{"id":11167,"date":"2024-09-23T15:42:55","date_gmt":"2024-09-23T15:42:55","guid":{"rendered":"https:\/\/thetitlelink.com\/?p=11167"},"modified":"2024-09-23T16:11:31","modified_gmt":"2024-09-23T16:11:31","slug":"trim","status":"publish","type":"post","link":"https:\/\/thetitlelink.com\/trim\/","title":{"rendered":"Undertanding TRIM Notices – Proposed Taxes"},"content":{"rendered":"

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Understanding the Proposed Tax Notice – 2024 TRIM<\/h1>\n

The Property Appraiser\u2019s Office studies the real estate market and reports what has happened to property values.\u00a0Property tax is the backbone of local government and helps provide services such as police and fire protection, streets and drainage construction and maintenance, environmental regulation, libraries, streetlights, garbage pickup, and parks and recreation.\u00a0 The taxing authorities, not the Property Appraiser, have control over the level of taxes, through the millage rate.<\/strong><\/p>\n

\"What<\/h4>\n

MARKET VALUE<\/strong><\/h4>\n

The market value<\/em> is the appraisal of what a willing buyer would most likely pay for your property (excluding costs of the sale).\u00a0 The property is assessed as of January 1, so the value reported is a reflection of the previous year\u2019s real estate transactions and comparable property values in your area.<\/p>\n

EXEMPTIONS<\/strong><\/h4>\n

Your exemptions<\/em> are deductions that apply to your property for Homestead or other special categories like those for disabled persons or seniors who meet certain income guidelines.<\/p>\n

ASSESSED VALUE<\/strong><\/h4>\n

Your assessed value<\/em> is generally the market value limited by Amendment 10 or the \u201cSave Our Homes\u201d tax cap.\u00a0 This 1992 amendment to the Florida Constitution limits increases in the value of homesteads (your primary residence) to 3% or less per year.<\/p>\n

TAXABLE VALUE<\/strong><\/h4>\n

Your taxable value<\/em> is the number the appraiser reports to the various taxing authorities and is the assessed value minus exemptions.<\/p>\n

MILLAGE RATE<\/strong><\/h4>\n

Taxing authorities calculate the annual tax rate, called the millage rate,<\/em> by dividing their total budget (their spending) by the total taxable value reported to them.\u00a0 The millage rate<\/em> is simply a name for the rate, which the taxing authorities set in order to balance their budgets.\u00a0 Millage is a rate expressed in dollars per thousand (one mill just means you pay one dollar of tax for each $1,000 of taxable value).<\/p>\n

Under Florida law, when a taxing authority sets a millage rate higher than the rate which would produce the exact same revenues as the previous year, they must properly advertise their action as a tax increase.\u00a0 This rate, which would result in no change in revenue, is called the rollback rate<\/em>.\u00a0 As a practical matter, taxing authorities are rarely able to adopt the rollback rate, since the cost of government services generally rises with the cost of everything else.<\/p>\n

DATES TO REMEMBER<\/strong><\/h3>\n
\u00a0<\/strong>January 1<\/u><\/strong> is the date that determines value; it is also the date for residency and ownership requirements to qualify for homestead exemption.<\/h6>\n
January 1 \u2013 March 1<\/u><\/strong>\u00a0\u00a0 is the normal filing period for Homestead and other exemptions such as widow\/widower, disability, charitable organization, etc.<\/h6>\n
August<\/u><\/strong>\u00a0\u00a0 <\/strong>Notice of Proposed Property Taxes, called TRIM notices are mailed to property owners mid-month.\u00a0 TRIM is an acronym for \u201cTruth in Millage\u201d.\u00a0 TRIM notices contain your taxing authorities\u2019 proposed tax rates for the year, the locations and times for Taxing Authorities\u2019 budget hearings, and the deadlines for filing petitions with the Value Adjustment Board.<\/h6>\n

The TRIM mailing starts the formal protest period, which is 25 days long.\u00a0 During the protest period, taxpayers can file formal notices to the county Value Adjustment Board to seek to have their assessment changed.<\/p>\n

October<\/u><\/strong>\u00a0\u00a0 Value Adjustment Board (VAB) hearings are held.<\/h6>\n
November<\/u><\/strong>\u00a0\u00a0 Tax bills are mailed by the Tax Collector to all property owners of record.<\/h6>\n

FREQUENTLY ASKED QUESTIONS<\/strong><\/h3>\n
Exactly how is my property value determined?<\/u><\/strong><\/h6>\n
For taxation purposes, nearly all property has a value, including land, buildings, and tangible personal property used in business.\u00a0 By law, the appraiser must accurately determine fair market value<\/em> (also called \u201cjust\u201d value).\u00a0 To do that, standardized and accepted appraisal practices governed by Florida law, and the Uniform Standards of Professional Appraisal Practices are used.\u00a0 While sophisticated computer modeling techniques are used, they also periodically inspect all property.\u00a0 They consider:<\/h6>\n
    \n
  • Recent selling prices of similar properties<\/li>\n
  • What it would cost to replace the property and how much depreciation is present.<\/li>\n
  • How much it costs to operate and maintain the property. (Commercial only)<\/li>\n
  • What rental income the property earns, if any.<\/li>\n<\/ul>\n
    What if I disagree with the Property Appraiser\u2019s value?<\/u><\/strong><\/h6>\n

