What Property Owners Should Know About TRIM Notices
What Property Owners Should Know About TRIM Notices
As a multifamily property owner in Florida, it’s crucial to understand the Truth in Millage (TRIM) notice you receive annually. This notice provides essential information about your property’s assessed value and the proposed taxes for the upcoming year. By comprehending its components and the associated timelines, you can ensure you’re not overpaying on your property taxes.
What Is a TRIM Notice?
A TRIM notice, or Notice of Proposed Property Taxes, is mailed to property owners in mid to late August each year. It’s not a bill but an estimate of your taxes based on the proposed tax rates, your property’s assessed value, and any exemptions. The notice outlines your property’s market, assessed, and taxable values, along with the proposed millage rates from various taxing authorities.
Key Components of the TRIM Notice
- Market Value: The appraiser’s estimate of your property’s fair market value as of January 1st.
- Assessed Value: The value determined by the property appraiser after applying assessment limitations or caps.
- Taxable Value: The assessed value minus any exemptions, representing the amount subject to taxation.
- Proposed Tax Rates (Millage Rates): The rates set by local taxing authorities that, when applied to your taxable value, determine your estimated taxes.
Why Is the TRIM Notice Important?
The TRIM notice serves as a preliminary assessment, giving you the opportunity to review and, if necessary, contest the valuation before the tax bills are finalized. If you believe your property’s assessed value is inaccurate or if there are discrepancies, it’s imperative to act promptly.
Steps to Take Upon Receiving Your TRIM Notice
- Review Property Details: Ensure that all information, including property size, condition, and exemptions, is accurate.
- Compare Assessed Values: Look at similar properties in your area to see if their assessed values align with yours.
- Consider Filing an Appeal: If discrepancies are found, you have the right to file a petition with your county’s Value Adjustment Board (VAB). The deadline for filing is typically 25 days after the TRIM notice is mailed.
How We Can Assist You
Navigating property assessments and potential appeals can be complex. With over 25 years of experience in real estate brokerage, construction, and property tax consulting, we offer:
- Free Consultations: We’ll review your TRIM notice and property details to identify any discrepancies.
- Comprehensive Appeal Services: From gathering evidence to representing you before the VAB, we handle the entire process.
- Expert Guidance: Our deep understanding of Florida property tax laws ensures you’re well-represented.
Act Promptly
Given the strict 25-day window to file an appeal after receiving your TRIM notice, it’s essential to act quickly. Delaying could result in overpaying your property taxes for the year.
Contact Us Today
If you have concerns about your property’s assessed value or need assistance interpreting your TRIM notice, reach out to us. Let us help ensure you’re not paying more than your fair share in property taxes.
Note: This article is for informational purposes and reflects the property tax procedures as of 2023. For the most accurate and personalized advice, consider consulting directly with a property tax professional or the Florida Department of Revenue.