Many South Florida homes are overassessed, and you could be paying more property taxes than you should.

 

Only a small percentage of all property owners ever try to obtain a reduction in their property assessment. For those who do challenge their property assessment, many in South Florida are successful in obtaining sizable tax reductions using the Value Adjustment Board Petition process with assessment reductions in the millions annually.

 

In these turbulent economic times, it is not just beneficial for you to investigate the savings you could obtain, it is essential.

 

In just the past few years, property taxes have increased at an alarming rate. For most investment property, real estate taxes are the largest single expense item found on the operating statement, which in turn dramatically affects the bottom line net profit.

 

Even if tax cuts are passed by the state government, this does not change the fact that you may be overassessed by your local county officials. Reducing your assessments now is the basis for lower future assessments and savings on future property taxes.

 

Slight changes in the market can produce significant decreases in assessed values and taxes, resulting in savings to you from

$200 to $5,000 or even more per year.

 

County assessment records can be inaccurate in many different ways, including errors in property descriptions, land and building square footage, building condition, even simple mathematical or clerical errors.

 

However, in today’s market, the #1 reason for overassessment is

 

FAILURE BY LOCAL AUTHORITIES TO FULLY RECOGNIZE SHARP DECREASES IN MARKET VALUE DUE TO A STEEP DECLINE IN THE SOUTH FLORIDA REAL ESTATE MARKET.

 

WHAT CAN YOU DO?

 

You CAN lower your property taxes.