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Are Your Property Assessments Too
High?
Your focus this month should be on your Commercial Real Estate Property Tax
Assessments.
The market values of Commercial Real Estate peaked in 2007. However, many
property owners were shell-shocked when they looked at their 2008 values set
by the County Property Tax Appraiser's Office. Many people saw increases of
25%-50% in their assessments!
This year, you should see a reduction in these values, but you need to check.
Thanks to the Florida Legislature, a new bill was passed to allow property
owners a more just opportunity to challenge the values set by the Property
Appraisers office. Unfortunately, it is not easy to challenge the assessment
and establish fair market value when you have NO comparable sales to refer to
as you would have in a normal market.
Determining property values is one of the most important parts of my job as a
Commercial Real Estate Broker. I use my experience and industry insight to
make an informed assessment of actual market value. In fact, last year, I was
able to reduce a 52.7% increase down to a 4%
decrease!
Most Florida property owners will be receiving their notice of the 2009
assessments in August. If you disagree with the assessment, it is up to YOU
to take action to get the assessments lowered. You have about a thirty-day
window to do so. Otherwise, you will be paying the higher taxes in November.
To get a heads-up of what you can expect, the Orange and Seminole County Tax
Assessors Offices have proposed 2009 property values posted online. Go to
their websites and LOOK. Do it right now before it
slips your mind.
Orange County
When you look at the value, remember that the mandate assigned to the property
appraiser's office from the Florida Legislature is a FAIR (normally 85%) value
of what the property should sell for in an arms-length transaction.
If you think the proposal value is too high, call me at 407-677-1700. If I
agree, I can use my expertise to appeal it for you. Visit our
website
for our fee structure and additional information about tax reduction
assistance.
Charlie Brenner, CCIM
President of C. Brenner, Inc.
Commercial Real Estate Broker in Central Florida
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