our office tracks data that is helpful to property owners, and we are happy to share it. Information may be viewed on our computer terminals in our Customer Service Area, and most can be photocopied at reasonable cost.

Here are some items you might find useful:

• Property record card, including descriptions of buildings and property characteristics (available at no charge to a property owner who requests this public record of his/her own property)
• Updated boundary maps
• Aerial photographs
• Property sales prices

Our appraisers and professional staff are efficient, friendly, and prepared to serve. Please call us when we can assist you.

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Mailing Address & Sarasota Office Location:
Jim Todora, MAI, CAE
Sarasota County Property Appraiser Terrace Building
2001 Adams Lane, Sarasota, FL 34237

Venice Office Location:
South County Administration Building
4000 S. Tamiami Trail, Venice, FL 34293

Telephone Numbers:
(941) 861-8200
Fax (941) 861-8260
TDD NUMBER (941) 861-8235

Copyright © 2001-2008 Sarasota County Property Appraiser.
All rights reserved.