How Is Property Value Assessed in Florida?

How Is Property Value Assessed in Florida?

How Is Property Value Assessed in Florida?

Florida property value is assessed by the county property appraiser as of January 1 each year, using recent comparable sales and market data to determine “just value” as required by Florida Statute Chapter 193. The appraiser considers factors like recent sales, property condition, location, and improvements, then applies assessment limits and exemptions to arrive at your taxable value. For homestead properties, the Save Our Homes cap limits annual increases in assessed value to the lower of 3% or the change in the Consumer Price Index after the first year you claim the exemption.

If you purchase a home, the assessed value will typically reset to the current market value the following January, unless you qualify for and timely file for portability of your prior homestead assessment difference. This reset can cause your taxes to jump sharply compared to what the seller was paying. The county property appraiser’s determination is subject to appeal, but you must act quickly after receiving your TRIM notice in late summer.

Mike Renick and Eric Teoh represented my husband and myself for both the sale of an existing property and the purchase of a new property. Their knowledge of Longboat Key and property values was exceptional.. The process of closing on both the sale and purchase was flawless. I have not hesitated to recommended them to others.

– Barbara Diznoff, Google Review

Questions Clients Actually Ask

What is “just value” and how is it different from assessed or taxable value?

“Just value” is the property’s market value as of January 1, determined by the county property appraiser using recent sales and market data. Assessed value is just value minus any assessment limits like Save Our Homes, and taxable value is assessed value minus exemptions such as the homestead exemption. Only the taxable value is used to calculate your property tax bill.

How does the homestead exemption affect my property taxes?

The homestead exemption can reduce your taxable value by up to $50,000 if you own and occupy the property as your primary residence, according to the Florida Department of Revenue. The first $25,000 applies to all property taxes, and the additional $25,000 applies to non-school taxes for assessed value over $50,000. This exemption also triggers the Save Our Homes cap, limiting future assessed value increases.

What happens to the assessed value when I buy a home?

When you buy a home in Florida, the assessed value typically resets to the just value as of the next January 1, unless you qualify for and file for portability of a prior homestead assessment difference. This means your property taxes may increase substantially compared to what the seller was paying, especially if the property had long-term homestead protections.

Can I appeal my property assessment if I think it’s too high?

Yes, you can request an informal conference with the property appraiser, file a petition with the county Value Adjustment Board, or pursue a circuit court challenge if you disagree with your assessment. You must act quickly: a Value Adjustment Board petition is due within 25 days after the property appraiser mails the TRIM notices (Florida Statute 194.011), and in Sarasota and Manatee counties that deadline usually lands in September.

Eric helped me find a property that I really liked. Unfortunately, it was about 10% over priced. Eric prepared the analysis to support his claim on what the market price really was. Then he performed his magic! He began the negations that ultimately landed me the condo on Longboat Key. We haven’t closed yet but it is soon to me mine! I’m convinced that if he had not done his homework, we would have overpaid. His negotiation style was one where he created an atmosphere where everyone walked away a winner! His hard work, focus and attention to detail is what has made me a very soon to be Longboat Key homeowner!

– tbreens, Zillow Review

What deadlines do I need to know for exemptions and appeals?

You must file for homestead exemption and other property tax exemptions with the county property appraiser by March 1. If you miss it, Florida Statute 196.011(8) lets you file late and petition the Value Adjustment Board, but only up to the 25th day after the TRIM notices are mailed. Assessment appeals to the Value Adjustment Board follow the same 25-day clock, which starts when the TRIM notice is mailed in August.

What To Do Right Now

Request your property’s latest assessment notice and review the just value, assessed value, and taxable value line by line – then call your county property appraiser with questions before the appeal window closes.

Equal Housing Opportunity. This article is general information only, not legal, tax, insurance, or financial advice. Market conditions, insurance requirements, and costs vary by property and transaction; confirm your specific situation with the appropriate licensed professional. Michael Renick, Licensed Florida Real Estate Broker, License #BK3241900, licensed by the Florida Department of Business and Professional Regulation (DBPR). Mangrove Realty Associates Inc — each office is independently owned and operated.

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