2010 Appeal Petitions have been filed

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We’ve just returned from filing 1,875 real estate tax appeal petitions for the 2010 tax year.

If you are still interested in protesting the assessed value of your property you can file a late petition with the Miami-Dade County Value Adjustment Board, by visiting the 17th Floor of the Government Center downtown or by visiting their website at http://www2.miami-dadeclerk.com/vab.  Late petitions will only be accepted and scheduled for a value hearing if you have a legitimate and reasonable reason for not having filed between Aug 1st – Sept 20th.

For all the clients that have previously contacted us, your petitions will be processed by the county shortly and will receive an agenda number for scheduling.  Due to the overwhelming amount of cases filed in 2008 and 2009 we do not expect the county to be prepared to hear 2010 cases until at least Jan. 2011.

What Is The 10% Non-Homestead Cap System?

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What Is The 10% Non-Homestead Cap System?

All properties that are not already protecting from increases of more than 3% per year under a Homestead Exemption are now benefiting from a 10% increase cap.

The is a new state laws that set a 10% per year assessment increase cap in place for the assessed values for the City, County, and Region portions of your tax bills.  However this cap does not apply to the School Board portion of the bill.

This means that that if in the previous year the value of your property was $100,000, then this year the highest it could go to would be $103,000 for about 2/3 of the bill.  The other 1/3 of the bill (The School Board portion) would be dictated by the market value, and could for example be raised to any amount that is justified.

Furthermore the capping system only affects the value of the property and not the total taxes owed, similar to the way the “Save Our Homes” amendment capped the increase of Homesteaded properties at 3% per year (or the CPI, whichever is less.)

Thus you may notice that despite the value of your property decreasing or staying the same the taxes you are required to pay has gone up or stayed the same.  See our post If Real Estate Values Have Gone Down, Why Did My Taxes Go Up? for more in depth explanation.