REAL ESTATE TAXES IN SOUTH FLORIDA
If you live in Florida and own property, you will receive a TRIM (Truth in Millage) notice in late August. This notice will give you an estimate of the real estate taxes that the property owner must pay, based on the assessed value and millage rate.
The assessment is established each year by the County Property Appraiser using mass appraisal techniques and covers the over 900,000 parcels in Miami-Dade County. The millage rate is derived by dividing the funds the city and county government need to operate, the total assessed value of real estate. The real estate taxes for a property is then calculated by multiplying your assessed value by the millage rate.
THE COUNTY’S BUDGET / TOTAL VALUE OF ALL PROPERTIES = MILLAGE RATE (AKA TAX RATE)
ASSESSED VALUE x MILLAGE RATE = YOUR REAL ESTATE TAXES
As a taxpayer, you are only obligated to pay your fair share and the only part of the real estate tax equation which can be appealed is the assessment. For non-homestead property, the tax year of 2008 is very important because the Florida Constitution was changed to limit the increase in the assessment from year to year to a maximum of 10%. After you receive the TRIM notice, there is usually a period of 25 days to file an appeal petition if you wish to protest the assessment. Then, sometime in the next 6-8 months, there will be a hearing before a Special Magistrate to present evidence that the property is over-assessed. If the magistrate agrees with our evidence the County will issue a refund check for the difference between the two values. All refunds are sent back to the entity that pays the taxes. So if a bank or lender pays for the taxes from an escrow account, then refunds are sent back to the lender. If you have paid directly you will receive the refund.
As a property owner, you can file your own appeal and present your arguments before the Special Magistrate. However, most property owners have found that using a professional is much more effective. With our 40 plus years of combined knowledge of South Florida real estate valuations as estate brokers, former professional appraisers, teachers, and economic analysts, we are well equipped to represent property owners in the successful appeal of real estate tax assessments.
Dixon Commercial Real Estate has been assisting property owners in maximizing their investment returns for over 20 years by:
- Proactively filing appeal petitions for clients
- Reviewing annual real estate assessment changes
- Preparing a no-nonsense valuation analysis
- Personally presenting the appeal to the VAB Special Magistrates
- Reducing real estate taxes by reducing taxable values
Specialized skills to achieve results:
- Knowledge of local markets – Residents of Miami for 40+ years.
- Extensive use of latest technology for research and presentation.
- Over 20 years of Commercial Appraisal experience.
- Over 20 years of Property Tax Appeal experience.
- Owner and developer of commercial real estate.
- Active real estate brokers of commercial and multi-family properties.
- Tom is a Miami Commercial member and past president of the Miami Association of Realtors and The CIASF.
- Andrew is a Miami Commercial board member (2015-2018) and board member of The CIASF.
- Our office is the author of the annual CIASF Industrial Market Report and occasional Co-Producers of other CIASF Market Reports.
Only $20/folio to cover County filing costs ($15) and review research. All other fees are based on successful reductions.
We don’t make any money unless you do!