Property Value Notices Will be Mailed in August with a Short 25-Day Appeal Window
By David Pichler, CMI
By mid-August, all owners of commercial property in the state of Florida will receive a property value notice from their County Property Appraiser. This Annual Notice of Property Assessment, also known as a Truth in Millage or TRIM Notice, comes with a 25-day appeal window during which property owners may petition the Value Adjustment Board should they disagree with the assessed value of their property. Here, we explain what to look out for and why you may want to appeal.
What a TRIM Notice Means for Property Owners
The Florida Constitution requires property to be assessed annually on January 1, based on its market value. A simple definition of market value is the price a willing buyer would pay to a willing seller. A TRIM Notice shows the estimated “just value” of your property.
The amount you pay in property taxes is based on the County’s opinion of value for your property. Real Property taxes are often the largest operating expense for commercial property, but as a taxpayer, you have the right to challenge the assessed value and reduce your taxes.
Should I Appeal the Value of My Commercial Property?
County property appraisers in the State of Florida are beginning to report total market values for their respective counties, and indications across the board are that property owners will see significant increases in their property values.
In South Florida, Miami-Dade County’s total taxable value increased over $17.1 billion, Broward County’s taxable value increased 6.87%, and Palm Beach County taxable value increased 6.21%. In Central Florida, Orange County’s 2019 overall market value has topped $206.1 billion.
With property values on the rise across the state, there is a good chance your property value has increased in the last year. That means your taxes could increase, too.
It is important to have a qualified property tax professional review your properties to ensure the values are fair and equitable. If you decide to appeal, you must submit your petition within 25 days of the mailing of the TRIM Notice. Appeal deadlines vary by county, ranging from September 2 to 18. If this deadline is missed, the only option is to file suit in circuit court.
Florida Property Tax Roll Calendar – Important Dates
|Early to mid- August||Property Appraiser mails “Notices of Proposed Taxes” (also called a “TRIM Notice”) to all property owners. Notices also include market and assessed values for the current and prior year with appeal instructions on how to file an appeal petition before the Value Adjustment Board (VAB).|
|September 2- 18 (varies by County)||The last day to file a petition with the VAB to challenge your assessment. Per statute, this is also the absolute last date to “late file” a complete application with the Property Appraiser for any exemption or agricultural classification for the current calendar year.|
|October 10||Taxing authorities finalize millage/tax rates|
|First week of November||Revenue Collector mails tax bills to property owners of record.|
Cushman & Wakefield’s Florida Property Tax Services
Cushman & Wakefield has a full-service property tax service practice that provides a thorough review, recommendation, and solution. Our consultants handle the entire process – review and recommendation, filing and presenting appeals, assessor discussions and negotiations, and managing litigation, if necessary. Fees for our consulting services are contingent on our success and tax savings.