(This story originally appeared in the Daily Business Review.)
MIAMI-Claims of under-reported purchase prices at a Pembroke Park mobile-home co-op community are prompting broader scrutiny of how more than 12,000 co-op units in Broward County are assessed for taxes.
Hundreds of millions of dollars in lost property tax revenues are estimated to be at stake countywide, said Ron Cacciatore, director of professional standards and compliance in the Broward County property appraiser's office.
Scott Lewis, supervisor of the office's condominium department, estimates that at least 75% of the county's 12,371 co-ops are under-assessed for tax purposes because of how purchases are recorded.
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