2015 Assessment and my experience with the Sarasota county appraiser

[sware2cod]

If you want to fight it, then file an appeal by the deadline and use the comparable neighboring units' appraisals to try to lower yours. It doesn't matter what you can sell your unit for today because you are already 9 months past the appraisal date and property values have risen since then.

The argument is: What was the market value for your unit (and the comparable units) on 1/1/2015, using sales from 2014. The appraised values of the neighboring units also is part of your proof that your unit is worth less. All the sales from 2014 will come into play, so if there are some higher unit with more sq feet or better views, you'll need to calculate how much different your unit is from the higher priced sale. And back into the correct "market value" for your unit, just like an appraiser would do. You can't just pick the cheaper units to try to lower your value, and ignore the higher prices sales. use them all because the appraiser will argue against you using the entire complex.

See if you can dig up (online) photos of the comparable units, to show they are similar to your unit.

There are very short deadlines for filing an appeal. Looks like Cardiff is saying it's very soon.

IMO, you have a good case if the comparable units are appraised for much less than yours. However, if 2014 sales in your complex prove your unit is appraised at market rate, then your appeal might fail. Because the goal of the appraiser is the have it valued at market rate as of 1/1/2015.

[Harbor Hopper]

Originally Posted by d4g4m

Thanks to SOH, they are limited to a yearly 3% increase to a homestead house.

Correct, but that does NOT apply to the first year after the purchase, where they will reassess it as high as they can, minus the 15% discount required by law.

[Harbor Hopper]

Originally Posted by dpbarr2000

I did read through it and I'd be curious to hear why they arbitrarily assign a 15% discount off the last sales price as your taxable "market value".

Section 193.011, Florida Statutes, paragraphs (1) and (8), requires that just (market) value reflect deduction of reasonable fees and selling costs. Accordingly, “just value” is adjusted by 15%, the Florida Department of Revenue standard, for that reason.

[jsup]

I am not going to appeal. I don’t believe I could win the argument that my place is worth less than the appraised value. The much stronger argument is that comparable units are under valued which according to the appraiser is not justification for lowering my value.

[Cardiff by the Sea]

Originally Posted by Harbor Hopper

Correct, but that does NOT apply to the first year after the purchase, where they will reassess it as high as they can, minus the 15% discount required by law.

So you are saying they really gouge you the first year and then not so much?

Any thoughts on what they will do next year if we are successful in getting them to lower this year's assessment? The appraiser seemed like he was going to reduce ours if we resubmitted the rent rolls to document our claims.

[jsup]

"MO, you have a good case if the comparable units are appraised for much less than yours. However, if 2014 sales in your complex prove your unit is appraised at market rate, then your appeal might fail. Because the goal of the appraiser is the have it valued at market rate as of 1/1/2015."

The one unit that sold in 2014 is virtually identical to mine, 80sf larger. It sold for $505k v mine at $450k. For 2014 it's just value was $355K reduced to $348k for 2015. My just value was increased $20k to $396K. Seemed clear to me that my value should be less given this comp. But, this is where the appraiser used the argument that per the MLS pictures my unit was updated while the other was not. But, on appeal this sale at $55k more than mine would be used to affirm that my unit would sell for at least the 2015 just value.

[Harbor Hopper]

Originally Posted by Cardiff by the Sea

So you are saying they really gouge you the first year and then not so much?

Any thoughts on what they will do next year if we are successful in getting them to lower this year's assessment? The appraiser seemed like he was going to reduce ours if we resubmitted the rent rolls to document our claims.

In an appreciating marking as we're in now, absolutely they try to increase it as much as they possibly can to re-coup any homestead SOH revenue losses from the past few years. After the first re-assessment year for a new owner, the property is then protected by the SOH 3% cap, that it, IF it is homesteaded. The first year after the purchase is absolutely critical. It's the only time during a homesteaded ownership period they can significantly raise the value (i.e. more revenue). That's why I ALWAYS tell buyers to ignore the current owner's taxes. Everybody thinks "wow this home has really low taxes", but it WILL CHANGE for a new owner. If you bought in 2014, many owners are finding their taxes almost doubling after being reassessed in Jan 2015!

[Cardiff by the Sea]

Originally Posted by Harbor Hopper

In an appreciating marking as we're in now, absolutely they try to increase it as much as they possibly can to re-coup any homestead SOH revenue losses from the past few years. After the first re-assessment year for a new owner, the property is then protected by the SOH 3% cap, that it, IF it is homesteaded. The first year after the purchase is absolutely critical. It's the only time during a homesteaded ownership period they can significantly raise the value (i.e. more revenue). That's why I ALWAYS tell buyers to ignore the current owner's taxes. Everybody thinks "wow this home has really low taxes", but it WILL CHANGE for a new owner. If you bought in 2014, many owners are finding their taxes almost doubling after being reassessed in Jan 2015!

The property we are wondering about is not homesteaded. It is an apartment building.

Our taxes on that property went up 33% this year. Last year they went up 12%. Just wondering if they will stick it to us again next year.

[d4g4m]

My house was the second to be built on my street 16 years ago. I have the lowest assessed value on the street because of the 3% max each year and I'm paying the lowest taxes. If I sell my home, the new owners, if they are new buyers, will be shocked at their new assessment and taxes. If they are selling a Florida home, they might have a SOH market value appreciation amount to lower the assessed value.
Because of the SOH 3% thing, they make up the lost revenue with getting it from commercial and rental properties.

[loves2read]

Originally Posted by jsup

I am not going to appeal. I don’t believe I could win the argument that my place is worth less than the appraised value. The much stronger argument is that comparable units are under valued which according to the appraiser is not justification for lowering my value.

Maybe not but how much are those likely to be raised?

In TX property sales prices are supposed to be private information and not public info no matter what the "list" price on MLS is. I know our documents were filed with the notation $1 and other consideration... Yet our appraised value was adjusted the next year to hit our purchase price pretty much to the penny...
We bought in Oct 08, and new tax notices go out in April....
We pretty much have the highest appraised value in neighborhood even though we don't have a pool or largest sq ft...but most others are original owners who appealed their valuations pretty much every year they had an increase...