To find the value of any piece of property, the Property Appraiser must first know what properties similar to it are selling for, what it would cost today to replace it, how much it takes to operate and maintain, what income it may produce, and other factors affecting its value. Utilizing these factors, the Property Appraiser assesses the property's value. The three approaches to value:
1. Comparable Sales Approach
One way to assess the property's value is to find properties like yours - located in your vicinity - which have been sold recently. Their selling prices, however, must be analyzed very carefully to get at the true picture. One property may have sold for more than it was worth because the buyer was in a hurry to occupy the property and paid a premium to move in. Another may have sold for less than it was worth because the owner needed cash right away and was willing to sell to the first buyer who made him an offer.
Using this approach - comparing the selling price of properties similar to yours and adjusting for differences between the properties - the Property Appraiser must always consider such over or under pricing to arrive at a fair evaluation of your property's value.
2. Cost Approach
A second way the Property Appraiser can go about this is based on how much money it would take, at current material and labor costs, to replace your property with one just like it. If your property is not new, the appraiser must also determine how much it has depreciated.
3. Income Approach
A third way is used in addition to the other two if you happen to own property that provides you with a rental income, like an apartment house, a store, or a warehouse. Here the Property Appraiser must consider such dollar facts as your operating expenses, taxes, insurance, maintenance costs, the degree of financial risk you take in earning income from your property, and finally, the return most people would expect to get on this kind of property
What steps do I take if I don't think my appraisal is fair?
A Notice of Proposed Taxes is mailed to all property owners no later than August 24th. This notice states what the assessed value of your property is as of January 1 of the year and how much your taxes should be. For a period of 25 calendar days after the mailing of the notice, our office is focused on providing property owners with an explanation of their assessed value. If your opinion of the value of your property differs from the Property Appraiser's appraisal, please come in and discuss the matter with us. If you have information to show that the appraised value is above the market value of your property, we will welcome the opportunity to conduct a review. The purpose of the review - which is not yet an appeal - will cover some or all of the following:
To verify your property record information;
To show how your value was estimated with sales of similar properties and reliable cost data;
To discover if the value is fair compared with the values of similar properties in your neighborhood;
To determine if you qualify for any exemptions;
To be sure you understand how to file a formal appeal.
Typically, this process as property owners have a better understanding of how Real Property is valued as of January 1.
After talking with us, if you still find a significant difference between our appraisal and what you feel your property's market value is, you may file a petition to be heard before the Value Adjustment Board. When you receive your assessment notice in mid-August, read it for instructions about deadlines and filing procedures. If you need clarification, please call the Property Appraiser's office. Be sure you understand and follow instructions. A missed deadline or incorrect filing can cause an appeal to be dismissed.
An assessment appeal is not a complaint about higher taxes. It is an attempt to prove that the estimated market value of your property is either inaccurate or unfair. You are required to present evidence supporting your estimate of market value to the Value Adjustment Board.
The Value Adjustment Board has no jurisdiction or control over taxes or tax rates. Their only function is to hear evidence as to whether or not properties called to their attention are appraised at more or less than their market value. If such is the case, the Board has the authority to change the appraised value. They cannot change your appraised value for any other reason. The Board can also hear appeals on denial of exemptions.
What is tangible personal property?
Tangible personal property is everything used in the business other than inventory and items of real estate. Known also as business personal property, it includes: machinery, equipment, furniture, fixtures, signs, window air conditioners, supplies, leased equipment, mobile home attachments (cabanas, carports, etc.) on rented land, and furnishings in rental units.
If you receive a tangible personal property return, it must be filled out and returned to the Property Appraiser's office by April 1st. Failure to file a return will result in a penalty, mandated by law. If you feel the return does not apply to you, contact your Property Appraiser's office for further information. All returns must be filed.
Please feel free to call on us for assistance.
How can I get an agricultural classification?
