Professor Real Estate Suzanne Hollander talks on January 1 the Date of Just Valuation for Property Tax for Property in Florida

Happy January 1!  In Florida, January 1 is more than just the sunny-first day of the New Year, it is the date of “Just Value”: the date the County Property Appraiser determines the 2021 value of your property,  residential and commercial.   According to Florida Statute 193.011, the Property Appraiser reviews several factors to determine the value.  

Although the value of Florida Property is determined today, January 1, 2021 the first (1st) day of the first  (1st) month of the new year; property owners won’t receive Florida 2021 Property Tax Bills until….

 November 2021, the eleventh (11th) month of year. 

In Florida, unlike other states, Property Taxes are paid in Arrears.  Paying Property Taxes in arrears means  the property owner pays the taxes after the property has been “used”. 

Paying Property Taxes is arrears is different because normally payments regarding real estate and property, such as rent, condominium maintenance fees and debt service (mortgage payments).  are paid in advance of the period of use – for example paid on the first of the month in advance.

*Many property owners are asking:

  • Will the impacts of COVID during 2020 affect the value of my Property and the amount I pay in property taxes? 
  • If Residential Property Values Increase & Commercial Property Values Decrease, how will this impact the services provided by government to the public? 
  • Will there be enough money for local government to fund the services local services, such as police, fire, libraries, public schools, even public recreation areas like pools and parks because these are funded by property taxes ?

COVID may impact your 2021 Property Value.  Remember that your 2020 Value was determined based off conditions prior to January 1, 2020, before the impact of the COVID pandemic, so you won’t see the impact reflected in your 2020 assessments. However, 2021 assessed value are based on market conditions prior to January 1, 2021, which included impacts cause by the COVID pandemic.

3 Florida Property Tax Take-Aways

1. 2021 values for properties located in Miami Dade County will not be released on the Miami Dade Property Appraiser Website until June 1st, 2021 because it takes the Miami Dade Property Appraiser approximately six months to analyze the 2020 market data and make the necessary changes to over 1 million properties in Miami Dade.  However, the 2020 assessments are available.

2. It is important to note that the Property Appraiser assesses the value of your property, but does not set the tax rates (also known as millage rate). Tax rates are established by the local taxing authorities.

3. It is imperative to closely review your yearly Notice of Proposed Property Taxes (also known as TRIM Notice), which notifies property owners of the property values established by the County Property Appraiser and the tax rates proposed by the taxing authorities.  TRIM Notices are sent to property owners at the end of August.

Suzanne Hollander is a real estate attorney, speaker, professor, broker and voice for property rights, real estate.  The U.S. Department of State appointed Suzanne to its Fulbright Specialist Roster as an Expert in Real Estate. In 2019, Suzanne was awarded U.S. Federal Funds to travel to Latin America to begin investigating Chinese Investment in Real Estate and Infrastructure.  Suzanne teaches real estate law at Florida International University Hollo School of Real Estate where she has taught thousands of students for over 10 years.  Suzanne also taught at NYU Schack Institute of Real Estate.

Nationally, Suzanne is a Board Member of Housing on Merit, a 501(c)(3) Nonprofit organization, committed to preserving and developing affordable housing nationwide, an Board Member of  RiskFootprint, a Property-Technology company quantifying environmental/ climate risks for  property, and, an Appointee to the National Diversity and Inclusion Task Force of Commercial Real Estate Women. 

Internationally, Suzanne is a member of Abogados de Bienes Raíces De Latam, a “Think Group” on repositioning Shopping Centers to respond to COVID.   Suzanne frequently gives speeches  and visits Peru, Brazil and Colombia as an Invited Real Attorney Expert.  In 2019, Suzanne was appointed to the Attorney Planning Committee, and a Speaker at the Annual Real Estate International Council of Shopping Center’s Latin American Real Estate Conference in Peru.  Suzanne also researches affordable housing, and, visits “squatter cities” in need of housing solutions and infrastructure in Peru, Brazil and throughout Latin America.

Fluent in Spanish and English, Suzanne is an invited attorney expert delivering speeches and moderating panels to private industry, universities and government entites on (1) real estate (2) housing/infrastructure development (3) urban and regional development and finance (4) shopping centers impact on regional economy and social issues (5) empowering women and advocating for diversity in business; (6) the importance of private property rights to wealth creation and promotion of democratic ideals and (7) strategies to build transparent legal and property systems to make real estate markets efficient and valuable to attract global allocation of wealth.  

In Miami, Suzanne is a Board Member of CREW Miami and 100 Women in Finance. Suzanne was Vice Chair of the Affordable Housing Advisory Board of the City of Miami Beach for 4 years.

Commercial Real Estate Women Network awarded Suzanne its Global Impact Award for Career Advancement for Women in 2018 and Globestreet recognized Suzanne as a Woman of Influence in Commercial Real Estate – Mentor Category 2019.

Suzanne’s comments on real estate, housing and property rights appear in Spanish, Portugese and English media, including Wall St. Journal Money Watch, YahooFinance!, The Mortgage Reports, Miami Herald, El Nuevo Herald, The Dallas Morning News, The Palm Beach Post,  Wallethub, The Real Deal, Bankrate, Mercado De Dinero USA, GlobeStreet, Scotsman Guide Commercial Real Estate edition, El Monterero, Peru and InfoMoney, Brazil.

Disclaimer: Professor Real Estate® written materials apply generally to real estate subjects and are not intended to apply to specific legal issues. 

Copyright 2021 ~ All rights reserved. ~ Professor Real Estate® Suzanne Hollander


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