July 20, 2011
Are You Paying Too Much Property Tax
Conditions in the real estate markets can have a major impact on real estate assessments, and ultimately the tax bills property owners must pay. Commercial properties, vacant land, apartment buildings, marinas, and even personal residences are all seeing declines in values due to the current economic climate. But because property assessments are based upon a just value at January 1, they could still be higher than actual market values for their respective areas.
Recent Florida law changes now make it easier for taxpayers to challenge their property tax assessments. Whether you pay property taxes for your business or your residence, those property taxes are generally one of the larger annual expenses. Taxpayers will soon be receiving their notices of 2011 proposed assessments/taxes, commonly known as "TRIM" (Truth in Millage) notices. According to the county websites, "TRIM" notices of proposed taxes for Broward, Miami-Dade, and Palm Beach Counties should be on their way to taxpayers as follows:
- Broward: Mid-August, 2011
- Miami-Dade: On or about August 24, 2011
- Palm Beach: On or about August 21, 2011
There are strict deadlines for filing appeals of assessments, generally thru mid-September, 2011. There is also a window of opportunity to meet directly with representatives of the County Appraiser's offices prior to actually filing a formal appeal. But once the deadlines have passed for filing appeals, the process for getting a late protest heard is much more difficult, and is subject to an even more specific set of guidelines.
Now is the time to contact us if you need assistance reviewing your assessment notices! We will be glad to review your "TRIM" notices with you and make suggestions on how to proceed in your particular situation.
And yes, the assessments for the tangible personal property used in your business should be reviewed as well. We can advise you on those too!
Should you have any questions related to this Tax Flash, contact your Marcum LLP tax professional.