Real Estate Tax Services
Each January PTAG’s seasoned experts ask our clients to send us any correspondence/information requests from local taxing authorities, year-ending financials, rent rolls, an account of deferred maintenance issues, and a current portfolio list. We then perform annual assessment reviews and facilitate on your behalf the information request/sharing process with county appraisers. There is no need for PTAG clients to communicate with county appraisers. During the spring months we share our informal/formal appeal recommendations with you to develop a plan for the upcoming tax year.
PTAG initiates discussions on behalf of our clients with local tax authorities months before values are officially approved for the county's tax roll. It is our goal to resolve values as early as possible in advance of Truth In Millage (TRIM)/preliminary values notification in September. Like the best way to win a fight, It is our goal to avoid the Value Adjustment Board (VAB) altogether while also assuring our client properties are fairly assessed. Our relationships with local appraiser staff facilitate the dialogue necessary for early decisions and the time savings for all involved are substantial. This is an advantage of employing a true property tax advocate.
If our informal approach does not result in the lowest possible assessment, PTAG will notify clients prior to taking any action at the VAB with the intention of filing a formal petition in September. Filings occur no later than 25 days after TRIM notices are sent each August, and our clients know our recommended course of action long before they arrive in the mail. At the VAB, FL Special Magistrates are quick to notice that hearings begin at an advanced stage of the conversation, the rapport PTAG shares with county officials, and that lower values had already been offered. Our combined approach provides PTAG clients multiple opportunities for reductions.
Pre-Construction / Pre-Acquisition
When clients plan to build or purchase a new asset, PTAG will estimate the most probable tax liability. Our field experience, along with our robust database, facilitates extremely accurate assumptions. For new construction, extra steps to separate soft costs from the real estate portion allow for a more precise tax estimate. These measures give our clients the foresight to budget an appropriate tax allocation far in advance which also assists with financing preparation. PTAG will help structure new deals for the lowest possible initial tax basis.
After a project is completed or an acquisition closes, it is critical to enroll accurate base values and avoid the need to appeal the initial assessment. Without any early intervention, owners can expect a minimum assessment equal to 85% - 95% of the purchase price. PTAG's continuous dialog with county appraisers on behalf of our clients increases the chances of setting the lowest possible base values. Its subsequent (non-schoolboard) assessments will not increase more than 10% per year, thanks to Florida's Non-Homestead Cap. It definitely pays to involve us in advance since PTAG can significantly impact your new overhead.
Tax Forecasting / Accruals
Next to payroll and insurance, property tax is most often an owner's next largest expense. The processes assuring tax payments by their due date are vital. PTAG will implement cash and/or accrual budgets for every one of your parcels. This functions as a complement to our informal approach since the gap between knowing values and when taxes are due is much wider than the industry norm. Knowing your tax liability sooner along with accurate budgeting methods will significantly affect your company's financial options.