MY OPEN DOOR POLICY. Laurel Kelly, CFA Martin County Property Appraiser (772) pa.martin.fl.us

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1 MY OPEN DOOR POLICY Fairly appraise all properties, so you pay only your required share of taxes. Treat everyone with courtesy, honesty and respect. Our public records are always open for inspection and we will give you the time necessary to explain our methods and procedures. The Property Appraiser s office belongs to the people of Martin County. My door is always open for questions, comments and concerns. Laurel Kelly, CFA Martin County Property Appraiser (772) pa.martin.fl.us

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3 Top Taxpayers Median Sales Prices Number of Homes Taxable Value Change FUN FACTS My Open Door Policy

4 FUN FACTS 94,627 Real property parcels 3,530 Commercial & industrial parcels (3.7% of RP parcels) 10,140 Tangible personal property businesses $30.3 Billion Total just value $20.7 Billion Total taxable value 43 Full & part time employees 48,154 Single family homes 14,928 Residential condominium units $5.3 Billion Total taxable value Commercial/industrial (Incl. TPP 26% of total taxable)

5 FUN FACTS 4,705 Mobile homes owning land 44,625 Properties with homestead (47% of all properties) 17,806 ft2 Largest house 409 Restaurants 33 Golf courses 2,592 Limited income senior exemptions 469 Houses built before 1940 $38 Mil Highest sale on a single family home 185 Parks & conservation areas

6 TOP 10 TAXPAYER VALUES $2.3 Billion $83 Million $57 Million $56 Million $48 Million $46 Million $43 Million $41 Million $36 Million $32 Million 1. Florida Power & Light Company 2. Treasure Coast-JCP Assoc LTD 3. Tiger Woods Properties 4. Indiantown Cogeneration LP 5. Florida Gas Transmission Co 6. Publix Super Markets Inc 7. Jeffrey H Sands 8. Florida East Coast Railway LLC 9. Ted Glasrud Associates FL LLC 10. Arium Jensen Beach LLC

7 IN THOUSANDS MEDIAN SALE PRICE $345,000 (Peak) $313, $262, $222, $225, $205,000 (Low) $219, $250, $270, $280, $293, $300,000 SINGLE FAMILY HOMES (ARMS LENGTH) $400 $345 $350 $313 $262 $223 $225 $220 $250 $270 $280 $293 $300 $300 $250 $205 $200 $150 $100 $50 $

8 NUMBER OF HOUSES , ,739 (Peak) (Low) ADDED TO THE TAX ROLL 2,000 1,800 1,670 1,749 1,600 1,400 1, ,

9 TAXABLE VALUE PERCENT CHANGE YEAR TO YEAR COMPARISON 25.00% 20.00% 15.00% 10.00% 5.00% 0.00% -5.00% % 3.46% 6.74% 7.24% 7.06% 16.33% 14.45% 10.88% 7.70% 20.85% 6.22% 97/98 98/99 99/00 00/01 01/02 02/03 03/04 04/05 05/06 06/07 07/08 08/09 09/10 10/11 11/12 12/13 13/14 14/15 15/16 16/ % -1.10% -6.91% -9.14% -8.90% 5.19% 5.04% 6.14% 1.48% 2.96%

10 THE MOST UNUSUAL AGRICULTURE USE THE ZONKEY

11 MARTIN COUNTY PROPERTY APPRAISER Responsibilities & Challenges

12 APRIL 1 ST TPP DEADLINE TO FILE Who is required to file a Tangible Personal Property tax return with the Martin County Property Appraiser? Anyone in possession of assets on January 1, who has a proprietorship, partnership, corporation, or is a self employed agent or contractor, must file each year. All new and previously taxed owners are required to timely file a TPP return by April 1 st each year.

