There are also voluntary professional bodies for real estate valuation such as the Royal Institute of Chartered Surveyors ('RICS') and the Property Institute of New Zealand ('PINZ'). Both of these bodies have a wider membership, beyond real estate valuers. PINZ has over 2,500 members in New Zealand and overseas (such as ex-pats in the UK, Asia and Australia). PINZ has a service level agreement with the NZIV, whereby PINZ contracts to perform tasks for the statutory professional body, NZIV. PINZ was formed in 2000 to act as the voice of the property professions. There have been 'political divisions' within the valuation profession in New Zealand, expressed at AGMs and through 'proxy wars' over the last 20 years or so. Many valuers are supportive of amalgamation of the NZIV functions under the multi-disciplinary voluntary body PINZ, whilst many others wish to retain a separate statutory professional body for valuers (the NZIV). There are various reasons in the debate and the governing legislation is under review and amendments or repeal is being considered. At present, the Act remains in force and the NZIV is legally a distinct body with statutory functions, powers and duties.
Adjudication of valuer-certified estimates of value in case of the onset of disputes is conducted through the Experts Councils of valuers' SROs. Official courts tend to concur with the resolutions of such Councils. In some rare instances the imprimatur of SRO's Experts Councils is also required for a valuation done by a particular valuer to enter into effect.
If you purchased a new home after January 1, 2018, you may pre-file now for tax year 2019 Homestead and other exemptions. The timely filing period for Homestead Exemption for 2019 is March 2, 2018 through March 1, 2019. The absolute deadline to LATE FILE for any 2019 exemption -- if you miss the March 1 timely filing deadline -- is September 18, 2019. State law (Sec. 196.011(8), Fla. Stat.) does not allow late filing for exemptions after this date, regardless of any good cause reason for missing the late filing deadline. Please click on the following link for more information about Homestead and other exemptions for which you may be eligible http://bcpa.net/homestead.asp.
The cost approach was once called the summation approach. The theory is that the value of a property can be estimated by summing the land value and the depreciated value of any improvements. The value of the improvements is often referred to by the abbreviation RCNLD (for "reproduction/replacement cost new less depreciation"). Reproduction refers to reproducing an exact replica; replacement cost refers to the cost of building a house or other improvement which has the same utility, but using modern design, workmanship and materials. In practice, appraisers almost always use replacement cost and then deduct a factor for any functional dis-utility associated with the age of the subject property. An exception to the general rule of using the replacement cost is for some insurance value appraisals. In those cases, reproduction of the exact asset after a destructive event like a fire is the goal.
Pinellas County Property Appraiser Mike Twitty and his staff are dedicated to producing fair and equitable Property Value Assessments. We strive to provide exceptional service to the citizens of Pinellas County. The information on this site has been prepared as a public service, and to give you an overview of some of the activities in the Property Appraiser's Office.