"The Petitioner agrees with the determination of the property appraiser or tax collector," a real estate broker representing Mar-a-Lago acknowledged on a form filed with the local Value Adjustment Board, and obtained by CBS News.
File: Mar-A-Lago, former President Donald Trump's private club in Palm Beach, Florida, seen on March 20, 2023.Corbiciero's original petition challenging the valuation does not indicate if he believed the club was valued too high or too low, but nearly all contested valuations are property owners who say the county is overvaluing, according to Becky Haltermon Robinson, a spokesperson for the Palm Beach Appraiser.
Deed restrictions can hurt a property's value, said Eli Baracha, the director of Florida International University's Hollo School of Real Estate. "For the income approach, what we normally do is we request financial statements from individual businesses, and request income and expenses, so that we can kind of figure out what income we could use to capitalize the value," Haltermon Robinson said.
"Usually when you speak to two well-informed parties, you do not see gaps like this in valuation," Baracha said."If we're both experts, if we both know what we're doing, we're going to value that usually within a 10, 15, maybe 20% differential of each other, but not by thousands of percentages."