Petitioner and Hernando County appraiser disagree on Sunny Pointe Apartments valuation

Brooksville — Counsel for Sunny Pointe Apartments and Hernando County's property appraiser presented competing valuation evidence before Special Magistrate Robert Hicks on Jan. 15.

Daniel Scott, an appraiser with the Hernando County Property Appraiser's Office, told the magistrate the office's just, assessed and taxable values for key number 144141 were all listed at $4,126,074 for 2025 and described a multi‑building garden‑style apartment complex with roughly 50 units. Scott said the office did not receive current owner income and therefore relied on market comparables and surveys (including CoStar and a Tampa‑Bay area cap‑rate survey) to build an income pro forma; using those inputs the office arrived at a pro forma‑based indication that reconciled with a loaded cap rate and a cost‑of‑sale adjustment.

Nick Mau, representing the taxpayers, presented two income workups: an in‑place (owner‑provided) income statement and a market pro forma. Mau said the property had higher occupancy on the valuation date ("The physical occupancy as of 01/01/2025, was 89%"), supplied rent rolls and argued certain expense and vacancy inputs used by the appraiser understated actual expenses (insurance and operating costs). Mau asked the magistrate to give weight to owner‑provided information and to consider market comps the petitioner supplied.

The appraiser and petitioner disagreed on vacancy, expense percentages and the choice of cap rate. Scott told the magistrate the office used a tax‑loaded 9% cap rate in its model for this property class; Mau used a somewhat different set of assumptions in his pro forma. Magistrate Hicks said he would review both packets, consider precedent cited by counsel and issue a recommended decision in the weeks ahead.

No formal ruling was issued at the hearing; the matter was taken under advisement.