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TRIM FAQ
How is the value of my property estimated?
Our staff includes 60 appraisers that are continually collecting property
data. After analyzing sales of all types of properties, the data is
entered into our computer assisted mass appraisal (CAMA) system to
estimate values of more than 425,000 parcels.
Why would my property value increase if I haven’t
done anything to it?
Real estate values are established by buyers and sellers acting independently.
If sale prices in your area increase, the market value of your property
may increase. This is basic supply and demand of the marketplace.
Can the Property Appraiser lower my
taxes or change my tax rates?
The answer is no. Tax rates and taxes are set by your local
taxing authorities, such as the School Board, Board of County Commissioners, Children’s Board,
City Councils, Library, Transit Authority, Water Management District
(SWFWMD), etc.
How long will it take for a review of
my property?
We will answer general questions on the phone immediately and refer specific
valuation questions to our appraisers. Our goal is to have an appraiser
call you within five business days.
Why is there a difference in
the market, assessed and taxable values?
Market value of your property is the most probable sales price your property
should bring in a competitive and open market. Assessed value may be
lower than the market value if subject to the Amendment 10 cap. Taxable
value is the assessed value less reductions from applicable exemptions.
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TANGIBLE FAQ
What is tangible property?
Tangible personal property includes: furniture, fixtures, machinery,
tools, and any other equipment used in a business or to earn an income.
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SAVE OUR HOMES FAQ
- What is the Save Our Homes
amendment?
- Section 193.155(1) of the Florida Statutes was enacted
to implement an amendment to the state constitution
to limit annual increases in property value assessments
on real property qualifying for and receiving homestead
exemption.
- How does the amendment limitation
apply?
- Real property shall be assessed at full market value
(just value) as of January 1 of the year in which the
property first receives the homestead exemption.
The following year the property is reassessed
and any changes from the prior year's value is
not to exceed the lesser of 3% of that prior year
assessed value or the Consumer Price Index (CPI)
change, with the exception of changes, additions
or improvements.
- How is my property affected?
- The year following the granting of homestead exemption
the property is subject to the limitation.
- What about any changes,
additions or improvements to the homestead property?
- New construction or additions shall be assessed at
full market value as of the first January 1 after the
changes are substantially completed. In these circumstances,
it is possible that the assessed value may exceed the
amendment limitations. However; after the first year
that the changes are assessed at full market value,
they also are subject to the amendment limitations.
- What properties are not
subject to the limitation?
- Residences without homestead, non-residential property,
vacant land, tangible personal property, commercial
property, and agricultural property, are not eligible
for the amendment limitation.
- Why would my assessment
increase when my market value stayed the same?
- This is probably due to the "recapture" rule.
In 1995, the Department of Revenue adopted a rule approved
by the Governor and Cabinet directing property appraisers
to raise the assessed value of a qualifying homestead
property by the maximum of 3% or the Consumer Price
Index, whichever is less, on all properties assessed
at less than full market value.
- What happens if a property
is sold or conveyed to a new owner?
- Once the property has been conveyed to the new owner,
it is raised to full market value January 1 of the
following year. The new owner must apply for and receive
homestead exemption.
Even if the property received a homestead exemption
under the previous owner, the limitation, just
like the exemption, expires January 1 of the year
following a change of ownership.
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