How To Reduce Your Florida Property Taxes

It is easy to protect your rights as a taxpayer

however you must initiate the process and take the first few easy steps. Carefully read your proposed property tax notice. Many taxpayers ignore their Truth in Millage Notice until it is too late to challenge an assessment. The deadline to appeal all values and exemptions is September 17, 2008. You must first understand how your taxes are formulated.

Your taxes are calculated by a simple formula:

TAXABLE VALUE x TAX MILLAGE RATES + SPECIAL ASSESSMENTS = YOUR TAX BILL

It is important to note

that your Property Appraiser does not set any tax rates. The Property Appraiser determines the assessed value of your property. Your various governmental taxing authorities set the tax millage rates.

The constitutional amendment

that was just passed in Tallahassee has doubled the Homestead Exemption to $50,000. By law it only applies to the third $25,000 of assessed value (the portion of the assessed value above $50,000 and below $75,000). If a homesteaded property has a Save Our Homes assessment of less than $50,000, it will not get any added benefit this year from the new exemption. Likewise, a homesteaded property with an assessment of $60,000 will enjoy only $10,000 additional exemption, as it is the only portion over $50,000.

Finally, if you forgot to file for a 2008 Homestead Exemption, Widow/Widower Exemption, Disability Exemption, Portability, or other tax-saving exemption for which you were eligible as of January 1, 2008, you still have time to “late file”. The easiest way to do this is to visit the Miami-Dade County Property Appraiser.

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