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Understanding the June 1st Estimates for the 2020 Tax Year
As a property owner in the State of Florida, your total property tax bill is calculated by adding up the total tax due to the numerous taxing authorities; Municipal, County, School District and even Special Districts by which your property is served. Each year, the individual Property Appraiser’s offices around the State are required to provide their estimated taxable property values for their respective County to each individual taxing authority by June 1st. These are called the “June 1st Estimates”. These estimated taxable values will allow the respective taxing authorities to complete the process of setting their budgets for the fiscal year. These values will be the basis for the taxing authorities to set their respective millage or tax rates for the 2020 tax year.
Each year, these values are based on a “Lien Date” or “Valuation Date” of January 1st. Even with the onset of the COVID-19 crisis, this valuation date is no different than previous years. The Property Appraiser’s statewide are required to value property as of January 1st of 2020, using data from the prior calendar year to aid in their valuation of commercial, residential and personal property. This poses a great challenge for all interested parties for the 2020 tax year; that’s on both sides of the table.
Property owners that have been affected by the mandatory “stay at home” orders or whose tenants businesses were not deemed “essential” have likely suffered a financial hardship or loss of income during the last few months. Retail, hospitality, office and many other properties have been greatly affected by this pandemic and the residual affects of the shutdowns. This poses a significant cashflow challenge for these property owners as their tenants and businesses desperately try to recover from the shutdown. Complicating things is the fact that the Property Appraiser’s around the state are mandated to value property as of January 1st.
The amount you will pay in property taxes for 2020 is directly based on the County’s opinion of Market and Assessed Value for your property. With property values on the rise amidst the challenges presented by the COVID-19 pandemic, it is important for a qualified property tax professional to review and analyze your properties to ensure that your values are fair and equitable. If you feel the value of your property is too high or just wish to have an independent review, then we encourage you to call us at (954) 282-2005 or email Brian at b.depotter@first-pointe.com or Nick at n.mau@first-pointe.com.
FirstPointe Advisors, LLC is a full service ad valorem tax service provider. We provide you with the experience of a national firm with a regional focus. At FirstPointe Advisors, LLC, you come first. We strive to provide innovative solutions to your property tax needs. With our experience and first class client service, we will create an easy review and appeal process for you. Our experience spans across Florida’s 67 counties in representing owners of residential and commercial properties.
