The property tax you pay is based on two factors, (1) the local tax rate, which you have no control over — except at the voting booth, and (2) property valuation (assessed value), which you can appeal in order to potentially lower your property tax bill. Florida state law requires that all properties are personally viewed by a representative of the local property appraiser’s office every five years. However, there are times when they might not properly assess the value of your home.
According to the National Taxpayer’s Union, a non-partisan research and educational organization, “between 30 and 60 percent of taxable property in the United States is over-assessed.” Their statistics reveal that “fewer than 5 percent of taxpayers challenge their assessments, even though the majority who do so win at least a partial victory when properly prepared.”
2 Ways To Lower Your Property Taxes:
- Homestead Exemption – All legal Florida residents are eligible for a Homestead Exemption on their permanent residence, including homes, condominiums, co-op apartments and certain mobile homes. This exemption, between $25,000 and $50,000, reduces the taxable amount used for property taxes. To learn more about Homestead Exemptions, visit the Broward County Property Appraiser website.
- Market Value Appeal – If you believe the property valuation for your home is incorrect, first start by scheduling a meeting with a Deputy Property Appraiser to learn how your home’s value was calculated. If you disagree with the valuation, Broward County / Greater Fort Lauderdale has an independent appeals board known as the Value Adjustment Board (V.A.B.). This board has initial jurisdiction over challenges to property valuations, denials of exemptions, and other similar matters. You can learn more about the V.A.B. appeals process online or by calling 954-357-7205.
No one wants to overpay their property taxes. If you need help determining the market value of your home, contact us! The best way to appeal the market value of your home and lower you property taxes is to be well-prepared.