If you are own a commercial property in the state of Florida, you know that paying the Florida property tax can be quite expensive, and it is a cost that is going to continue year after year. Therefore, if you feel that your property taxes might be too high, it is important that you check them out and make sure that you are only paying the proper amount for your taxes.
How Are the Florida Property Tax Assessments Calculated for Commercial Properties?
When it comes to commercial buildings, there are some major differences in the way that their values are calculated when compared with a residential piece of property. For example, the appraiser for the commercial properties will need to value both the tangible and the real properties. Rea property includes the land and the building, while tangible property refers to furnishings used in the office, and machinery that you are using, for example.
Because the value of these types of properties is not static, meaning that they are going to change regularly, the assessment should be conducted on an annual basis. It also means that there is a chance for errors to be introduced, which would affect the valuation of the property and therefore the amount that you have to pay on your Florida property tax.
The type of data that the assessors use includes the assed value of the property, which is the value minus exemptions, along with the just value of the property, which is typically determined through looking at comps, and the taxable value of the property. The taxable value is what is used to determine how much you are going to have to pay in your Florida property tax. In some cases, the assessors will base the value on the potential of the property, not the current condition of the property.
Consider just how much different this is from the residential property tax. With residences, other factors are considered, such as the size of the property and the amount f land it includes, and whether it has a pool and how many bathrooms it has.
Getting an Appeal
As you can imagine, there are plenty of times and reasons where you might need to have an appeal for your commercial Florida property tax. You do not want to pay too much for your taxes, and there are many potential mistakes that could be made. It is possible to request a copy of the worksheet that was used, so you can understand where and how they come up with the valuation for the property.
There is a chance that you will find some errors right away. For example, there could have been a clerical or typographical error that instates the size of the property, the equipment that you have on the property, and the condition of the property. The assessors might not have a fully accurate picture of the property, which means that the valuation for the property is far too high.
One of the most important things that you are going to need to keep in mind when you are going to appeal your Florida property tax assessment is the deadlines. You need to make sure that you are acting as soon as you find a discrepancy, since you will have only 25 days from the date the valuation was mailed to you to file for your appeal.
In some cases, you might find that getting the problem taken care of is quite simple. You can present your concern, and they can provide you with a reevaluation of the property. If this happens, then there is a good chance that you will have the Florida property tax lowered without going through too much hassle.
However, that’s not always the way that it happens. In some cases, you may need to go through with the full appeal of the Florida property tax. Remember that you have just 25 days to let them know that you are going to be appealing. Once you let them know, they are then going to review the appeal petition and set up a meeting with you. During the meeting, you will submit your evidence and information to see if you can get an adjustment on your valuation. Even if they do not agree with you at this point, not all is lost. It is still possible to file a lawsuit to appeal with the courts.
What Data Is Needed for the Appeal?
When you are going to be appealing, you need to have evidence that proves your case and that shows why the valuation was incorrect. There are many different types of evidence that you might want to include when you have your meeting with the value adjustment board. Some of the different types of evidence you might want to have include reports from contractors, photos of the property, documentation for tangible property losses, your own set of comps, and third-party appraisals from professionals.
If you have any other evidence that you feel would help your appeal case, you will want to include that, as well. If you have plenty of good evidence, and you can prove that the valuation was incorrect, it will increase your chance of having your property’s value changed, so you can then lower your Florida property tax.
Get Help With the Assessment Appeal
Of course, you might not have the time or energy to go through the review process and to gather all of the evidence on your own. Still, you know just how important it is to safe money on your taxes each year. Fortunately, you do not have to try to go through all of this on your own. You can work with Fair Assessments, LLC, a company that has decades of experience in this field and helping people who are just like you. If you want to deal with your property valuation before it is too late, get in touch with the professionals today.
