Property Appraisers in Florida have now sent out Truth in Millage (TRIM) notices to all property owners, so these notices have either already been received or will be waiting in your mailbox shortly. These TRIM notices show the property tax assessments and market values for 2016, as well as estimated property taxes for this year. Property owners have just 25 days from the mailing of the TRIM notice to review the valuation and challenge the assessment or market value on the property.
We advise all property owners – clients and others – to carefully review their TRIM notices as soon as they are received. There has been a significant increase in property values over the last 2-3 years, and we expect that trend to continue across the board this tax year (2016). As with prior years, we recommend that all property owners pay attention to both your assessed values and market values. Assessed values can only increase 10% for non-homestead properties (3% for homesteaded properties), but there is no such limitation on the increase in market values for the Property Appraiser.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.