Appealing Property Taxes 2010

Appealing property taxes can mean great savings to your property expenses! Notice of Proposed Property Tax statements are being mailed out on August 24th. Watch your mailbox to find out the amount Miami-Dade County thinks your property is worth. Disagree? File an appeal within 25 days of receiving the notice, and you might be able to save a bunch of money.

While you can’t appeal the amount of property tax you’re supposed to pay, you can appeal the Market Value which is what the final amount is based on. Look in tax rolls and on websites like zillow.com, talk to neighbors… and find comparable properties to yours with lower market values. Look for lower sale amounts than your proposed market value that occurred between January 2, 2009 and January 1, 2010 since this is the timeframe from which your new market value is assessed. The amount you are seeing on your Notice now, reflects the market activity and values from more than six months ago. Any recent drop in sales prices from January 2, 2010 to January 1, 2011 will show on your 2011 assessment (so keep track of those sales also in case you want to appeal next year).

It will take 5-10 hours of research and preparation for most homeowners to file an appeal on their own. Or, they can hire one of a growing number of tax appeal companies or attorneys serving the Miami area. With the cost of hiring representation averaging anywhere from $200-$400 or on contingency, more and more homeowners each year are opting to hire an expert.

Whether you do it yourself or hire representation, figure on the process taking at least a year or more. The Miami-Dade Value Adjustment Board (VAB) handles these appeals, and they are not only overwhelmed but way behind. It is estimated that the VAB will finish hearing the record number 143k appeals filed for 2009, in early 2011!

Appealing property taxes and successfully lowering your property tax bill is one of the single best savings you can make to your investment. The basics: research, file and argue. Whether your property is your homestead or a rental, and especially if your neighborhood has seen low sale prices and short sales, a little time and energy could save you big bucks.

Some helpful links on Property Tax Market Values and Appeals: Miami-Dade Property Tax Appraiser Florida's Proprty Taxpayer's Bill of Rights Find your Miami-Dade Property Tax amount now! EXPENSES GETTING TOO HIGH? JOB TRANSFER TO A NEW CITY? If you are looking to sell or rent out your property, contact me for a free market value report and information on our services.

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