By now, all 67 Property Appraisers in Florida have finalized the 2017 valuations for property taxes. Truth in Millage (TRIM) notices have been sent to all property owners, so these notices have either been received or will be waiting in your mailbox soon (the valuations can also be found online). These TRIM notices show the property tax assessments and market values for 2017, as well as estimated property taxes for this tax year. Property owners have only 25 days from the mailing of the TRIM notice to review the valuation and challenge the valuation (market or assessed) on the property.
We advise all property owners to carefully review their TRIM notices as soon as they are received. While the dramatic, post-recession increases in valuation have slowed down in the last couple of years, there are still significant increases occurring to some property types. As with prior years, we recommend that property owners pay close attention to both your assessed values and market values. While assessed values are capped at 10% for non-homestead properties and 3% for homesteaded properties, there is no such limitation on the increase in market values. In other words, your property's market value can increase significantly, which impacts the taxes you pay for the school board (often times between 40-50% of your total taxes).
Lowndes, Drosdick, Doster, Kantor & Reed, P.A. has a Property Tax Group that can help with all your property tax questions, from initial review of the valuations on the TRIM notice through official challenges at the Value Adjustment Board (VAB), as well as filing a civil suit challenging an adverse decision by the VAB. We also deal extensively with various property tax exemption approvals and denials.
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.