High Value Commercial and Residential Property Valuation
South Florida Property Tax Expert Assists Clients in Understanding Property Tax Valuation Process with both Commercial and Residential Properties
For people who own, or wish to own, property in South Florida, real estate tax concerns are a big factor that must be considered. Sometimes, property values are assessed at levels that are much higher than true market value for that type of property. The Property appraiser’s assessments are at levels that could scare off potential buyers, or make current owners have second thoughts about holding onto their property. However, hiring a top-notch property tax consultant can go a long way towards helping you understand the valuation, the appeal process, and helping you save dollars. The Dade, Broward and Palm Beach County Property Tax Consultant, Steven Housman of Property Tax Experts, Inc. can work with you to lower your assessment.
How the Property Tax Valuation Process Works
Every August through the first week of September, the County Property Appraiser office sends out a “TRIM” Truth in Millage notice, or Notice of Proposed Property assessment and Taxes, advising all property owners of the proposed assessment on their properties. It is crucial to quickly review this notice and determine whether the assessment is fair, as there is a short filing deadline in which the petition(s) can be filed (usually the filing deadline falls between September 12 and September 20th). The county assessed value of your real estate is usually at 90% of market value. If your property has been negatively affected by such factors as construction defects, functional obsolescence, environmental conditions, a fire or flood damage; the property owner should think about filing an appeal to address those issues.
Property tax appeals can be filed on any real estate holding, including homes, ranches, vacant land, apartment buildings, commercial, industrial, and special use properties.
The respective County Property Appraiser Office reviews the market conditions of each property on the tax roll as of January 1st of each year. Their collected data at this time, is a compilation of market sales of similar properties and income analysis. This information is entered into their computer systems as a mass appraisal and does not take into consideration specifics to only your property. This generalized assessing creates errors and omissions in valuing your specific property, leading to errors and unnecessary higher valuations. The high assessment coupled with the millage rate can cause your real estate taxes to be extraordinarily high. This is when an appeal of your property assessment and taxes is important. A Special Magistrate (judge) will hear the evidence of both the property owner and the Property Appraiser and decide whether or not you have a strong case to lower your assessment and hence your real estate property taxes. If he recommends a reduction then the County Tax Collector will eventually send you a refund check for the difference between what you already paid and the amount of taxes lowered by your appeal
The term “property tax” may be used interchangeably with the term “ad valorem tax.”
Having a skilled and experienced property tax consultant will increase the chances that you will succeed in your appeal
Property Tax Experts, Inc Serves Miami, Fort Lauderdale, and the West Palm Beach areas. Call us to help to save and lower your property taxes.
Call today at 954-981-8332 in Broward County and 305-937-0525 in Miami-Dade County to begin saving money.