Property:  Beach house in Walton County, built in 2004,  Above average condition & features.

Area Average Value:  $200 to $220 per s.f. for structures, plus land and site features (pool, views)

High Value for structure in Neighborhood: $320,783   (smallest and among the oldest homes in the area)

Low Value for structure in Neighborhood:  $196,980

Subject property County Assessed Value:  $859,129

Subject Independent Fair Market Value:  $625,000

Overvalued Amount:  $234,129

Tax Rate:  .0099613 of Taxable Value

Overpaid taxes to Walton County: $2332 per year

Tax values are reviewed every three years so excess taxes paid for three years will be at least $6995

Fees for obtaining reduction in value:  one-half of first year savings or $1166 

Retainer collected at initiation of work:  $250

Balance collected when value officially reset:  $916   ($1166  less $250 retainer paid in advance)

Net savings to owner:  $5830     Net cost to Owner:  $15 filing fee & approximately one hour of time

Note:  It is very likely that tax millage will be increased for resort and vacation property in 2010 – 2020 as County revenues must be generated to overcome falling revenues from other sources. Actual net savings are therefore likely understated.