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MIAMI PROPERTY TAXES AND HOW YOU CAN PAY LESS
As this time of year approaches, the reality of tax season starts to set in. While property taxes are not paid until closer to the end of the year, it’s never too early to be analyzing your situation and what you can do to minimize your burden come November (which is when you’ll receive the largest discount for paying early).
Each individual’s property taxes depend on a variety of factors, but ultimately it comes down to your local property appraiser and the assessment they assign to your property. While there are state guidelines for the calculations they come up with, in many circumstances the assessment is up to their discretion. Additionally, you might be paying higher taxes than your neighbor with an identical property. For condos, we have found large discrepancies between various units within the same building. While it’s normal for higher floors to be valued an additional $3k – $5k per floor in the open market, we have found instances at the ICON South Beach where the increase in value assessment is as high as $16k per floor.
Thankfully, these assessments are not written in stone and there is something you can do about it. To have your assessed value reconsidered, you must petition the Value Adjustment Board (VAB)– and this must be ... more

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