We have obtained an AVM appraisal-Automated Value Model. Our mortgage banker indicated this was a very common method used to appraise property for their lending purposes. Will an AVM "appraisal" Our mortgage banker indicated this was a very common method used to appraise property for their lending purposes.
The reproduction cost method cannot be used, however you can use an independent appraisal of the building’s market value prepared and certified by a Florida-licensed property appraiser if you so choose, instead of the Lee County Property Appraiser valuation. You would include the appraisal as an additional attachment along with your building permit application. The floodplain coordinator will review the appraisal for the 50% substantial damage determination, and it will not add to processing time.
The Town of Fort Myers Beach floodplain ordinance allows for a determination of building market value using either of the following two methods:
- Utilize the Lee County Property Appraiser’s (LEEPA) assessment for ad valorem taxation for the market value for the structure only.
- An independent appraisal for the structure only prepared and certified by a Florida-licensed property appraiser.
See questions 4 and 5 at our 50% Rule FAQ below: https://www.fortmyersbeachfl.gov/1254/FEMAs-50-Rule