Tampa Palms, Westchase, Carrollwood and Tampa Bay Real Estate News From Jeanne Prigitano

If you live in Florida and haven’t already received your TRIM (Truth in Millage) notice, you should be receiving it very soon. I live in Tampa and got mine over the weekend.  The Trim notice shows the assessed value, any exemptions, taxable value and market value of your property.

Property tax is calculated by multiplying the taxable value of the property by the millage tax rate. The taxable value is calculated by subtracting exemptions (i.e. homestead exemption) from the assessed value. The question I am always asked is how does the property appraiser determine the assessed value. Although we might want it to be an exact science, it is not. Keep in mind that property values are based on conditions as of January 1. That is why you might have a very low tax bill on new construction. Let’s say construction began February 2011 and completed July 2011. The tax bill will be based on vacant land because construction did not begin till after January 1. Ok, but what about existing properties. Since assessed value is determined January 1, the property appraiser uses property sales that occurred during 2010. However, it is an aggregate of sales and not necessarily what you might have actually paid for your home if you purchased one in 2010. Even if you have been in your home many years, your property is reassessed every year.

As I stated, it is not an exact science. Since it is a mass appraisal system (aggregate of sales), it is impossible for the appraiser to be aware of specific conditions with your particular property. So, you can challenge your assessed value. In order to do so you must file an appeal by the deadline specified in your TRIM notice. You can also attend hearings to express any concerns about budgets and tax rates. The date, time and place of the hearings are also on the TRIM notice. Take a look at your TRIM notice. You just might be able to do something about your property taxes.