August 31, 2012

Are You Paying Too Much Property Tax?

Are You Paying Too Much Property Tax? Tax & Business

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 impacted by the current economic climate. But because property assessments are based upon a just value at January 1, property assessments 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 have received, or will soon be receiving, their notices of 2012 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 have arrived to taxpayers as follows:

  • Broward: On or about August 10, 2012
  • Miami-Dade: On or about August 24, 2012
  • Palm Beach: On or about August 23, 2012

There are strict deadlines for filing appeals of assessments, generally thru mid-September, 2012. 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! Marcum will 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!

Please mail your property tax assessment notices to the following address:

Marcum LLP
Attention: Scott Marquardt, CPA
450 East Las Olas Boulevard, Ninth Floor
Fort Lauderdale, FL 33301

You can fax your property tax assessment notices to our office at 954-320-8001 or call us at 954-320-8000.

Should you have any questions about this Tax Flash, please contact your Marcum Tax Advisor.

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Tax & Business