By: Brendan Lynch
Over the last week or so, all 67 Property Appraisers in Florida
have mailed Truth in Millage (TRIM) notices to all property owners around the
state, indicating 2019 valuation for each property. These notices have either
been received or will be waiting in your mailbox soon (the valuations can also
be found online at this point). The TRIM notices are sent to the mailing
address on record at the Property Appraiser’s offices, so pay attention if that
address is a registered agent or some other less-often-used address. As noted
above, these TRIM notices show the property tax assessments and market values
for 2019, as well as estimated property taxes for this tax year. Property owners
have only 25 days from the mailing of the TRIM notice to review the valuation
and challenge the valuation (market or assessed) on the property. The valuation
challenge deadline is noted on the TRIM notice.
Annually, we advise all property owners to carefully review
their TRIM notices as soon as they are received. Property values have continued
to creep up, with some more significant increases on certain types of property.
As with prior years, we recommend that property owners pay close attention to
both your assessed values and market values. While assessed values are capped
at 10% for non-homestead properties and 3% for homesteaded properties, there is
no such limitation on the increase in market values. In other words, your
property’s market value can increase significantly, which impacts the taxes you
pay for the school board (usually between 40-50% of your total taxes).
Lowndes has a Property Tax Group that
can help with all your property tax questions, from initial review of the
valuations on the TRIM notice through official challenges at the Value
Adjustment Board (VAB), as well as filing a civil suit challenging an adverse
decision by the VAB. We also deal extensively with various property tax
exemption approvals and denials.
This article is informational only. You should consult an attorney before acting or failing to act. The law may change rapidly and no warranty is given. LOWNDES DISCLAIMS ALL IMPLIED WARRANTIES AND WITHOUT LIMITATION, ANY WARRANTY OF FITNESS FOR A PARTICULAR PURPOSE. ALL ARTICLES ARE PROVIDED AS IS AND WITH ALL FAULTS. Consult a Lowndes attorney if you wish to establish an attorney/client relationship.