In a declining real estate market, are appraisals truly reflective of today's values?
Recent turmoil in the real estate and financial markets, declining state tax revenues and potential voter revolts over property taxes have made it increasingly likely that property owners will face tax appraisals on their properties that will not reflect the reduced values of today's market conditions. In August, county Property Appraisers across Florida will be sending Truth in Millage (TRIM) notices to all property owners. TRIM notices advise property owners of their 2007 appraised values and property tax assessments liabilities.
Timing is important because any assessment appeal to the county Value Adjustment Board (VAB) must be filed with the VAB within 25 days following the mailing.
In our declining real estate market, property owners should scrutinize this year's assessed values with particularity and avail themselves of the assessment appeal process if warranted. Most county Property Appraisers have posted the proposed 2007 assessments on their Web pages, so taxpayers can take an early peek prior to the TRIM notices' being mailed.
Property tax savings from property assessment appeals flow directly to the bottom line and this opportunity should not be missed.
For more information about this Alert, please contact George W. Powell, Jr., Brian L. Belt or any other member of the Real Estate Practice Group, or the attorney in the firm with whom you are regularly in contact.
This article is for general information and does not include full legal analysis of the matters presented. It should not be construed or relied upon as legal advice or legal opinion on any specific facts or circumstances. The description of the results of any specific case or transaction contained herein does not mean or suggest that similar results can or could be obtained in any other matter. Each legal matter should be considered to be unique and subject to varying results. The invitation to contact the authors or attorneys in our firm is not a solicitation to provide professional services and should not be construed as a statement as to any availability to perform legal services in any jurisdiction in which such attorney is not permitted to practice.
Duane Morris LLP, one of the 100 largest law firms in the world, is a full-service firm of more than 600 lawyers. In addition to legal services, Duane Morris has independent affiliates employing approximately 100 professionals engaged in other disciplines. With offices in major markets, and as part of an international network of independent law firms, Duane Morris represents clients across the United States and around the world.
