Parclio Property Tax Reset Underwriting Report — Illustrative — Coral Ridge Apartments, 120 units

Parclio · lender underwriting attachment

Parclio Property Tax Reset Underwriting Report

Illustrative — Coral Ridge Apartments, 120 units

Broward County, Florida · Acquisition / sale · 120 units · Generated Jul 20, 2026

1 · Executive underwriting conclusion

Recommended underwritten annual tax

$536,642

Underwrite annual real estate taxes at $536,642. The modeled increase versus current taxes is $326,642, with NOI moving from $1,920,000 to $1,593,358.

County millage is a non-parcel-specific placeholder; confirm the parcel taxing-authority stack.

2 · Property and transaction summary

Property	Illustrative — Coral Ridge Apartments, 120 units
Address	Not provided
Property type	Multifamily
County / state	Broward County, FL
Units	120
Tax event	Acquisition / sale
Debt execution	Agency (Fannie/Freddie)

3 · Confirmed inputs and assumptions

Input	Value	Status	Source classification	Notes
Purchase price	$32,000,000	Estimated	Synthetic fixture
Current annual tax bill	$210,000	Estimated	Synthetic fixture
Current NOI	$1,920,000	Estimated	Synthetic fixture
Loan amount	$20,800,000	Estimated	Synthetic fixture
Interest rate	6.25%	Estimated	Synthetic fixture
Amortization	30	Estimated	Synthetic fixture
Unit count	120	Estimated	Synthetic fixture
Effective millage	18.5714 mills	Estimated	county	Confirm the parcel-specific combined rate.
Current assessed value	—	Not provided	Not supplied to the current estimator	The report does not fabricate this optional input.

4 · Current versus underwritten tax analysis

Current / seller annual tax	$210,000
Modeled underwritten annual tax	$536,642
Annual tax delta	$326,642
Modeled reset basis	$28,896,156
Effective millage	18.5714 mills (county)
Assessment ratio / equalization	1 / 1
Confidence	Estimated
Rate status	Estimated county-level placeholder

Uses Broward's county effective rate and Sale-driven reassessment model. Combined millage is a county-level placeholder — confirm the parcel-specific rate.

5 · NOI and credit-metric impact

NOI before$1,920,000

NOI after$1,593,358

DSCR before / after1.25x → 1.04x

Debt yield before / after9.23% → 7.66%

Higher modeled taxes reduce NOI and the displayed credit metrics; confirm the parcel rate before sizing proceeds.

5A · Scenario analysis

Scenario assumptions are user-defined sensitivities and do not change Parclio's modeled estimate.

Case	Status	Annual tax	Change vs. current	Change vs. modeled	NOI after	DSCR after	Debt yield
Parclio modeled case	Locked Parclio model	$536,642	$326,642	$0	$1,593,358	1.04x	7.66%
10% above modeled tax	User-selected stress assumption	$590,306	$380,306	$53,664	$1,539,694	1.00x	7.40%

The Parclio modeled case remains the primary report conclusion. Stress and custom cases are not source-backed predictions.

6 · Jurisdiction and reassessment methodology

Reassessment model	Sale-driven reassessment
Reassessment timing	Annual, non-homestead 10% cap; reset on qualifying ownership change
Sale / acquisition treatment	On a qualifying change of ownership or control, the non-homestead assessment limitation resets and the property is assessed at just value for the following January 1 tax roll.
Refinance treatment	A refinance without a change of ownership or control does not by itself remove the non-homestead assessment limitation.
Entity-transfer treatment	Qualifying transfers can include legal or beneficial title and cumulative transfers of control above 50%; confirm transaction-specific treatment under Fla. Stat. §§193.1555 and 193.1556.
County data last verified	Jul 23, 2026
Methodology version	fl-broward:2026-07-23

7 · Memo-ready underwriting language

Real estate taxes were underwritten under Broward County's sale-driven reassessment framework for acquisition / sale (an Agency (Fannie/Freddie) execution). Current taxes are not treated as a sustainable post-event run rate under the selected county framework. The underwritten annual tax load is $536,642. The combined millage is an estimated county-level placeholder and must be confirmed for the parcel.

8 · Sources and verification dates

Source	Purpose	Verified	URL
Fla. Stat. §193.1555 (non-homestead assessment limitation)	Jurisdiction methodology and tax-rate support	Jul 23, 2026	https://www.flsenate.gov/Laws/Statutes/2025/193.1555
Fla. Stat. §193.1556 (change-of-ownership notice)	Jurisdiction methodology and tax-rate support	Jul 23, 2026	https://www.flsenate.gov/Laws/Statutes/2025/193.1556
Fla. Stat. §193.011 (just valuation factors)	Jurisdiction methodology and tax-rate support	Jul 23, 2026	https://www.flsenate.gov/Laws/Statutes/2025/193.011
Broward County Property Appraiser	Jurisdiction methodology and tax-rate support	Jul 23, 2026	https://bcpa.net/
Broward County Property Appraiser — 2025 millage rates	Jurisdiction methodology and tax-rate support	Jul 23, 2026	https://bcpa.net/millage.asp

9 · Caveats, limitations, and required follow-up

Caveats

Sale/acquisition: On a qualifying change of ownership or control, the non-homestead assessment limitation resets and the property is assessed at just value for the following January 1 tax roll.
Refinance: A refinance without a change of ownership or control does not by itself remove the non-homestead assessment limitation.
Entity transfer: Qualifying transfers can include legal or beneficial title and cumulative transfers of control above 50%; confirm transaction-specific treatment under Fla. Stat. §§193.1555 and 193.1556.
Multifamily: A 120-unit multifamily property falls under Fla. Stat. §193.1555: the 10% non-homestead limitation applies after just-value assessment and resets after a qualifying ownership change.
Confirm PILOTs, exemptions, abatements, special assessments, appeals, and the parcel's taxing-district stack where applicable.

Required follow-up

Confirm the published combined rate for the parcel and applicable tax year.
Obtain the seller's current assessed value and tax bill detail.
Confirm the appeal deadline and notice date (~25 days after the August TRIM notice (VAB petition)).

Limitations

Parclio estimates are underwriting guidance, not legal or tax advice.
Confirm jurisdiction-specific rules, parcel assessment data, and the combined tax rate with the relevant authorities or local counsel before closing.
This fictional example uses synthetic inputs and is not a customer analysis or evidence of model accuracy.

10 · Report metadata

Report status	Illustrative example
Generated	Jul 20, 2026
Methodology version	fl-broward:2026-07-23
Confidence	Estimated

Illustrative tax reset report