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PTAG Events / News

2022 Preliminary Values vs. 2021 Final Taxable Values for Florida's 10 Largest Counties

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PTAG - Biznow - Jeff Nelson - July 2021.

                             TO INVITE JEFF NELSON OR ONE OF OUR COMPANY PROFESSIONALS TO JOIN YOUR NEXT CRE SPEAKER PANEL.

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Jeff Nelson - PTAG - Bisnow Panel - 7-22

Meet The Team

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Jeffrey J. Nelson

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Jeff has over 25 years experience in the property tax field, focusing on all types of commercial, industrial and multi-family properties. Prior to PTAG, Jeff worked for a local County Property Appraiser in Florida and was the Practice Leader for a national consulting firm.

jneslon@taxflorida.com

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Tim A. Hart

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Tim has over 20 years experience in the property tax field, focusing on all types of commercial, industrial and multi-family properties. Prior to PTAG, Tim worked for a national property tax consulting firm and also worked with a local County Property Appraiser in Florida.

thart@taxflorida.com

FREQUENTLY ASKED QUSTIONS / FAQs Q: What do I do when I receive my tax bill from the country? A: Pay it immediately. There are incentives to paying your commercial real estate taxes early. In the meantime, we will work on your appeal. Q: How are annual property tax assessments calculated in Florida? A: They are based on the county property appraiser’s opinion of Market Value on January 1st of each year. The county uses a CAMA system (Computer Assisted Mass Appraisal System), they begin with a cost approach and tweak based on income models and market sales transactions. The approach to value utilized depends on property type. Q: Is every property a good candidate for to file a property tax appeal? A: PTAG is strategic when filing tax appeals. Main considerations are assessment level, property performance, as well as the jurisdiction where the property is located. PTAG recommends blanket appeals in Miami-Dade and Broward as these are taxpayer friendly jurisdictions with a high success ratio of reducing tax liability within an appeal. Q: Is there a deadline to file my appeal? A: Yes, the deadline for filing appeals in Florida is 25 days from the mailing of the TRIM notice. TRIM notices are typically mailed early to mid-August putting appeal deadlines throughout September depending on the jurisdiction. Q: How long does the appeals process take and do I need to pay my property taxes? A: Appeals are filed in September and hearing are scheduled by county Value Adjustment Boards between October and May of the following year. In Florida county VAB cycles are statutorily required to be complete by June 1st. Q: How much can I expect to save? A: Savings depends on a multitude of factors. Assessment level, property performance, the jurisdiction where the property is located, the receptiveness of county appraisal staff, and the Special Magistrate assigned to hear the case if it goes to a VAB hearing. Q: What are the fees for your services? A: Typical fee structure is contingency and based on tax savings, so we only make money if we save our clients money. Q: What are the primary types of commercial real estate in Florida? A: Florida offers a variety of commercial real estate options, including office buildings, retail spaces, industrial warehouses, multifamily apartments, hotels, and more. Q: Where are the best cities for commercial real estate investment in Florida? A : Cities like Miami, Orlando, Tampa, Jacksonville, and Fort Lauderdale are popular choices due to their growing economies and tourism industries. Q: What is the average commercial real estate price per square foot in Florida? A: The cost per square foot can vary significantly depending on the location, type of property, and local market conditions. In major cities, it's generally higher than in rural areas. Q: What are the typical lease terms for commercial properties in Florida? A: Lease terms can vary widely, but common lease types include triple net leases, gross leases, and modified gross leases. The length of leases can range from a few years to several decades. Q: What are the regulations for commercial property development in Florida? A: Zoning regulations, permitting requirements, and building codes are usually determined by local governments. It's important to understand and comply with these regulations before starting a development project. Q: What are the current trends in Florida's commercial real estate market? A: This can change over time, but trends may include increased demand for e-commerce warehousing, co-working spaces, and sustainable, energy-efficient buildings. Q: How do I find commercial real estate listings in Florida? A: You can search for listings through real estate websites, working with local real estate agents, attending real estate auctions, or networking within the industry. Q: What should I consider when financing a commercial property in Florida? A: Factors to consider include your creditworthiness, interest rates, down payment requirements, and the type of financing (e.g., commercial mortgage loans, SBA loans, or private financing). Q: What is the process for due diligence in Florida commercial real estate transactions? A: Due diligence typically involves inspections, title searches, financial analysis, and reviewing leases and contracts. It's essential to ensure that the property meets your investment goals and is free from any legal issues. Q: What are the potential risks and rewards of investing in Florida commercial real estate? A: Rewards may include rental income, property appreciation, and tax benefits. Risks could involve economic downturns, property management challenges, and the potential for natural disasters in certain regions. Q: How are commercial property taxes calculated? A: Commercial property taxes are typically calculated based on the property's assessed value and the local tax rate. The assessed value is determined by the local tax assessor's office. Q: What factors influence the assessed value of a commercial property? A: Factors that can influence the assessed value include the property's location, size, condition, improvements, and comparable property values in the area. Q: Can I appeal my commercial property tax assessment? A: Yes, property owners can usually appeal their tax assessment if they believe it is too high. The process for doing so varies by location and jurisdiction. Q: Are there any exemptions or deductions available for commercial properties? A: Some jurisdictions offer tax exemptions or deductions for specific types of commercial properties, such as historic buildings or properties used for certain charitable purposes. Q: How often do commercial property tax assessments occur? A: The frequency of property tax assessments varies by location. In some areas, assessments occur annually, while in others, they may take place less frequently. Q: What is the typical timeline for paying commercial property taxes? A: The due dates for commercial property tax payments vary, but they are often paid annually or semi-annually. The specific dates are determined by local taxing authorities. Q: What happens if I don't pay my commercial property taxes on time? A: Failure to pay property taxes on time can lead to penalties, interest charges, and, in extreme cases, the potential for a tax lien or foreclosure on the property. Q: How can I estimate my annual property tax expenses for a commercial property? A: Property owners can estimate their annual property tax expenses by multiplying the property's assessed value by the local tax rate. However, it's essential to consider potential changes in the assessed value over time. Q: Can property taxes be negotiated or reduced? A: Some jurisdictions allow for negotiations or reductions in property taxes, especially if the property's value has decreased or if there are valid reasons for seeking a reduction. Property owners may want to consult with a tax professional or attorney for guidance. Q: Are there any strategies for managing and minimizing commercial property taxes? A: Strategies for managing and minimizing commercial property taxes may include appealing assessments, taking advantage of tax incentives, considering property improvements that could increase the property's value, and staying informed about local tax laws and regulations.

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