Florida real property owners have received their TRIM Notice in the mail.
If you think your tax bill is too high, you may be able to appeal it.
How do you know whether you should appeal your real property tax bill?
Read on and, if you would like assistance determining if you should make an appeal, please call us.
Your real property taxes are primarily based on four key values:
- Market Value: the current value of your property compared to similar properties in the area.
- Assessed Value: as determined by your county property appraiser as of January 1 each year.
- Taxable Value: the assessed value minus any applicable exemptions.
- Millage Rate: set by the taxing authorities.
You can appeal your Property’s Assessment:
- As to the first full calendar year that you own the real property – you would appeal your taxes as shown in your Trim Notice if you believe the assessed value is not reflective of your property’s actual market value.
- As to each year after the first full calendar year that you own the real property – you would appeal your taxes as shown in your Trim Notice if: (i) the assessed value increased more than the Maximum Increase (see General Rule below) over the assessed value for the previous year; or (ii) the assessed value is not reflective of your property’s actual market value (for example, the market value has decreased).
- As to the first full calendar year that you own the real property during which an exception to the General Rule applies – you would appeal your taxes as shown in your Trim Notice if you believe the assessed value is not reflective of your property’s actual market value (for example, you added an addition to your property and the Property Appraiser overvalued it).
GENERAL RULE – State law limits the annual increase in the assessed value of a property (not market value) of MOST properties (commercial and residential):
Homesteaded Property – lesser of 3% or the increase in Consumer Price Index (CPI) applied to the assessed value for the previous year.
Other Properties – 10% applied to the assessed value for the previous year. Cap does NOT apply to the school portion of property taxes.
EXCEPTIONS – if there has been a sale of the property or an interest therein, capital improvement or other special circumstances.
The foregoing is a VERY BRIEF summary of the real property tax appeal process. This summary does not provide a complete analysis of Section 193, Florida Statutes, or any of the provisions thereof. Reference should be made to Section 193, Florida Statutes, for a complete understanding thereof.
