The Property Appraiser’s office is required to determine the value of all real property (real estate) and tangible personal property (e.g. business equipment, rental furnishings) as of January 1 of each year.
Commercial: There are many different commercial property categories, including retail, industrial, office buildings, hotels, banks, warehouses and golf courses. We use one or more of three different approaches to appraise the value of these properties, depending on the property category. One approach involves gathering information about the property's potential to produce revenue, such as rental and vacancy rates, expenses and other operational data. A second approach is to review the sale prices of similar properties. The third approach involves an evaluation of what it would cost to replace the property. To enhance the integrity of the data contained in our computer system, we do a physical inspection of the property at least once every five years.
Frequently Asked Questions:
Why did my taxes increase, I didn’t do anything to my property?
Answer: It could be a number of things, including a market value increase, millage rate increase, non-ad valorem assessment increase, or change in ownership. In most cases, it is an increase in market value due to normal market activity. Our office revalues property every year and our values reflect what is happening in the market. In addition, when a property sells, the 10% cap is reset which often results in a higher assessment.
I agree with my market value but why are my taxes so high?
Answer: The property appraiser is only in charge of determining your market value. The county and municipalities have their public budget hearings scheduled. If you think, your value is correct but your taxes are too high you should attend the public budget hearings, which are listed on your Notice of Proposed Property Taxes and Assessments.
I own a commercial property in Boynton Beach. Why are my non-ad valorem taxes so high?
Answer: The city of Boynton Beach, West Palm Beach and Boca Raton have a special Fire Rescue Assessment that is determined by USE and square footage. This fire assessment on commercial property can be substantial, even exceeding $10,000 for some properties.