a “TRIM Notice,” the notice reflects what the property taxes are likely to be on the November property tax bill.
Detailed:
With TRIM notices being issued around Florida in the coming weeks, this post will attempt to answer three of the most commonly-asked questions about property tax bills: (1) Why is my property assessed at a higher value than my neighbors’ similar property? (2) Why is my assessed value higher than the price I paid for the property? (3) Sales prices are going down, so why is my assessment going up?
Why is my property assessed at a higher value than my neighbors’ similar property? The reason the property tax system was historically considered to be a fair system of taxation was that everyone was assessed based on the fair market value of their property, and that was that. In the last few years, however, the number of exemptions, special classifications and assessment caps has exploded, thus resulting in similar properties within the same neighborhood being taxed at vastly different rates, depending on when the property was purchased, whether the purchaser was a first-time home buyer, whether the property has a homestead exemption and whether the owner “ported” their cap from another property.
The short answer is that, while the assessed values may differ for a variety of reasons, if the properties are truly similar, the just value should reflect that similarity. If the just values are substantially different, it is most likely due to differences in the size or configuration of the lot, the age of the improvements, or the overall quality of the construction. However, if you feel that a mistake has been made, you should contact the Property Appraiser.
Tags: Budgets & Finance, Condo & HOA Accounting, Law & Legal