FREQUENTLY ASKED QUESTIONS
Q: Properties
in my neighborhood are not selling. I think
the Market Value of my property is less today than indicated on the TRIM
notice. Why arent the values lower?
A: The Florida Constitution requires the assessed value of
your property to be based on conditions that existed as of January 1st
of this year. Although values in your
neighborhood may have declined further since January 1st, the Market Value
stated on your TRIM notice is our estimate of value as of January 1st. By
law, that value was established utilizing sales that occurred during the prior
year.
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Q: Amendment
1 increased the homestead exemption amount from $25,000 to $50,000, but the
taxes on my homestead property are higher this year than last year. Did I get
the additional exemption?
A: If
the assessed value of your homestead property is greater than $50,000, then you
did receive an additional homestead exemption.
-
($25,000 original exemption + $25,000 of the additional
exemption);
-
-
- All homestead properties will continue to
receive the original homestead exemption of $25,000;
The additional homestead exemption applies to all
taxing authorities except the School Board.
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Q: The Market Value of my
property is ok, but the taxes still seem too high. Is there anything I can do about that?
A: The formula for the amount of
property tax you pay is: (Taxable Value
χ 1,000) x (Total Millage Tax Rate) = Taxes Due
A taxable value of $100,000 for property in the
unincorporated area would pay $ 1,773.80
($100,000 χ 1,000) x (17.738) = $1,773.80
Following is a list of tax rates from the prior year
and this years proposed tax rates:
TAXING
AUTHORITY PRIOR YEARS TAX RATE PROPOSED TAX RATE
School Board (State) 5.2840 5.1950
School Board (Local) 2.4980 2.4980
City of
TOTAL of Tax
Rates levied in Unincorporated Area
17.8270 17.7380
TOTAL of Tax
Rates levied in City of
Only the taxing authorities can adjust the millage tax
rates. If you are
concerned about the level of property taxation, you should attend your taxing
authorities public budget hearings where millage tax rates are finalized. The
dates, times and places of budget hearings are listed on the enclosed TRIM
notice. If you are unable to attend a
meeting you can contact the Taxing Authorities at the numbers listed below.
City of
North West Florida Water Management
District
..850-539-5999
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Q: The market value of my homestead
property decreased, but the assessed value increased. The TRIM notice indicates that I will pay
more in property taxes. Why will I pay
more in Property Taxes?
A: Though
this year there was proposed legislation to address this issue, none of the
legislation passed. Currently Florida
Law does not allow a decrease in the assessed value when there is a decrease in
the market value. As a result, the
assessed value will continue to increase by the consumer price index (CPI)
until the assessed value equals the market value. Assessed
values increased by .1% over the prior years assessed value. However, if there were any improvements made
to your property, those improvements are added to the tax roll at Fair Market
Value, resulting in increases that will exceed the CPI.
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Q: I
bought a home last year and my property taxes were only $500, but this year the
taxes are $1500. Why was there such a
drastic increase in taxes?
A: The
taxes on the home you purchased were based on the conditions of the property as
of January 2008. If the previous owner
had a homestead exemption and had resided on the property for a number of
years, then there was a significant tax savings accumulated over the
years. As a new owner of the property,
you are not entitled to the same tax saving benefits as the previous
owner. The value of your property is
based on the market conditions as of January 1st.
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Q: I
moved into a new home last year and I filed for Homestead and Portability
this year. There isnt anything on the
TRIM
Notice that
tells me whether or not I received the tax saving Portability. How do I know if I received the benefits of Portability?
A: If
you did not receive a certified letter advising you that you were denied the
benefits of Portability, then more than likely
it was granted
to you. If you would like to ensure that
you received those benefits, please contact us at 850-643-2279 for
verification.
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Q: Amendment
1 provided that the assessed value of non-homestead property could not increase
more than 10% over the previous year? Does that mean that I will see a tax
savings this year?
A: A
tax savings resulting from Amendment 1 will only be recognized in a year when
property values increase more than 10%. If the overall tax rate (levied by
taxing authorities) has increased, then you could pay more taxes this year than
you did in the previous year.
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Q: I
purchased an agricultural property last year and the taxes I paid were minimal. Why are this years
taxes so much higher?
A: Each
new owner of an ag parcel
must file an agricultural application prior to March 1st. The application must demonstrate that a bona
fide ag business exists on
the property. If the property taxes have increased considerably above the taxes
paid in the previous year, you may have missed the opportunity to file for
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