Sales Comparison (Residential) - The "Sales Comparison" value indicator on our website is a preliminary value indication as of January 1 of the tax year, based on the sales comparison approach to value only. This value is provided solely for your information; the Just/Market Value is the primary value established by our office for tax purposes.
The Property Appraiser values property using mass appraisal methods for property tax purposes. The following excludes the Sales Comparison Approach for commercial valuation. In mass appraisal, large groups of sales are used to provide value indications for large populations of properties every year. In Pinellas County, we have 20 residential market areas, and those areas are divided into neighborhoods. Each one of those areas has several hundred annual sales that we use to value between 9 and 14 thousand parcels.
In comparison, an independent property appraiser typically only values one parcel at a time and usually selects three to six sales to compare to the property being appraised. The individual properties presented at the Value Adjustment Board hearing by the Property Appraiser's office are presented only as examples of the comparable sales. They are not the only sales used in establishing values, nor were they considered identical to your property. Our appraisal models use hundreds of sales from the market, and through statistical analysis establish values that account for different property characteristics (such as size, amenities, construction quality, location, etc.).
Sales Comparison Approach – The process of deriving a value indication for the subject property by comparing sales of similar properties to the property being appraised, identifying appropriate units of comparison, and making adjustments to the sale prices (or unit prices, as appropriate) of the comparable properties based on relevant, market-derived elements of comparison. The sales comparison approach may be used to value improved properties, vacant land, or land being considered as though vacant when an adequate supply of comparable sales is available.
Sales Data – (1) Information about the nature of the transaction, the sale prices, and the characteristics of a property as of the date of sale. (2) The elements of information needed from each property for some purpose, such as appraising properties by the direct sales comparison approach. Sales data for a property may include the date of the transaction, the Official Records Book and Page number, the recorded document stamp price, whether the sale is listed as qualified or unqualified, and whether the parcel is vacant or improved.
Sales Query - The Sales Query list is a list of all qualified residential sales in the same appraisal neighborhood as the subject property over the past three (3) years. Not every sale on this list may have been used to establish this parcel's value. Sales from other areas and neighborhoods within Pinellas County may have also been used.
Save Our Homes Cap - A constitutional amendment which limits increases in assessed value on property receiving homestead exemption to 3% or the Consumer Price Index (CPI), whichever is lower. Qualified property owners can transfer or "port" their Save Our Homes Cap when they move from their homesteaded property to another Florida property, known as Portability.
Short Sales – A sale of real property in which the proceeds from the sale fall short of the balance owed on a loan secured by the property. Lenders may agree to a short sale to avoid lengthy and costly foreclosure proceedings, and borrower who cannot meet their mortgage obligations may agree to a short sale to satisfy their debt.
Situs – (1) In real estate, the physical location of a property. (2) In market analysis, the relationship between the total urban environment and a specific land use on an individual land parcel at a specific time.
Special Magistrate - A person appointed by the Value Adjustment Board to hear appeals concerning values, classified uses and exemptions, and to render findings of fact based on the law.
SPF: Screen Porch Finished - Building sub area code found on a property record card. A covered area with one or more walls of screening that can extend from floor to ceiling, possibly with a concrete knee wall or an aluminum kick plate. Usually exterior walls will be concrete block, wood, or metal frame. Generally, has a sturdy roof with an insulated finished ceiling. May or may not have wall insulation, electrical outlets, floor covering or vinyl window panels.
Split - A result of the sale of property held by a single owner such that different pieces of the property are owned by different owners. Splits may or may not occur along plat lines. Assessors need to monitor splits not only to ensure the correctness of the property listing, but also to monitor the land and its adequacy as a lien against past and present tax liabilities.
SPU: Screen Porch Unfinished - Building sub area code found on a property record card. An area which is of lower quality than SPF, e.g., aluminum or wood frame construction pan roof with unfinished ceilings, no electric for fans or ceiling mounted lights, pan roof, may be owner-built/constructed.
State Assessed Property - That property for which the assessed value is set by a state agency, either for taxation by the local jurisdiction affected, or for state taxation. Most often, this term applies to utility property or property with special characteristics where the state preempts local authority to achieve uniformity in assessments.
Statute - A written law that comes from a legislative body.
STM/SEC SH: Storm/Security Shutters - Building sub area code found on a property record card. A mechanical device that opens and shuts to cover and protect a window or other opening.
Subdivision – A tract of land that has been divided into lots or blocks with streets, roadways, open areas, and other facilities appropriate to its development as residential, commercial or industrial sites.