13 TANGIBLE PERSONAL PROPERTY UPDATE Florida Statute Exemption on Renewable Energy Devices Eighty percent of the assessed value of a renewable energy source device, defined in s , that is considered tangible personal property is exempt from ad valorem taxation. This means any of the following equipment that collects, transmits, stores, or uses solar energy, wind energy, or energy derived from geothermal deposits (i.e. solar energy collectors, rockbeds, thermostats, heat exchange devices, pumps & fans, roof ponds). This exemption was designed to exempt solar energy devices from property tax valuation for home, commercial, and industrial properties that fall under the tangible personal property tax bracket. This would extend already existing tax programs for residential properties and add exemptions for commercial and industrial properties. The exemptions granted by Amendment 4 were set to begin in 2018 and continue for 20 years.

14 TANGIBLE PERSONAL PROPERTY UPDATE Category 24 Is now renewable energy devices Category 25 Other

15 2018 PROPOSED CONSTITUTIONAL AMENDMENT NEW HOMESTEAD EXEMPTION In 2017, the Florida Legislature approved an additional $25,000 Homestead Exemption, bringing the total exemption amount to $75,000. If Florida voters approve the constitutional amendment on the November 2018 election, the $75,000 homestead exemption will apply to your 2019 property taxes.

16 FAQ S What is the Proposed Homestead Exemption? If passed by Florida voters, the homestead exemption will increase from $50,000 to $75,000 on properties with assessed values between $100,000 and $125,000. What if my property s assessed value is less than $100,000? Since the additional $25,000 homestead exemption will only apply to properties with an assessed value greater than $100,000, your current homestead exemption amount will not change.

17 TAXABLE VALUE IMPACT

18 PORTABILITY OF YOUR SAVE OUR HOMES BENEFIT Portability allows you to transfer your accumulated Save Our Homes benefits when you move from one homestead to another anywhere in Florida within 2 years. The SOH benefit is the difference between a property s market value and its assessed value.

19 THE ANSWER TO ALL THESE QUESTIONS IS YES! Are you tired of working overtime and never catching up? Do you wish your ideas could be heard? Would you like to be part of resolving issues? Do you wonder if there is a way to level out your workload? Is there something I can do to help? TEAM WORK MAKES LEAN WORK!

20 WHAT DOES IT MEAN TO BE LEAN? PURPOSE MISSION STRATEGY GOALS To inspire a commitment to quality, continuous improvement, perfecting processes, and deliver exceptional customer service. To create a culture that continually improves its people to communicate better, resolve issues faster, and grow together. To analyze business processes in order to identify waste, build in quality, and empower employees through their involvement. To focus on our customers, pursue excellence, work as a unified office, and act with integrity.

21 ANALYZING PROCESSES BEFORE AFTER WASTE REMOVED

22 AERIAL IMAGERY ADVANCEMENTS 5 Year Physical Inspections Department of Revenue (DOR) requires we inspect each property once every 5 years Martin County has 95,000 parcels

23 AERIAL IMAGERY ADVANCEMENTS

24 AERIAL IMAGERY ADVANCEMENTS

25 AERIAL IMAGERY ADVANCEMENTS Oblique Imagery is aerial imagery captured at an angle of 40 to 45 degrees. Advantage is the ability to see what is underneath eaves to confirm porches, screened porches and living space enclosures. Able to measure wall heights and roof pitch.

26 AERIAL IMAGERY ADVANCEMENTS

27 AERIAL IMAGERY ADVANCEMENTS

28 VILLAGE OF INDIANTOWN NEW MUNICIPALITY

29 VILLAGE OF INDIANTOWN NEW MUNICIPALITY Local Chamber describes community as Clean, Green and High-Tech. Census data estimated population 6, % of participated voters voted Yes ( ). Became official on December 31, 2017.

30 VILLAGE OF INDIANTOWN NEW MUNICIPALITY Estimate based on 2016 Preliminary Tax Roll

31 VILLAGE OF INDIANTOWN NEW MUNICIPALITY

32 WEBSITE NEW LOOK

33 WEBSITE NEW LOOK

34 WEBSITE NEW LOOK

35 WEBSITE NEW LOOK

36 APPRAISING COMMERCIAL PROPERTIES

37 ALWAYS CHANGING DATA ORGANIZATION

38 DIFFERENT PROPERTY TYPES DIFFERENT DATA Multi-Family Properties

39 DIFFERENT PROPERTY TYPES DIFFERENT DATA Retail Properties

40 DIFFERENT PROPERTY TYPES DIFFERENT DATA Gas Station Properties

41 ANALYZING DATA QUALIFYING A SALE

42 MARKET VALUE ASSESSED VALUE Property #1 Bldg Size 5,250 SF Sold for $1,050,000 $ per SF Property #2 Bldg Size 5,500 SF Sold for $1,100,000 $ per SF Property #3 Bldg Size 4,950 SF Sold for $990,000 $ per SF Property #4 Bldg Size 5,000 SF

