Friday, August 28, 2009

Property Taxes

Those of us who own property in Miami-Dade County should have received our property tax notice this week. With all the talk and news about declining property values, you may wonder why your tax bill didn't decline, too.

Although many homes' ASSESED VALUES were reduced, there many be an INCREASE in the millage rate. Otherwise it may be that the assessed values are based on last year.

The Miami-Dade County property tax bill is based on 'market value' which is defined by sales of comparable property nearby. Values of 2009 tax bills are based on what a property was worth January 1, 2009, which means the county property taxes are based on sales from last year. That means if your property value has declined this year because of falling prices, your tax bill won't represent those changes.

Background information:

Real Estate Taxes are collected on an annual basis by the Tax Collector's Office. The tax year runs from January through December and taxes are due before April 1 the following year with discounts applied if paid earlier.

Explanation of distribution of property taxes can be found with 2009 proposed mileage at

Want to know more about Homestead Exemption?

Do You Want to Try to Appeal Your Tax Bill?

If you think your tax assessed value does not reflect the market price of 2008, you can try to appeal your taxes. It's important to have documented evidence of an error and follow the guidelines carefully. In Miami-Dade County, file a petition with the Miami Dade County's Value Adjustment Board before the Sept. 18 deadline. Pay your property taxes and if your case has merit, you will receive a reimbursement for part of what you paid.
Here is a website to guide you:

Portability -- Another opportunity for property tax savings

Thinking about selling your home and moving to a larger home in Florida to take advantage of lower property values? Buying a larger, higher priced home today should more than make up for the equivalent lower property value of your current home. Since 2008, homeowners may be able to transfer (or port) the savings they have accumulated (known as the Homestead Assessment Difference) to another homesteaded property up to $500,000. Ask me how!

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