Property Tax Notices Have Been Sent

By | August 20, 2013

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August is a wonderful time – football kicks off, the kids get back to school … and TRIM notices get sent out.  Homeowners in both Sarasota and Manatee Counties should receive their proposed tax notice today or tomorrow (give it a couple of extra days if you’re out of state) and owners invariably have questions about their statement.  Sarasota County estimates that they receive phone calls from 10% of all owners this week.

In today’s issue I’ll break down your statement so you know what’s going where.

TRIM Notices Are Not Bills!

 

TRIM Statement
See that big red box in the upper right hand corner?  That should be your first clue.  TRIM notices represent your worst-case scenario for the upcoming tax bill.  The actual tax rate (millage) is subject to change over the course of the next month or so but it can’t get any higher by statute.  That said, most locales ARE raising their taxes this year – only North Port is talking about ‘rolling back’ the tax rate.

A Note About Homestead


Most owners locally take advantage of the Save Our Homes Act, commonly referred to as ‘homestead’.  This act caps the maximum amount of tax increase at 3% of the previous year’s bill AND provides an automatic $50,000 deduction but it only applies to primary residences for which the owner has applied with the county.

The homestead resets every time title is transferred so new owners are likely to pay a little more in their second year (taxes are assessed per ownership of the property on January 1of the taxable year but aren’t payable until the end of the year, meaning most owners who bought this year are able to take advantage of the previous owner’s homestead in their first tax cycle).

Definitions

  1. Market Value – what the county thinks your home is actually worth
  2. Assessed Value – the value the county uses to actually tax you before exemptions
  3. Millage Rate – a fancy term for ‘tax rate’; calculate your taxes by multiplying (millage rate * .001 ) * (current year taxable value).
  4. Ad Valorem Taxes – taxes based on the assessed value of your property.  These are your school, city, and county taxes.
  5. Non Ad Valorem Taxes – taxes based on the size or number of units in your property, as determined by the levying authority.  These are the taxes for your fire service, garbage collection, and stormwater utility.

How To Save  A Couple Of Bucks

While the TRIM notices are just proposed taxes, the actual rates will be determined over the next month or so and your actual bill won’t be delinquent until April 1 of next year.  The local counties give discounts to taxpayers who pay early in the amount of 1% a month, startingNovember 1; if you think your taxes are too high, simply pay your taxes in November and give yourself an automatic 4% discount (or 3% in December, 2% in January, or 1% in February).

Most mortgage servicers who escrow taxes already pay early but it’s definitely worthwhile to check for yourself!

Interested In Buying or Selling?


When you hire Alex Krumm at Re/Max Alliance Group, you’ll get an award-winning expert agent ready to work for YOU!  I’m in the top 2% of active local agents for homes sold and I’m used to selling more homes for more money in less time.  Put the benefit of our area’s #1 brokerage to work and call today!

Alex Krumm, GRI, CDPE
Broker Associate, Re/Max Alliance Group
SAR Professional Development Committee
4-Year Winner, Five-Star Best In Customer Satisfaction – Sarasota Magazine
941-234-3597 Direct
srqbroker@gmail.com


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