Miami Dade Property Tax BreakdownMay 11, 2010
Click below for the most current Coral Gables property information.
Florida Law requires all properties in the State to be re-assessed as of January 1st every year. It is important for property owners to understand that annual re-assessments prepared every January 1st are based on qualified sales in your neighborhood (market area) from January 2nd of the previous year through January 1st of the current year, excluding non-arm’s-length transactions or other disqualified transfers or sales.
If you purchased a foreclosed property, your actual purchase price may not reflect the market value for assessment purposes. The Florida Department of Revenue issued an advisory stating that property appraisers may use qualified foreclosure sales data, provided the properties were on the Multiple Listing Service (MLS) or other open market listings and in normal/good physical condition.
With the real estate industry continuing to experience difficult economic conditions, property appraisers are generally treating 2009 short sales as qualified sales for 2010 assessment purposes.
In late August, a Notice of Proposed Property Taxes (TRIM Notice) is mailed to all property owners listing their assessments and proposed taxes. Under Florida law, as a property owner, you have the right to appeal your property assessment before the Value Adjustment Board within 25 days from the date of the TRIM Notice. During this 25-day period you will also have the opportunity to discuss and review your assessment with staff at the Property Appraiser’s Office. Please note that this review with the Property Appraiser’s staff or a Value Adjustment Board appeal is based solely on the assessed value of your property-not property taxes.
Property taxes are set by taxing authorities (local governments such as a city, the School Board etc.) and computed by using millage (tax) rates set by these taxing authorities. If you wish to express your concerns regarding tax rates, you may attend the budget hearings listed on your TRIM Notice.
If you have any questions regarding property taxes you can call the Miami-Dade Appraisers office at 786-331-5321, or visit them at:
Stephen P. Clark Government Center (downtown Miami)
111 NW First Street 7th Floor
Miami Florida 33128-1984
South Dade Government Center
10710 SW 211 Street 2nd Floor
Cutler Ridge 33189-2834
I have been a resident of Coral Gables for over 25 years. I know the market. If you are interested in buying, selling or renting and are looking for a real estate agent who specializes in Coral Gables, please feel free to contact me at 305-343-6634 or send me a message here.