    Discuss it with the Property Appraiser and they will conduct an informal review<\/em>.\u00a0 The review can be done any time during the year but most are soon after the TRIM mailing.\u00a0 After TRIM notices are mailed, you have 25 days to file a formal protest petition <\/em>with the Value Adjustment Board<\/em>.<\/p>\n

    So, the Property Appraiser and Value Adjustment Board are not the same?<\/u><\/strong><\/h6>\n

    They\u2019re completely separate by law.\u00a0 The VAB is the formal review board.\u00a0 An independent appraiser, called a Special Master<\/em>, hears both sides and makes a written recommendation to the VAB. The VAB makes the decision.\u00a0 The value sought is always fair market value.\u00a0 Short of going to court, the decision of the VAB is final.<\/p>\n

    What does the \u201cSave our Homes\u201d or \u201cAmendment 10\u201d mean to me as a taxpayer?<\/u><\/strong><\/h6>\n

    This is a 1992 amendment to the Florida Constitution that limits the annual increase in the assessed (not market) value of homesteaded properties to 3% or the National Consumer Price Index, whichever is less.<\/p>\n

    So, Amendment 10 is a tax cap?<\/u><\/strong><\/h6>\n

    Not exactly.\u00a0 It\u2019s a limit on the assessed value of the parcel.\u00a0 It\u2019s not a limit on the taxes charged to the property.\u00a0 Taxes are a product of the value times the millage rates.\u00a0 The millage rate actually sets the tax level.\u00a0 Tax levels can change more or less than 3%.<\/p>\n

    What property is affected by \u201cSave Our Homes\u201d?<\/u><\/strong><\/h6>\n

    Only properties that have a Homestead Exemption.<\/p>\n

    What happens when I buy a new home?<\/u><\/strong><\/h6>\n

    The cap is removed anytime ownership changes.\u00a0 A new property owner should file for Homestead, which will establish a new value cap on your new home during January 1-March 1 of the tax year.\u00a0 You can file for a future year as soon as you buy a new home.\u00a0 If you already have Homestead and there is no change to ownership, your exemption automatically carries from year to year.\u00a0 Other types of exemptions do require an annual filing.<\/p>\n

    Is the TRIM notice exactly what I can expect to billed for in November?<\/u><\/strong><\/h6>\n

    No, the TRIM notice is showing you taxes and exemptions, however, the full bill that you will receive in November will also include any special assessments, CDD\u2019s, Solid Waste, etc that are collected by the tax collector for your district.<\/p>\n

    If I am closing in September or October, why am I paying a full year\u2019s taxes, plus escrows for next year?<\/u><\/strong><\/h6>\n

    Most lenders require that any taxes that become due and payable with sixty days of closing be collected and held by the title company until the bill is available in November.\u00a0 The title company will collect an estimated amount of taxes plus assessments from the buyer (Prior to November) and prorate the taxes between the buyer and seller as normal.\u00a0 The escrow amount that you are paying is being sent to your lender in order to accrue for taxes next year.<\/p>\n

    How does my lender determine my tax escrow amount?<\/u><\/strong><\/h6>\n

    Most lenders use the prior year tax amount for the total amount to be escrowed.\u00a0 Lenders do not normally estimate tax increases, unless there is new construction.\u00a0 In November your lender will most likely pay your taxes regardless of the amount you have escrowed and then bill you for any shortages and readjust your escrow for the following year.\u00a0 Upon receipt of your copy of the tax bill or TRIM notice you may contact your lender to receive information on their policy regarding taxes.<\/p>\n

     <\/p>\n","protected":false},"excerpt":{"rendered":"

