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.
Residential: Residential properties include single-family homes, vacant residential properties, multi-family homes up to nine units, condominium units, townhomes/villas, cooperatives, and mobile homes. The first step in our assessment process is to determine your home’s market value, by considering what it would cost to replace your home and the sale prices of similar homes in the area. We also review improvements to your property and conduct a physical inspection at least every five years through on-site visits or review of aerial photography.
Frequently Asked Questions:
Why are my taxes higher than my neighbor’s, since we have the same type of property?
Answer: Your home may be similar or even identical to your neighbor’s, however, the assessed value and ultimately the taxes can be very different for a number of reasons. The assessment of homesteaded properties are capped at 3% per year and non-homestead properties are capped at 10% per year. The cap starts in the year following purchase, so your neighbor may have purchased their home at a different time than you, resulting in a different capped value. In addition, Florida property owners can “port” their cap savings from one homestead to another, which also impacts assessed value and taxes. Lastly, your neighbor may be benefiting from certain exemptions that also lower taxable value and ultimately taxes paid. A better comparison between similar properties is market value, which is not impacted by caps or exemptions.
Why did my taxes go up?
Answer: Your Taxes vs. the Previous Owner’s Taxes - Many first-time Florida homeowners are surprised when their tax bills are higher than the tax bills of the previous owner(s) or their neighbor(s). When the property changes ownership, Florida law requires the property appraiser to remove exemptions and reassess the property so the assessed value equals the just value. This takes effect on January 1 after the property is purchased. The previous owner’s exemption and cap benefit stay with the property for the remainder of the tax (calendar) year in which the house is purchased, so the first tax bill will reflect the previous owner’s benefits if the house was purchased before he or she paid that year’s tax bill. If the property was owned on January 1 and the homestead exemption was applied for by March 1, the tax bill for the year will reflect the reduction in taxable value, but the cap benefit will not take effect until the following year.
Why did my Market value go up more than 3%?
Answer: The 3% homestead cap and 10% non-homestead properties cap applies to the assessed value and not the market value. Market value is our estimate of what your property would sell for and there is no limitation on how much that value can be increased from year to year. Assessed value is the capped value that cannot go up more than 3% for homestead properties and 10% for non-homestead properties. Assessed value minus any exemptions equal taxable value.