In Office Building valuation, all approaches to value are analyzed. In addition to the traditional approaches (Cost, Market, and Income), the subject assessment is compared to other similar office buildings to determine the Uniform and Equal approach based on comparable properties with similar characteristics. Then the best approach for each situation is pursued. Office Buildings are either income producing or owner occupied. The appropriate approaches are analyzed to determine the optimum avenue for the best reduction.
For Office buildings, the income approach is typically used. The actual rents, expenses and occupancy are analyzed; they are then compared to the current market data and capitalized with the appropriate cap rate to arrive at a value indication. After thorough inspection of the subject property for specific negative issues such as: deferred maintenance, functional problems and any other issues, all the data is assembled.
The appraisal districts records are reviewed to determine the method used to set their value and comparisons are made to our models. An appeal summary is generated from our proprietary system that contains all pertinent information to effect the lowest valuation possible and we proceed to the informal appeal.
If we are not satisfied with the informal results, we proceed with the formal Board hearing, which is the completion of the administrative appeal process. If a favorable result is still not achieved, we will determine whether pursuing judicial remedies in district court would be feasible.