This article was published in the Journal of Property Tax Assessment & Administration in 2020. It can be accessed through the IAAO Research Exchange.
Abstract:
A June 2020 decision issued by the Florida Fifth District Court of Appeal could have far-reaching implications for the market valuation of hotel properties throughout the United States. The appellate court upheld a lower court’s decision rejecting the valuation methodology, the Rushmore Approach, utilized by the Orange County Property Appraiser in its assessment of the Disney Yacht & Beach Club Resort. It was 1978 when Rushmore posited the first accepted methodology for separating income attributable to business (intangible asset) from income attributable to personal property from the entire income stream of a lodging facility.