The Real Deal Miami

Miami-Dade appraiser wants open books to help commercial property owners save

January 18, 2010 12:55PM

Miami-Dade Property Appraiser Pedro Garcia will ask commercial property owners to disclose their rent rolls and income and expense reports to ensure that properties get fairly assessed in the wake of a severe economic downturn. While Garcia has requested such financial materials from the largest of the area’s commercial properties in the past, this year he’s targeting all commercial property owners for the first time and intends to use the information to compare rental rates in the area. Garcia said it’s too early to tell how much more property values will decline in Miami-Dade, but it’s important not to place an undue burden on business owners and landlords who are already struggling. Landlords will get three months to voluntarily submit the financial information, which will be kept confidential. “It will be for their convenience because expenses are high, rents are lower. It’s a great opportunity for them to send that information to us,” Garcia said. “We hope people send us that information so we can help them.” [Miami Today News]