43 MARKET VALUE ASSESSED VALUE Property #1 Bldg Size 5,250 SF Sold for $1,050,000 $ per SF Property #2 Bldg Size 5,500 SF Sold for $1,100,000 $ per SF Property #3 Bldg Size 4,950 SF Sold for $990,000 $ per SF Property #4 Bldg Size 5,000 SF Value $1,000,000 $ per SF

44 MARKET VALUE ASSESSED VALUE

45 MARKET VALUE ASSESSED VALUE

46 COST APPROACH LAND SALES Land Sales # Address Zoning Land Use Acres Land (SF) Sales Date Sales Price $/SF NW JENSEN BEACH BV MC-GC MC-COMM. GENERAL ,348 Oct-16 $1,150,000 $ xxx NW JENSEN BEACH BV MC-B-1 MC-COMM. GENERAL ,969 Aug-16 $2,700,000 $ SE FEDERAL HW MC-GC MC-COMM. GENERAL ,152 Apr-16 $3,400,000 $ SE FEDERAL HWY MC-CC MC-COMM. GENERAL ,031 Sep-15 $1,300,000 $ S KANNER HWY MC-GC MC-COMM. GENERAL ,152 Mar-15 $1,175,000 $11.28 Min $8.77 Max $24.81 Mean $13.81 Most weight on Comparables #3, #4 & #5 $11.82 Subject Property Less Cost of Sales $10.05 Address Zoning Land Use Acres Land (SF) Land Value $/SF 3498 NW FEDERAL HWY MC-PUD-C MC-COMM. GENERAL ,876 $2,628,760 $10.00

47 COST APPROACH LAND + IMPROVEMENTS Cost Approach Zoning Land Use Acres Sq. Ft Rate/SF Value PUD-C Comm Gen ,876 $10.00 $2,628,760 Card # Type Size (SF) Rate/SF Bldg Imp Site Imp Phys. Depr Quality Yr Blt EYB C01: Medical Office / Health Club 56,286 $85.21 $4,796,410 + $143,040 $4,939,450 37% Good Total Cost: Land, Building & Site Improvements $7,568,210

48 SALES APPROACH COMPARING PROPERTIES Golf Courses

49 Office Buildings SALES APPROACH COMPARING PROPERTIES Sales Approach # Address Sales Date Sales Price $/SF Bldg (SF) Comments 1 73 SW FLAGLER AVE Sep-16 $1,000,000 $ ,500 The Stewart Building COLORADO AV Mar-16 $1,500,000 $ ,935 Rogers, Golden, Chappel, Hall, CPA SW DIXIE HWY Jan-16 $210,000 $ ,080 Downtown Stuart, S Side of RR SE OSCEOLA ST Nov-15 $297,500 $ ,164 Office Bldg E OCEAN BV Nov-15 $208,300 $ ,206 Clemons RE SW FEDERAL HWY Oct-14 $379,000 $ ,633 Tile Market bldg E OCEAN BLVD Jun-13 $215,000 $ ,181 Halverson, CPA S COLORADO AV Mar-12 $273,500 $ ,442 Fmr Atty; Music Room & Wine Bar near US 1 Min $ Max $ Mean $ Median $ Most weight on the subject property sale $ Less 15% COS $ Subject Property Address Assessed Value $/SF Bldg (SF) Comments 73 SW FLAGLER AVE $841,500 $ ,500 The Stewart Building

50 INCOME APPROACH DEVELOP PRO-FORMA Income Approach Apartments Units Rent/mo Rent/yr Total 2-Bedroom 272 Misc & Storage Unit Income 272 $144 $39,168 Total 272 $39,168

