TRIM FAQ
Frequently Asked Questions Regarding the 2011 Notice of Proposed Property Taxes
How is the market value of my home determined?
How is the market value of my home determined?
The Property Appraiser determines just value (also known as “fair market value”) for all real estate in Duval County in accordance with Florida law. Fair market value is the estimated price a willing purchaser would likely pay a willing seller, excluding the reasonable costs of the sale, in an arm’s length transaction. Property is assessed as of January 1 each year. The market value is typically determined using sales data of comparable properties which have occurred prior to January 1.
Why did my property’s assessed value and the proposed taxes go up from last year if the market value went down?
Most properties affected by this scenario would be long-time homesteaded properties with a deferral (difference) between their market and assessed values due to the “Save Our Homes” cap.
The “Save Our Homes” law for homesteaded property caps annual increases in assessed value at 3% or less based on inflation. In the past, when market values were sharply increasing, assessed values rose minimally in comparison. This led to vast differences in the market and assessed values of many homes. Even if the market value on your home may have decreased this year, the assessed value – by state law – must continue to increase until the market value drops to the assessed value. (In other words – until that deferred value is gone.) This is commonly referred to as “recapture.” There will be an amendment on the Presidential Ballot in 2012 to repeal this state rule.
The increase applied to assessed values of homesteaded properties for 2011 is 1.5% based on the change in the CPI. Last year, the increase was 2.7%.
My assessed value increased to market value this year, and my cap savings are gone. Why would this happen?
There are a number of scenarios that would cause a property to lose the “Save Our Homes” cap and deferral:
- A change in ownership occurred in the previous year and the homestead exemption was removed;
- There are multiple buildings on the property - ownership and living percentages affect the cap (multi-use building);
- There were changes or improvements to the property, the cap may come off the affected area; or
- The market value dropped in value and met the assessed value.
If you are unsure or have questions, please contact the Customer Service/Exemptions Division at (904) 630-2020.
What is the Rollback Rate?
The 'Rollback Rate' or rate used in column five of your TRIM to calculate 'Your Taxes this Year if NO Budget Change is Made' is the tax rate that would generate the same amount of revenue as last year based on the current certified preliminary gross taxable value of property, excluding new construction.
I thought I had a homestead exemption, but it is not listed on my Notice of Proposed Property Taxes. Why?
If your exemption is not listed, there could be a number of reasons:
- The property owner may have filed for the succeeding year. (You must own and occupy your home as your primary residence on January 1 of the tax roll year in order to qualify for a homestead exemption.)
- The property owner did not file for a homestead exemption.
- The exemption was removed due to a denial, change in ownership or other reason.
If you are unsure, please contact the Customer Service/Exemptions Division at (904) 630-2020.
Why am I receiving a partial homestead exemption?
You could be receiving a partial exemption for a number of reasons:
- The property is owned by multiple owners;
- The property has multi-uses; or
- There are multiple buildings on the property.
I bought a house from a bank, but the Market Value on my TRIM was much higher than I paid.
Foreclosures and distressed sales are not considered qualified sales – meaning they are not considered typical sales transactions that would be used in valuing other comparable properties. However, these properties are still valued at market value despite the sales price. Market values are determined based on comparable sales and the market as of January 1.
What if I disagree with the Market Value on my T.R.I.M.?
The mailing of the T.R.I.M. Notice begins the 25 day appeal period. If you disagree with the value set by the Property Appraiser's Office or feel you should have qualified for an exemption, please contact us for an informal review. Property owners who wish to formally protest the value set by the Property Appraiser's Office have 25 days from the mailing of the Notice of Proposed Property Taxes to file a formal petition with the county's Value Adjustment Board. (The 2011 deadline was September 13, 2011.)