Property Taxes Front Lines

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A few weeks ago, I published a blog on Florida’s property tax issues titled Florida’s Property Tax Conundrum. In addition to the ever rising cost of property insurance in our state, the real estate tax debate is now on the front lines. Currently faced with severe budget cuts, the Florida Legislature, Department of Revenue, local cities and counties, are in no rush to change the way they assess real estate property taxes.

However, there is some light at the end of the tunnel. The Florida Department of Revenue (“DOR”) recently issued an advisory opinion that foreclosures in general should not be used for assessment purposes, but that Property Appraisers may “calibrate” property assessments to “adjust” for foreclosures. The term “calibrate”, which does not exist in the DOR  rules and Florida assessment statutes, means that Property Appraisers may potentially qualify foreclosure sales that were sold on the open market, or more specifically, those that were listed on the MLS. Additionally, based on the October opinion issued by the DOR, short sales are now believed to reflect the market and may also be used for 2009 assessment purposes.

Property assessments in Florida are always done a year in arrears, therefore, this is good news for 2009 assessments.

Lori Parrish, Broward County’s Property Appraiser, is being very open about her interpretation of the DOR’s latest opinions and has publicly issued her 2008 assessments guidance on short sales and foreclosures. Let’s just hope that our new Miami Property Appraiser, Pedro Garcia, will answer to the voters who put him in the position. In a recent interview with the Daily Business Review, Garcia stated that his “primary goal” is to “establish the right value for all properties in Miami-Dade County.” Additionally, he stated that the “department will take a look at comparable sales, foreclosures and short sales in a community to establish the right value of properties in each market area.”

Let’s make sure that we hold him to this.

If you would like a FREE consultation on the value of your property or to discuss your real estate tax situation, please feel free to send us a request at info@miamiangelproperties.com or call Ross at (305) 673-5300.

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