51 Market Rental Data INCOME APPROACH MARKET DATA Multi-Family: Rental Data by Bedroom Market Area One Bedroom Two Bedroom Three Bedroom Four Bedroom Count Min $625 $825 $1,050 $1,650 Max $1,300 $2,100 $3,200 $1,800 Mean $943 $1,262 $1,588 $1,725 Median $950 $1,200 $1,550 $1,725 Avg Size (SF) 751 1,202 1,602 1,702 Avg $/SF $1.28 $1.06 $1.01 $1.02 (Source: Matrix (MLS) Jun 2016 to Jun Based on 380 Leased Comparables in Martin County) Multi-Family: Data by Market Area Market Area One Bedroom Two Bedroom Three Bedroom Four Bedroom Total Avg Rent / Month Avg $/SF $1,500 $ $1,239 $ $1,415 $ $1,368 $ $1,266 $ $1,437 $ $1,565 $ $1,265 $0.97 Total $1,327 $1.07 (Source: Matrix (MLS) Jun 2016 to Jun Based on 380 Leased Comparables in Martin County) Area 8: Stuart Proper - South of Roosevelt to Indian Street One Bedroom Two Bedroom Three Bedroom Four Bedroom One Bedroom Two Bedroom Three Bedroom Four Bedroom Rent / Month $/SF Count Count Min $625 $875 $1,300 $1,750 Min $0.89 $0.76 $0.76 $1.10 Max $1,300 $1,800 $3,200 $1,750 Max $1.61 $1.39 $1.33 $1.10 Mean $927 $1,211 $1,555 $1,750 Mean $1.31 $1.10 $1.01 $1.10 Median $950 $1,200 $1,500 $1,750 Median $1.31 $1.10 $0.98 $1.10 (Source: Matrix (MLS) Jun 2016 to Jun Based on 103 Leased Comparables in Market Area)

52 INCOME APPROACH RENTAL DATA Harbour Cay Comparable Apartment Complexes Model Name Bed(s) Bath(s) SF Rent/Mo Complex Name Model Name Bed(s) Bath(s) SF Rent/mo Winward $995 Arium Pine Lakes Blue Heron 2 2 1,039 $1,246 Mariner 2 2 1,158 $1,125 Arium Pine Lakes Blue Heron 2 2 1,039 $1,561 Beacon 2 2 1,158 $1,283 Coquina Cove Monarch 2 2 1,076 $1,380 Bermuda 2 2 1,158 $1,390 Willoughby Cove N/A 2 2 1,076 $1,380 Min 732 $995 Arium Jensen Beach N/A 2 2 1,085 $1,435 Max 1,158 $1,390 Arium Jensen Beach N/A 2 2 1,085 $1,722 Mean 1,052 $1,198 Arium Jensen Beach N/A 2 2 1,123 $1,538 Arium Jensen Beach N/A 2 2 1,123 $1,869 Heritage Cove St. Lucie $1,140 Heritage Cove St. Lucie $1,365 Heritage Cove Donaldson $1,125 Heritage Cove Donaldson $1,350 Heritage Cove Pierce 2 2 1,085 $1,255 Heritage Cove Pierce 2 2 1,085 $1,480 Heritage Cove Loran 2 2 1,123 $1,305 Heritage Cove Loran 2 2 1,123 $1,550 Min 960 $1,125 Max 1,123 $1,869 Mean 1,058 $1,419

53 INCOME APPROACH DEVELOP PRO-FORMA Income Approach Apartments Units Rent/mo Rent/yr Total 2-Bedroom 272 $1,200 $14,400 $3,916,800 Misc & Storage Unit Income 272 $144 $39,168 Total 272 $3,955,968

54 INCOME APPROACH DEVELOP PRO-FORMA Income Approach Apartments Units Rent/mo Rent/yr Total 2-Bedroom 272 $1,200 $14,400 $3,916,800 Misc & Storage Unit Income 272 $144 $39,168 Total 272 $3,955,968 Total 272 $3,955,968 Vacancy & Collection Loss -5% ($197,798) Effective Gross Income $3,758,170

