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<br />ASSESSMENT AND TAXES - 2005 <br /> <br />The subject property is assessed under the jurisdiction of the city of Sunny Isles Beach, <br /> <br />The assessment for the property is established each year as of .I anuary 1 st by the Miami - Dade County <br />Property Appraiser's Office at 100% of "Just Value." Just Value has been equated to Market Value <br />less closing costs. While the State of Florida requires real estate to be assessed at I 00% of .Just <br />Value, in reality the ratio of the assessed value to sales price is generally below 100%. <br /> <br />Folio Number: 31-2214-008-0040 <br />Assessed Value: <br /> Land $6,170,500 <br /> Improvements $ 1.000 <br /> Total $6,171,500 <br />Tax Amount: $134,657.82 <br />Millage Rate: $22,5837 per $1,000 <br /> <br />OWNER OF RECORD AND ADDRESS <br /> <br />Ocean Palm Motel, Inc. <br />15795 Collins Avenue <br />Miami, FL 33160 <br /> <br />FIVE-YEAR HISTORY OF TITLE <br /> <br />There is reportedly an option to purchase the subject site. The appraiser was not furnished with any <br />information concerning this potential transaction, <br /> <br />An investigation of the Public Records of Miami-Dade County, Florida indicates no sale transfers <br />of title to the subject property during the past five years. <br /> <br />QUINLIVAN APPRAISAL <br /> <br />6 <br />