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Target contests Hernando County appraisals, offers lower income-based valuations
Summary
Two Target store assessments were contested Jan. 22 before the Hernando County special magistrate. The property appraiser relied on cost approaches and produced multi‑million dollar values; Target's representative presented income approaches that yielded substantially lower requested valuations (one petition requested $4,070,600). Magistrate said he would review all approaches before deciding.
At separate hearings Jan. 22, the Hernando County special magistrate heard challenges by Target Corporation to the county’s assessed values for two big-box stores.
At petition 225 (Commercial Way), Daniel Scott, representing the property appraiser, said the office used Marshall & Swift cost data (discount-store classification) and arrived at a depreciated improvement value and site improvements yielding a final cost-of-sale–adjusted figure of…
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