MIAMI (CBS4) – It’s a late August ritual across South Florida as millions of homeowners find proposed property tax notices in their mailboxes.
It’s the first step in the process of setting local property tax assessments and the first chance for local property owners to double check their home or condos valuation and see what exemptions and credits they may have on their properties which can reduce their tax bills.
What are being mailed out are formally called “Trim Notices”. That’s short for Truth in Millage and by state law, residential property owners have to be informed of their property tax assessments by the end of August. They have until September 19th to file automatic appeals to try and lower their bills.
The TRIM notices include proposed taxes including School Board taxes and other fees that are included in our property tax bills. The also list any homestead or senior citizen exemptions which can reduce the amount of tax on the property.
Because of the continuing real estate slump in South Florida, overall assessments are down in both Miami-Dade and Broward Counties this year. In Miami-Dade, the biggest drop in assessed value is in Florida City, with West Park in Broward still bottoming out.
But there are some communities where values are increasing.
In Miami-Dade, Sunny Isles Beach is seeing about a 3.8% increase and in Broward, Parkland residents will see their assessments rise by about 4.3%.
The actual tax rates will be set in the fall after formal hearings respectively by the Miami-Dade and Broward County Commissions.