If you live in Florida and own real estate, you have just recently received your 2009 "Notice of Proposed Property Taxes", commonly referred to as the TRIM (Truth in Millage Notice) notice.
The important information is at the bottom of the notice. That is where you will find the Market Value, the Assessed Value, and most important;
- information about your right to appeal the assessed market value
- who to contact to appeal (address and phone number)
- the date by which you MUST file an appeal (you only have a few weeks!)
So... how do you know if your value is too low or if you should appeal? Ask yourself these questions;
- Did you buy in 2009 and pay less than the "assessed market value"?
- Is the "market value" more that you could sell your house for?
- Does your house need repairs or have deferred maintenance?
- Do external factors diminish the value?
If you can answer "yes" to any of these questions then you should consider an appeal to reduce your property tax bill.
One thing to keep in mind is that properties are valued by the property appraiser as of JANUARY 1st of the current tax year. So you need to provide evidence (photographs, comparable sales, written repair estimates, an appraisal, etc.) that supports your lower value estimate as of January 1st.
Here are the steps to lower your property taxes;
- Assemble your evidence to support your lower value estimate
- Request an informal hearing with the property appraiser
- If informal meeting does not result in a WRITTEN agreement to lower your valuation, file your appeal with the Value Adjustment Board.
- Schedule your hearing with the Value Adjustment Board.
- Attend your hearing, present your case and win!
You may be thinking that this will take some work and time, so is it worth it?
Consider this, if your property was assessed $20,000 too high and your millage rates was $25 per $1,000 of assessed value, a successful appeal could save you $500. If you have more than one property, the savings can really add up!
Go to the links below to familiarize yourself with the law so that you can understand how the process works and beat the property appraiser;
If you have more than one property, you may want to hire a professional to represent you. Call me if you need a referral.
That's all for now!
Your "glad the kids are back in school" Realtor,
Gary Veach (813) 677-4566
Realtor, ABR, ePRO, GRI
RE/MAX South Shore Realty, 10445 Gibsonton Dr, Riverview, FL 33578