Do Not Pay Too Much in Florida Property Tax for Commercial Properties

Posted by Daniel Jones on Jul 8, 2019, 2:31:00 PM

Houses along Collins Canal in Miami Beach, Florida.

When you are a commercial property owner in Florida, you know that the commercial property tax can be a large part of your expenditure. Therefore, if you believe that there might be an error when it comes to your Florida property tax, it is in your best interest to make sure that you double-check the paperwork to make sure it is entirely accurate. For those who may have recently bought a commercial property in Florida, it is important to note that the method by which the commercial properties are assessed is different from residential properties.

What Is Different About the Assessments for Commercial Florida Property Tax?

As you would expect, the various counties in the state will have their own appraisal offices and assessors. Each year, the appraiser for the commercial property will determine the value of the tangible and real property. The real property is considered the building and land, while the tangible property refers to items that you might have in the commercial property. This could be machines used for work, computers, office furniture, and the like.

The reason that a formal evaluation needs to be conducted each year is that the value of the property, both tangible and real, can change. For example, you might have bought new equipment for the space, or you may have had to sell off some of your equipment for one reason or another. Changes in the area could have affected the value of the property, as well. If there has been a lot of construction and new businesses cropping up in the area, it could mean that the property taxes go up.

The appraisers will be looking at several different pieces of data when they are making their decision. They will look at the assessed value of the property, along with the just value, and the taxable value of the property. The just value is determined by looking at similar properties in the area to see their value. The assessed value of the property is the value after exemptions have been subtracted. Taxable value refers to the overall value of the property. The latter is used to determine what your tax bill will be.

This is far different from what you would expect from residential Florida property tax. With residential properties, the square footage, upgrades, pools, and similar elements will play a large role in the overall value of the property.

What If It’s Wrong?

Even though the appraisers try to be careful and accurate, it does not mean that errors do not happen. If you find that you do not believe that you should be paying as much in property tax as the county is claiming, then it means you should consider filing an appeal of your Florida property tax. One of the important things to keep in mind is that you need to examine your bill as soon as you get it. After all, you will only have 25 days to file for your appeal. Otherwise, you will have to wait until the following year.

The sooner you take action the better. Of course, you need to make sure that you are correct in your belief that the assessment and your property tax are incorrect. You will need to be able to show why the information is not correct. Fortunately, you can request the information that the assessor used on the property and you can look at it to see if you might find any errors. Sometimes, finding the error and having it corrected is a quick and simple matter.

However, that is not often the case. Often, there are other issues that will need to be considered, or you might not be sure what you are looking for that might be incorrect in the assessment. In many cases, you will have to appeal through the Value Adjustment Board. Keep in mind that you have a limited amount of time before you can file your appeal. The sooner you do so the better, even if it turns out you do not end up appealing.

Once you turn in your application to appeal, the county will let you know when your hearing will be. It is up to you to find the evidence and information needed that you will present at the hearing to help you get your Florida property tax changed.

Make the Process Easier

You will need to provide evidence that the assessment is incorrect. Property owners might take photographs that could show the value should be lower, they might provide documentation about the sale or loss of tangible property, they could provide their own comps, and more. There are plenty of potential options that could be used for data and evidence, and the ones that you use will be unique for your property, naturally.

It takes some work on your part to get together all you will need for filing your appeal and to find the evidence and data that will help to lower your Florida property tax. If you are like many people, this time and work that it will take is not something you have to spare. If you don’t want to go through the hassle of learning how to do everything on your own, and you worry that you might end up making a costly mistake, get some help.

Rather than trying to handle everything on your own, your best option will be to speak with a professional in these matters. You can get in touch with Fair Assessments, LLC to get the help you need. We have decades of experience when it comes to the valuation of properties, both commercial and residential. We also want to make sure that you are only paying as much in Florida property tax that you actually owe. Consider just how much money you might be able to save now and on your future tax bills when you appeal your tax assessment.

Topics: Florida Property Tax Appeals

property tax appeals

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