Archive for the ‘Rentals/Keepers’ Category

Property Taxes, Oh My!

Wednesday, September 13th, 2006

I don’t know about everyplace else, but if you live in Florida you have recently received what is called a TRIM notice that tells you what your new assessed value is for tax purposes and approximately what your new tax bill will be.  This is the time of year where investors start to re-think their long-term investment strategy!  On the 8 properties we hold (10 units, 2 of them are duplexes) our estimated tax bill is going up $6,100! (that’s over $500 per month!)  I appealed the county on a few things (it showed a shed and there wasn’t one any more, things like that) and on my 2 duplexes I pulled comps showing what the neighborhood was selling for as well as where stuff is currently listed, and I got the values adjusted down $18,000 on one and $19,000 on the other!  That should save me about $727 this year! (the property appraiser in one of the other counties I own property in hung up on me, I guess he didn’t agree with my valuation!)

Lesson:  It’s worth a shot to appeal your valuation!  If the public records show a mistake on the features of your property, definately appeal them, they should have correct information.  If you don’t agree with the value…find out from your county what the appeals process is, and do it!