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Case Study #5:

A Golf Course and Country Club, comprised of seven separate parcels, was well located but competing with numerous other courses in that particular market. MJ Stone reviewed the site plans and determined the gross as well as net acreage. The golf course parcels were then reviewed both individually and collectively.

During our on-site inspection, photos were taken¬– especially of the facilities that were older– which helped determine the condition of the golf course. MJ Stone subsequently analyzed the revenue derived from the Golf Course, as well as typical daily rates by season and revenue per round by year, for the past three years. The study was concluded with a meticulously thorough Income Analysis which included: all market support for capitalization rates; national rounds per 18-hole equivalents; designated market area reports; regional rounds reports; State rounds reports and comparable sales. The Magistrate agreed with our Firm’s conclusions and reduced the assessment accordingly.

The tax dollar savings to the property owner was approximately $46,000.



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