It May Cost More to Appeal Your Taxes

Property Tax Appeals May be Going Up in Price by Sandy Shores

We received our property tax bills in the mail this week.  And, already some disgruntled owners are heading to the tax assessors office to file an appeal, as they feel their taxes are unjust and too high.  Owners are frustrated as their taxes on their homesteaded properties are rising in a real estate market that has experienced a downturn. 

In September 1995 the Governor approved a rule #12-8.0062 to allow the property appraisers office to increase the assessed value of a homesteaded property even if the market value of the property decreases.  The amount of this increase can only be 3% per year or the percentage change of the CPI, whichever is less.  This can be done as long the assessed value of the property remains less than the market value of the property. So, in a declining market, a homesteaded property may receive an increased tax bill.  Many owners are unhappy with this.

We are hearing that fees for applying for an appeal on your tax bill could be tripling in some counties in Florida.

Property taxes on non owner occupied, investment properties or second homes have a cap of 10% on the assessed value of a property.  The tax assessors office implemented this change this year.  However, the owner of the property must be the same person since January 1, 2008.

Sandy Shores REALTOR®,  Melbourne/Palm Bay FL Real Estate

Brevard County Real Estate & Investing

I also buy, sell, rent, own and manage Investment Property.

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