Commercial Valuation Department

Here in St. Johns County, we have approximately 10,250 commercial properties, which include buildings that are categorized as industrial, retail, apartment complex, office, hotel and more. Commercial properties are valued each year as of January 1 using one of three approaches. The approach used depends on each particular property. The three approaches include:

• Income Approach – This approach, which is the most commonly used approach,
  considers the income attributable to the property such as through leases and
  rentals – adjusted for expenses – to value the property.
   
• Cost Approach – Our office uses the CoreLogic Marshall Valuation Service, along with building permit data from the local governments in the county, to accurately value using this approach.
  
  
• Sales Comparison Approach – This approach compares sales of similar properties and looks at factors such as square footage, age, quality of construction, location and property type. This approach is similar to how residential properties are valued.