To qualify land for agricultural classification, initial applications must be filed with the Property Appraiser between January 1st and March 1st of the tax year. Once the initial application is approved, the Property Appraiser's office will automatically renew the classification every year. However, you are required to notify the Property Appraiser's office if the status of the property changes. The Property Appraiser's office mails questionnaires and annually inspects all agricultural properties to verify use and submitted information.
Only lands which are used for bona fide agricultural purposes shall be classified agricultural. "Bona Fide Agricultural Purposes" means good faith commercial agricultural use of the land; F.S. 193.461. Lands which are not being used for or diverted from agricultural use will not be considered for agricultural classification.
The following factors are considered by the Property Appraiser in determining whether the use of the land for agricultural purposes is "Bona Fide":
The length of time the land has been used for agricultural use.
Whether the use has been continuous.
Size, as it relates to specific agricultural use.
Whether an indicated effort has been made to care sufficiently and adequately for the land in accordance with accepted commercial practices.
Present zoning of the property. Does it allow agricultural use?
Condition and use of the property as it relates to agricultural use as of January 1st.
Is the land under lease for agricultural use and if so, the effective length, terms, and conditions of the lease.
Such other factors as may be applicable or deemed relevant by the Property Appraiser.
The application form is available for your convenience.
How does the Property Appraiser determine the ownership of a parcel?
The Clerk of the Courts, Miami-Dade County performs duties of the County Recorder. Any transfer of property ownership (i.e. deeds, court orders, creating a trust, etc.) should be recorded into the public records of the County Recorder. Once such a document has been recorded, the County Recorder sends a copy to the Property Appraiser’s Office. From the information on the recorded documents, the Property Appraiser updates the tax roll with the appropriate changes. On occasion, documents may be missed or data is entered incorrectly.
Typically, tax roll updates are usually completed within 30 days of the recordation date. (Please note that this date is not always the same as the closing date). If there is an error in the legal description or a break in the chain of title, the issue must be resolved prior to the update of the tax record.
"Cut-out" parcels are properties that have been cut-out or separated from a larger "Parent" parcel. This requires the Property Appraiser’s Office to create a new parcel identification number (folio number). Because of all the processes that must be completed prior to assigning a new folio number, cutouts also have a longer processing time. Click here to download the Grouping Request form and Separation Request Form.
If inaccurate data is discovered, this office can expedite inquiries and corrections if you provide supporting documentation such as deeds, death certificates, probate records, etc. The Property Appraiser’s Office does not perform title searches, however, it is important that you contact our office if you discover an error in the tax records.
What is the procedure if I disagree with the property characteristics?
Property characteristics refer to descriptive aspects of the property including but not limited to size of improvements, bedroom/bath count, lot size, etc. If you believe that inaccurate property characteristics are listed for a parcel, please contact our office for clarification. Please take notice of the following before contacting our office; the square footage on the tax records is an adjusted area calculation and will likely differ from “footprint” calculations. Also, if there is more than one building on the parcel, the square footage reflects total of all buildings. Documentation such as surveys or floor plans will expedite corrections to the tax record. In some cases, a field inspection by the Property Appraiser’s staff is required before corrections can be made.
The building file generally contains field inspection data, drawings, and in some cases photos of the improvements. These files are available for review, however, these records are stored off-site and therefore must be requested in advance.
How do I change my mailing address?
Mailing addresses are initially based on the address on the deed. All requests for address changes must be in writing. A form is available for your convenience.
Can I keep my homestead exemption if I demolish my home and rebuild?
Generally, a property owner may renew a homestead exemption when the home has been demolished. To be eligible for the renewal of homestead exemption, the property owner must demonstrate the following:
1. The property continues to be the person’s permanent residence as defined by section 196.015, Florida Statutes. Click here for the list of documents required to demonstrate permanent residence.
2. Affidavit declaring your intent to return to the property when construction is complete
3. It takes no more than two years to demolish and rebuild the home
It is the property owner's responsibility to promptly notify the Property Appraiser’s Office of the intent to maintain permanent residence when a property has been demolished.
Please Note: All new construction is not capped in the first year, but is capped in subsequent years as provided in section 193.155(4)(a), Florida Statutes
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