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Office of Program Policy Analysis and Government Accountability

Property Appraisers Use Cost Approach to Value Billboards; Guidelines Need Updating, Report No. 02-69, December 2002
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  • Almost all (66 of 67) Florida county property appraisers assess billboards for ad valorem tax purposes and classify them as tangible personal property.  Those that appraise billboards use the replacement cost approach to determine value.  Most (63) also use the replacement cost approach to value similar types of commercial businesses on leased land.  These appraisal methods are similar to those used by other states we contacted.
  • Florida county property appraisers use a variety of depreciation schedules in estimating billboard value.  Although the Department of Revenue has developed guidelines that include recommended depreciation schedules, the guidelines are outdated and are followed by only 27 counties.  This raises concern as to whether billboards are being equitably appraised throughout the state.
  • The department should adopt new appraisal guidelines for appraising billboards that include up-to-date depreciation schedules and residual values.

Which Government Program Summaries contain related information?

Right-of-Way Acquisition
Property Tax Administration

What other OPPAGA-related materials are available?

  • Report No. 04-46 Progress Report: The Department of Revenue Has Begun Updating Its Guidelines for Assessment of Billboards, published in July 2004.
  • Report No. 99-44 Progress Report: Department of Revenue Needs to Further Improve Oversight of Property Appraisers, published in March 2000.
  • Report No. 99-02 Justification Review of the Right-of-Way Acquisition Program, published in August 1999.
  • Report No. 96-81 Program Evaluation and Justification Review: Property Tax Administration Program Administered by the Department of Revenue, published in April 1997.

Copies of this report in print or alternate accessible format may be obtained by telephone (850/488-0021), by FAX (850/487-9213), in person, or by mail (OPPAGA Report Production, Claude Pepper Building, Room 312, 111 W. Madison St., Tallahassee, FL 32399-1475).
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