Accusing Property Appraiser Gary Nikolits of using different appraisal practices to set a value for the retail/office/residential shopping center in downtown Boca Raton, rather than for “comparable properties within the same class in Palm Beach County,” the lawsuit says Nikolits assessment “is in excess of the value of the property”… and that Nicolits “failed and refused to consider all the factors set forth” in the applicable state statutes. Nicolitis said, “Highest and best use is one of 8 criteria considered for appraising property.” Nicolitis set a value on the property of $44-MM. The land is owned by Boca Raton and the current 99-year leaseholder and management company is General Growth Properties, who, along with Boca Raton Community Redevelopment Agency have filed the lawsuit.
Thursday, July 5, 2007
MIZNER PARK LEASEHOLDER SUING PROPERTY APPRAISER
Accusing Property Appraiser Gary Nikolits of using different appraisal practices to set a value for the retail/office/residential shopping center in downtown Boca Raton, rather than for “comparable properties within the same class in Palm Beach County,” the lawsuit says Nikolits assessment “is in excess of the value of the property”… and that Nicolits “failed and refused to consider all the factors set forth” in the applicable state statutes. Nicolitis said, “Highest and best use is one of 8 criteria considered for appraising property.” Nicolitis set a value on the property of $44-MM. The land is owned by Boca Raton and the current 99-year leaseholder and management company is General Growth Properties, who, along with Boca Raton Community Redevelopment Agency have filed the lawsuit.
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