ANSWERING COMMON QUESTIONS
Below we have compiled a list of common questions that we have received. If you do not find the answer to your question among these, please do not hesitate to reach out, and one of our team members will be happy to help.
QUESTIONS REGARDING OUR SERVICE
Are there any costs associated with filing an appeal?
We are so confident that we will succeed in lowering your property's taxable values that we absorb all related costs other than the $15 county-imposed filing fee. Sign-up for a free analysis to find out your changes of a successful appeal.
What is our revenue model?
We work on a no reduction – no fee basis. Only if we are successful in lowering your tax bill (and once a refund has been issued) will we charge our fee of 35% of the total tax savings.
How do I benefit from filing an appeal?
Two out of three property owners receive a refund with an annual reduction between 5% and 35% of their tax bill. On top of saving hard earned money right away, a reduction will also likely save you money on next year's tax bill, as the reduced taxable property value will be the new base for next year's assessment. Even one reduction could technically carry forward in perpetuity. Additionally, a decrease in your expenses increases your net operating income and therefore increase the value of your property.
Is it recommended to file an appeal every year?
Yes, regardless of whether your property’s taxable value increased, remained the same or even decreased, we strongly recommend filing an appeal. The county makes mistakes in assessed values regardless of market conditions. Additionally, each year we file an appeal we learn more about your property which is likely to help in the long run. Basically, every year stands on its own and for this reason, more than 95% of our clients request to appeal their property taxes every year.
Why should I request Tax Savers of Miami’s service?
Appealing property taxes can be an extremely time-consuming process. At Tax Savers, we will take over all of the work. Our experts will create a tailored valuation report according to appraisal standards, which greatly increases the success rate of the appeal. Thereafter, we will take care of the entire appeal process and ensure that your interests are safeguarded.
QUESTIONS ABOUT TAXABLE VALUE
Why are many taxable property values determined by the county incorrect?
Tasked with valuating more than 1.8 million properties, the property appraiser's office is overwhelmed by the sheer volume of the job. There is no way that they can know all of the details of every single property, including yours. As such, and in an attempt to assign values, they simply develop an "average" value of all of the properties in a certain area. There are many different nuances that affect the accuracy of these valuations, such as:
Outdated and incomplete property data in the databases of the County that cause them to generate values based on incorrect information.
The County inadequately took into account the sales data of comparable properties.
The County classifies your property as an AAA property and often uses cap rates, rental rates and comparable sales of superior properties.
The County has to determine one value for your property. However, property values always lie within a certain range. Within this range, multiple values could be correct.
Will my property be worth less if the taxable value is reduced?
No, your property does not lose any value when the taxable value is reduced. The taxable value is an 'outdated' value because it takes into account the value of your property on January 1st of the previous year. When selling your property, the market value will be determined by supply and demand, as well as the current prices in the market. Commercial properties will actually increase in value, because when you lower your operating expenses it increases your net operating income. When your income is higher the value is higher.
Where can I find the taxable value of my property?
The county publishes the taxable value of your property in July of each year (you will receive this by mail). Once the proposed tax bills have been sent out, you have approximately 21 days to file an appeal.
Where can I find the Miami-Dade Property Search application?
The Miami Dade Property Search application provides information regarding taxable values, property characteristics, ownership and sales information. The application can be found here.
Where can I find the Broward County Property Search application?
The Broward Property Search application provides information regarding taxable property values, property characteristics, ownership, and sales information. The application can be found here.
QUESTIONS ABOUT FILING AN APPEAL
What are my rights if I appeal my taxes?
Your most important rights in the appeal process are:
• The county has to provide an opportunity to appeal the taxable values determined by the county itself.
• An appeal against taxable values can never negatively impact the taxpayer.
• If an appeal was not granted, the appeal can be continued in circuit court.
If I file a petition, can my situation get worse?
No - by law, an appeal cannot lead to a worse situation. The value adjustment board who reviews each case only has the power to maintain or reduce taxable property values.
Do I have to pay my property taxes when I request an appeal?
Yes, you have until April 1st to pay your taxes. If you do not pay your taxes by April 1st of the following year the appeals process is not available to that particular property.
QUESTIONS ABOUT THE APPEAL PROCESS
When can I start the appeal process?
You can sign-up for our service at any time. However, around August 24th of each year, the County will send you a proposed tax bill. In order to appeal the taxes regarding that tax bill, you have until September 15th (21 days) to submit a petition for appeal to our office. Therefore, it is important to be on time.
How long does the appeal process take?
The appeals process will start in October and can run until April of the next calendar year. When we are successful in achieving a reduction for your property, the County will send you or your lender (whomever pays the taxes) a refund after the reduction was granted. This may take one to six months after the appeal.
How will I get reimbursed if my appeal was successful?
If the taxes were already paid before the appeal took place, the county will send the refund to the person or organization who pays the taxes of said property. If the taxes have not been paid, the tax bill will be amended. Not until after a refund has been issued will Property Tax Savers of Miami request payment.