The Real Estate Department consists of the Director of Assessments, 7 Staff Appraisers, 5 Field Evaluators, 2 Agricultural Appraisers, and 3 clerks. The goal of these skilled and trained professionals is to use all available information to establish uniform and equitable values for the more than 148,000 parcels of real property in St. Lucie County. In deriving just value as required by the State Constitution, the staff considers the 8 criteria established in Sec 193.011 of the Florida Statutes. They are:

1) present cash value of the property
2) highest and best use of the property
3) location of the property
4) quantity or size of the property
5) cost and present replacement value of any improvements
6) condition of property
7) income from property
8) net proceeds of the sales of property.

Field appraisers are out in the county 12 months a year measuring, inspecting, and evaluating parcels. Staff appraisers, using thorough knowledge of the marketplace, analyze trends in sales prices, construction costs, and rents to best estimate the value of all assessable property. Values are adjusted from year to year in light of sales activity or other factors affecting values in a neighborhood as well as any physical changes to the character of a property. At least once every three years, one of our appraisers will visit and inspect each property as required by state law.

In St. Lucie County, we use a computer-assisted mass appraisal system in which large numbers of properties are appraised at one time. The methods used in mass appraisal are adaptations of principles and practices used in single-property appraisal, namely the three basic approaches to the valuation of real property. The Market Approach involves comparison of a property with other properties of similar characteristics, which have recently sold. We maintain databases with information on what properties have sold, the sales price, and other pertinent property data. In addition, each transaction is studied to determine if it was arms-length, meaning that a willing seller sold to a willing buyer without any undue pressure or special incentives. The Cost Approach involves estimating the replacement cost of a structure new, and adjusting to account for depreciation. Property use, size and condition of improvements are examples of factors affecting value. The Income Approach is an analysis of a property's value based on its capacity to generate revenue for the owner. For income properties, such things as operating expenses, taxes, insurance, maintenance costs, and the return of profit are taken into consideration. All approaches that apply to a particular property are considered.

It is important to note that state law requires the Property Appraiser to assess property at 100% of fair market value as of January 1 each year. The State Department of Revenue, the agency to whom the Property Appraiser reports, conducts an in-depth audit of the tax roll every other year to ensure compliance. If the levels of assessment do not comply with the law, the tax roll will be denied.

If you have a question about your appraisal or how it was determined, you are encouraged to contact our office. One of the appraisers will be happy to discuss your appraisal and can show you information that led to your property's assessed value.