55 Regional & National Data INCOME APPROACH MARKET DATA Regional & National Data: Multi-Family Effective Gross Income Expenses Expense Ratio % Net Operating Income Avg Sale $/Unit Cap Rates Martin County $673 $ % $355 $100, Jacksonville $853 $ % $377 $60, Miami / Ft Lauderdale $1,402 $ % $743 $113, Orlando $948 $ % $473 $70, Tampa Bay $968 $ % $520 $78, Southern Region $1,093 $ % $562 $85, National Market $1,129 $ % $671 $95, Min $673 $ % $355 $60, Max $1,402 $ % $743 $113, Mean $1,009 $ % $529 $86, (Source: Martin County is Local Derived data; Other markets are from RealtyRates: 4th Quarter 2016)

56 INCOME APPROACH DEVELOP PRO-FORMA Income Approach Apartments Units Rent/mo Rent/yr Total 2-Bedroom 272 $1,200 $14,400 $3,916,800 Misc & Storage Unit Income 272 $144 $39,168 Total 272 $3,955,968 Total 272 $3,955,968 Vacancy & Collection Loss -5% ($197,798) Effective Gross Income $3,758,170 Operating Expenses -50.0% ($1,879,085) Net Operating Income $1,879,085

57 Capitalization Rates INCOME APPROACH MARKET DATA Market Derived Cap Rates Property Type Min Max Mean Median Count Hotel / Motel Office (Medical) Mobile Home Park Multi-Family Office (General) Retail Self Storage Service Station Shopping Center Industrial / Flex (Source: Co-Star data of Sales from Jan 2014 to Jun 2017; Sales from Brevard, Indian River, Lake, Martin, Orange, Osceola, Palm Beach, Seminole and St. Lucie Counties)

58 Sales Data INCOME APPROACH DATA FROM THE MARKET Sales Data: All Apartment Sales Martin St Lucie Indian River Brevard Treasure Coast $/SF $/Unit $/SF $/Unit $/SF $/Unit $/SF $/Unit $/SF $/Unit Cap Rate Min $96.66 $60,870 $32.11 $33,500 $38.76 $31,010 $22.21 $21,926 $22.21 $21, Max $ $147,500 $ $120,313 $ $86,957 $ $178,191 $ $178, Mean $ $100,236 $82.04 $64,525 $71.77 $53,884 $68.85 $56,429 $75.97 $61, Median $ $95,000 $84.66 $59,094 $74.41 $50,834 $55.07 $43,750 $75.19 $52, (Source: Co-Star data from Jan 2015 to Jun Based on 72 Sales)

59 INCOME APPROACH DEVELOP PRO-FORMA Income Approach Apartments Units Rent/mo Rent/yr Total 2-Bedroom 272 $1,200 $14,400 $3,916,800 Misc & Storage Unit Income 272 $144 $39,168 Total 272 $3,955,968 Total 272 $3,955,968 Vacancy & Collection Loss -5% ($197,798) Effective Gross Income $3,758,170 Operating Expenses -50.0% ($1,879,085) Net Operating Income $1,879,085 Cap Rate 7.750% $24,246,255 Less 15% Cost of Sales $20,609,317

60 FINAL VALUE RECONCILIATION Income Approach $20,609,317 Sales Approach $21,744,000 Cost Approach $18,658,500 Reconciled Value $20,400,000

61 2017 REPORT REAL ESTATE DATA

62 2017 REPORT REAL ESTATE DATA

63 2017 REPORT REAL ESTATE DATA

64 2017 REPORT REAL ESTATE DATA

65 2017 REPORT REAL ESTATE DATA

66 2017 REPORT REAL ESTATE DATA

67 2017 REPORT REAL ESTATE DATA

68 MY OPEN DOOR POLICY Fairly appraise all properties, so you pay only your required share of taxes. Treat everyone with courtesy, honesty and respect. Our public records are always open for inspection and we will give you the time necessary to explain our methods and procedures. The Property Appraiser s office belongs to the people of Martin County. My door is always open for questions, comments and concerns. Laurel Kelly, CFA Martin County Property Appraiser (772) pa.martin.fl.us