The Value Adjustment Board (the "VAB") is an independent governmental agency created by Chapter 194, of the Florida Statutes, to accept and process taxpayers' petitions contesting the value of real estate and personal property as assessed by the Property Appraiser's Office. Hearings are conducted by "Special Magistrates" appointed by the VAB to determine whether or not property is properly assessed. If not, then the VAB has the authority to make any necessary adjustment. Of the five VAB members, only one is a citizen appointed by the County. The citizen must own homestead property within the county.