www.FocusOneAppraisal.com Miami Appraiser. The Miami-Dade Valuation adjustment board plans to begin hearing 2009 property appeals next month according to the Miami Today News.
2008 appeals numbered about 100,000 cases and 2009 has over 143,000 filings. Miami-Dade County has 33 special magistrates to hear the cases. The appeal filings spike began in 2007. Many believe commercial properties will take center stage at the hearings over the next few years as commercial vacancies have risen and values declined, many below their assessed values.
Commercial properties are typically valued via the income approach which looks at income, expenses vacancy and cap rates to estimate value while residential properties including condominiums are valued via the sales approach which compares your property to similar ones which have recently sold.
Unfortunately, many property owners don’t understand how their tax bill is calculated but do know they should be paying lower property taxes based on declining values. The basic tax bill formula is “Your Propertie’s Assessed Value X Tax/Millage Rate = Property Taxes”. The valuation date is January 1st of each year, so for 2009, the assessed valuation date was January 1, 2009.
Many South Florida Cities have been bracing for steep decline in revenue from property taxes and have raised their millage or tax rates to make up the difference. So while a properties assessed or taxable value may have declined, the tax rate has increased resulting in a tax increase!
We prepare appraisals for tax appeal in Miami Dade & Broward. Do not rely on the county assessed value as an indicator of true market value. Call us, Focus One Appraisal at (305)830-0520. Go to your tax appeal hearing prepared with an appraisal by a state certified appraiser.
Aventura , Miami Beach, North Miami Beach, Sunny Isles Beach.
