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, office buildings, and even newly purchased residences and newly constructed residences are impacted by 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.

Whether you pay property taxes for your business or your residence, those property taxes are generally one of the larger annual expenses. Taxpayers should have received their notices of 2016 proposed assessments/taxes, commonly known as “TRIM”(Truth in Millage) notices, if not, the amount can be checked online at the property appraiser site.

There are strict deadlines for filing appeals of assessments, generally thru mid-September, 2016. 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.

According to the county websites, below are the following deadlines to file an appeal for the following counties:

• Palm Beach: September 16, 2016
• Miami-Dade: September 19, 2016
• Broward: September 18, 2016

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.