By Barry Sharpe, Esq.
Downtown Miami and Miami Beach are great examples of how major neighborhood revitalization zoning changes often result in significantly reducing the County's taxable assessment value on "old building" structures
In effect, a new Highest and Best Use ("HBU") for the land has probably been created. Developers will now be looking at properties in different ways. With increased densities and taller buildings allowed, the value of the "land portion" typically become more valuable. Those values are now somewhat inversely related.Read More