If you own property in Florida, this blog is for you! Your TRIM Notice stands for "Truth in Millage" Notice, and it's usually sent out in August. The purpose of the Notice is to predict the value of your property as of January 1st of the next year. The evaluation your property receives affects the amount of property taxes you'll pay in November, which is also mentioned in the Notice. The real estate market is constantly fluctuating, so it's is important to pay close attention and confirm that the valuation is correct. However, if you notice that there are errors, you can review or appeal the assessment with your local property appraiser.
Although you can review or appeal the assessment with the property appraiser, please note that the appraiser will not determine the tax rates or collect any taxes.
There are many factors that are taken into consideration when evaluating the market value of the property, such as the size, location, and overall condition of the property. The final amount of the valuation of the property will be used to calculate the tax millage rates and non-ad valorem fees. Information regarding the various governing tax authorities and tax rates can be found on the TRIM Notice.
When reviewing your TRIM Notice, it's important to take the "Projected Value" of your property into consideration, not just its current value. It is also very important to review the Notice for any incorrect or missing information. Any mistakes could result in an inaccurate assessment of your property. If you have any questions or concerns about your Notice, do not hesitate to contact your local Property Appraiser's office. You have thirty (30) days after the Notice is issued to assess and advise them of any concerns. They can also help explain the process, how they determined the value of the property, and may help you correct mistakes as well.
If you believe there is still a mistake in results of the valuation, even after speaking to the property appraiser, you can file a petition or appeal with your County via their Value Adjustment Board (VAB). If you have any questions about fees or tax rates, you can attend a public hearing to voice your concerns. It is also a good idea to consult a Tax Attorney if you plan on attending a hearing or filing an appeal.
At Grimaldi Law Firm, your future is our present.
Melinda Grimaldi is an attorney in Hollywood, Florida, whose practice is concentrated in the areas of commercial and residential real estate and estate planning law.
She can be reached at (954) 491-8707
The information on this blog is of a general nature and is not intended to answer any individual’s legal questions. Do not rely on information presented herein to address your individual legal concerns. If you have a legal question about your individual facts and circumstances, you should consult an experienced real estate attorney. Your receipt of information from this website or blog does not create an attorney-client relationship and the legal privileges inherent therein.