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Even though the national economy may be starting to perk up,
Florida continues to struggle with a weak job market, depressed
lending and an anemic commercial real estate sector, according
to a new Federal Reserve report.
The information is
important for taxpayers. Especially if their property’s market
value continues to decline, but their tax assessment doesn’t.
Bad News from the Beige Book
The Beige Book, a compilation of economic data from the
nation's 12 Federal Reserve districts, states that, “Commercial
real estate conditions in Florida and the Southeast are weak,
and in many cases are further deteriorating.”
The report notes
that vacancy rates are increasing, putting even more downward
pressure on rents. Of particular concern for Florida's business
community, banks said they were maintaining tight lending
standards as they focus on repairing their balance sheets.
The Beige Book is
produced eight times a year, usually a few weeks before the
Federal Reserve Open Market Committee meets to set monetary
policy.
Assessments May Not Mirror the Market
Florida real
property is reassessed annually and the 2010 assessments are
meant to reflect current real estate market values as of January
1. But since they are based on assessors’ subjective opinion of
value, they may not fully account for the economic challenges
experienced by owners of income-producing properties. It’s up to
taxpayers to be proactive and present hard data to prove that
their property is over assessed.
TRIM (Truth in
Millage) Notices with the new 2010 assessed values aren’t issued
until August. But it’s important to note that owners don’t have
to wait to receive this notice to make sure their property is
correctly assessed. In fact, assessors are often more willing to
negotiate early on, before formal notices are issued.
Per FS 194.011 (3)
(d) , an appeal may be filed, as to valuation issues, at any
time during the taxable year on or before the 25th day following
the mailing of notice by the property appraiser as provided in
subsection (1). This is a common practice utilized by POER in
Florida.
Naturally, if early
discussions with the assessor are not successful, the appeal
should be pursued with the Value Adjustment Board.
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