During this time, cash is king and it is more important than ever as business owners that you evaluate any potential cash saving strategies that are available to you. At Withum, it is our goal to partner with you and your business to provide business strategies to help you navigate even during these unprecedented times. This year, because of the effect of the pandemic on your business, along with recent court cases, you may have an opportunities to reduce your property tax liability over the next two years.
In August, property appraisers from all 67 Florida counties mailed Truth in Millage (TRIM) notices to property owners around the state, indicating the 2020 valuation for each property. If not already received, these notices will be waiting in your mailbox shortly. The TRIM notices are sent to the mailing address on record at the property appraiser’s offices, so pay attention if that address is a registered agent or some other less-often-used address. The valuations are also available online now or very soon. As noted above, these TRIM notices show the property tax assessments and market values for 2020, as well as estimated property taxes for this tax year.
Most property types are expected to see increases in valuation based on 2019 financial and market information. Since property owners have only 25 days from the mailing of the TRIM notice to challenge the valuation (market or assessed) on the property, we advise all property owners to carefully review their TRIM notices as soon as they are received. The actual valuation challenge deadline is noted on the TRIM notice.
It is important that property owners pay close attention to both your assessed values and market values. While assessed values are capped at 10% for non-homestead properties and 3% for homesteaded properties, there is no such limitation on the increase in market values. In other words, your property’s market value can increase significantly, which impacts the taxes you pay for the school board (usually between 40-50% of your total taxes).
With the impacts of the pandemic this year, and budgets being tightened, it will be more important than ever to analyze your valuations and proposed taxes. The 2020 assessment is as of January 1, 2020; and the effects COVID-19 were likely not felt until after this date, but we encourage a close review to determine if your property value would be supportable as of that date. Further, any appeal related to 2020 could help you with an appeal for 2021.
Please review the due date of your appeal and reach out to us as soon as possible so the administrative appeal process can be started timely.