Dade Property Appraiser Lazaro Solis is targeting Genting over a tax bill for the former Miami Herald site.
For the 2012 tax year, the property had been valued by the Dade appraiser at $131,712,521. Genting filed an appeal with the Value Adjustment Board, successfully reducing the appraised value to $88,343,456 – a difference of $43,369,065. The property appraiser’s lawsuit challenges the reduced valuation and records a lis pendens on the property which could block a potential sale.
Genting paid a reported $236 million for the 14-acre property in 2011.
The property appraiser typically challenges just a handful of VAB decisions every year. Others targeted this year include Crocker Partners’ Suntrust International Center in downtown Miami. Cases are usually resolved in a matter of months.