In late 2008, the Martin County Department of Revenue proposed a change in the way self-storage values were calculated for tax purposes. The potential change involved altering the way facilities were assessed on income. In some instances, owners saw their tax bill triple.
“This was an unreasonable and unjustified increase and something needed to be done,” said Mele, who spearheaded the group effort of Martin County self-storage owners. Through e-mails, conference calls and collaboration with facility owners and county officials, he and his team were able to establish vital steps in the process of combating the tax increase. In addition to serving as a point of contact, Mele provided information regarding normal expense ratios, statewide occupancy trends, and a county-specific rent and occupancy analysis.
Mele also worked with Martin County’s Property Appraisers Office, helping to educate people on the self-storage industry so they could better understand how facilities are traditionally valued.
Mele works in Marcus & Millichap’s Tampa, Fla., office. In 2008, he participated in 24 separate transactions comprising 36 properties and more than $95 million in closed deals. For more information, visit www.melestoragegroup.com.
With more than 1,300 investment professionals in offices nationwide, Marcus & Millichap is the nation’s largest firm specializing in commercial real estate investment services.