Property Valuation Form
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How Miami- Dade MARKET value is determined as of January 1st each year:
- Comparable Sales (Market) Approach – compares properties similar to your property by reviewing property sales in your neighborhood. Adjustments are made to account for differences between the properties such as size and extra features including fences and swimming pools.
- Cost Approach – considers how much it would cost, at current material and labor costs, to replace your property and takes into account any applicable depreciation.
- Income Approach – considers the income derived from income producing properties such as rental apartments and warehouses. Specific facts evaluated are operating expenses, taxes, insurance, maintenance costs, the degree of financial risk taken in earning income from the property, and the return on the investment.