Pay Less Tax! Don’t Lose Yr Right to Appeal Property Taxes! Suzanne Hollander Professor Real Estate®
Last week you got a letter from the Property Appraiser if you own commercial or residential property in Miami. Don’t trash it! Tiny font at the bottom notifies you of your right to file an appeal of your taxes by Tuesday September 18! Do it! Property taxes are one of the major expenses of owing real estate…Who wants to pay more tax?
If you trashed your letter there is hope for you… hurry… look yours up on line now. The letter is not a bill, it is the Notice of Proposed Property Taxes – in real estate lingo, a “Trim Notice.” Your Tax Bill comes in November.
Although not a bill, this notice is important.
In little tiny writing at the bottom it says that if you feel the market value of your property is wrong (ie too high so your taxes are too high) that you may file a petition for adjustment by Tuesday September 18. If you file an appeal the best case is your taxes will be reduced, the worst case is they will remain the same (they won’t be increased).
We’re not on “Miami Time” here. If you don’t file your petition in by Tuesday September 18 you lose your appeal rights! See online petition form
My students say it’s “weird” to appeal your property taxes before you receive the final bill. Well, that’s the way it is in Miami (and its not the only “weird” thing about Miami!)
If you wait for your tax bill in November and scream
“Oh my taxes are too high and I want an appeal” …it’s too late for you. The deadline to appeal is Tuesday September 18.
The Trim Notice also gives you, the property owner, advance-notice of what your tax bill could be so you can budget to pay it. The Trim Notice tells you the market value of your property deducts your exemptions from your market value and then shows you the tax rate. In real estate lingo, the tax rate is the “Millage Rate.”
In little tiny writing at the bottom, the notice also says that you may call the property appraiser and go over your property value with them. I did this last year and it was helpful to learn about how the property appraiser arrives at value!
If you own property in another county or state, you should learn that county or state’s procedures for property tax appeals. Remember, one of the ways to increase profitability is to reduce expenses, like property tax.
Feel free to contact me Professor Real Estate® if you have any questions about property taxes, millage rates, property tax exemptions and property appeals!
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Disclaimer: Professor Real Estate® written materials apply generally to real estate subjects and are not intended to apply to specific legal issues.
Copyright © 2012 Suzanne Hollander, Professor Real Estate® The People’s Professor