    \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Understanding the Proposed Tax Notice – 2024 TRIM The Property Appraiser\u2019s Office studies the real estate market and reports what has happened to property values.\u00a0Property tax is the backbone of local government and helps provide services such as police and fire protection, streets and drainage construction and maintenance, environmental regulation, libraries, streetlights, garbage pickup,…<\/p>\n","protected":false},"author":156,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":""},"categories":[28],"tags":[],"yoast_head":"\nUndertanding TRIM Notices - Proposed Taxes - Bonita Springs, Naples, Estero, FL | The Title Link<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/thetitlelink.com\/trim\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Undertanding TRIM Notices - Proposed Taxes - Bonita Springs, Naples, Estero, FL | The Title Link\" \/>\n<meta property=\"og:description\" content=\"\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Understanding the Proposed Tax Notice – 2024 TRIM The Property Appraiser\u2019s Office studies the real estate market and reports what has happened to property values.\u00a0Property tax is the backbone of local government and helps provide services such as police and fire protection, streets and drainage construction and maintenance, environmental regulation, libraries, streetlights, garbage pickup,…\" \/>\n<meta property=\"og:url\" content=\"https:\/\/thetitlelink.com\/trim\/\" \/>\n<meta property=\"og:site_name\" content=\"Bonita Springs, Naples, Estero, FL | The Title Link\" \/>\n<meta property=\"article:published_time\" content=\"2024-09-23T15:42:55+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-09-23T16:11:31+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/hbitax.com\/wp-content\/uploads\/2017\/04\/What-Is-Florida-County-Real-Property-Trim-Notice.jpg\" \/>\n<meta name=\"author\" content=\"jwolcott\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"jwolcott\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"6 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/thetitlelink.com\/trim\/\",\"url\":\"https:\/\/thetitlelink.com\/trim\/\",\"name\":\"Undertanding TRIM Notices - Proposed Taxes - Bonita Springs, Naples, Estero, FL | The Title Link\",\"isPartOf\":{\"@id\":\"https:\/\/thetitlelink.com\/#website\"},\"datePublished\":\"2024-09-23T15:42:55+00:00\",\"dateModified\":\"2024-09-23T16:11:31+00:00\",\"author\":{\"@id\":\"https:\/\/thetitlelink.com\/#\/schema\/person\/c4c5c575e816b48674b98d4c03378917\"},\"breadcrumb\":{\"@id\":\"https:\/\/thetitlelink.com\/trim\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/thetitlelink.com\/trim\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/thetitlelink.com\/trim\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/thetitlelink.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Undertanding TRIM Notices – Proposed Taxes\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/thetitlelink.com\/#website\",\"url\":\"https:\/\/thetitlelink.com\/\",\"name\":\"Bonita Springs, Naples, Estero, FL | The Title Link\",\"description\":\"The Title Link | Bonita Springs, Naples, Estero, FL\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/thetitlelink.com\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/thetitlelink.com\/#\/schema\/person\/c4c5c575e816b48674b98d4c03378917\",\"name\":\"jwolcott\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/thetitlelink.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/37bfed74eba82b1699aaaa1393672b54?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/37bfed74eba82b1699aaaa1393672b54?s=96&d=mm&r=g\",\"caption\":\"jwolcott\"},\"url\":\"https:\/\/thetitlelink.com\/author\/jwolcott\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Undertanding TRIM Notices - Proposed Taxes - Bonita Springs, Naples, Estero, FL | The Title Link","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/thetitlelink.com\/trim\/","og_locale":"en_US","og_type":"article","og_title":"Undertanding TRIM Notices - Proposed Taxes - Bonita Springs, Naples, Estero, FL | The Title Link","og_description":"\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Understanding the Proposed Tax Notice – 2024 TRIM The Property Appraiser\u2019s Office studies the real estate market and reports what has happened to property values.\u00a0Property tax is the backbone of local government and helps provide services such as police and fire protection, streets and drainage construction and maintenance, environmental regulation, libraries, streetlights, garbage pickup,…","og_url":"https:\/\/thetitlelink.com\/trim\/","og_site_name":"Bonita Springs, Naples, Estero, FL | The Title Link","article_published_time":"2024-09-23T15:42:55+00:00","article_modified_time":"2024-09-23T16:11:31+00:00","og_image":[{"url":"https:\/\/hbitax.com\/wp-content\/uploads\/2017\/04\/What-Is-Florida-County-Real-Property-Trim-Notice.jpg"}],"author":"jwolcott","twitter_card":"summary_large_image","twitter_misc":{"Written by":"jwolcott","Est. reading time":"6 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/thetitlelink.com\/trim\/","url":"https:\/\/thetitlelink.com\/trim\/","name":"Undertanding TRIM Notices - Proposed Taxes - Bonita Springs, Naples, Estero, FL | The Title Link","isPartOf":{"@id":"https:\/\/thetitlelink.com\/#website"},"datePublished":"2024-09-23T15:42:55+00:00","dateModified":"2024-09-23T16:11:31+00:00","author":{"@id":"https:\/\/thetitlelink.com\/#\/schema\/person\/c4c5c575e816b48674b98d4c03378917"},"breadcrumb":{"@id":"https:\/\/thetitlelink.com\/trim\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/thetitlelink.com\/trim\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/thetitlelink.com\/trim\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/thetitlelink.com\/"},{"@type":"ListItem","position":2,"name":"Undertanding TRIM Notices – Proposed Taxes"}]},{"@type":"WebSite","@id":"https:\/\/thetitlelink.com\/#website","url":"https:\/\/thetitlelink.com\/","name":"Bonita Springs, Naples, Estero, FL | The Title Link","description":"The Title Link | Bonita Springs, Naples, Estero, FL","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/thetitlelink.com\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/thetitlelink.com\/#\/schema\/person\/c4c5c575e816b48674b98d4c03378917","name":"jwolcott","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/thetitlelink.com\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/37bfed74eba82b1699aaaa1393672b54?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/37bfed74eba82b1699aaaa1393672b54?s=96&d=mm&r=g","caption":"jwolcott"},"url":"https:\/\/thetitlelink.com\/author\/jwolcott\/"}]}},"_links":{"self":[{"href":"https:\/\/thetitlelink.com\/wp-json\/wp\/v2\/posts\/11167"}],"collection":[{"href":"https:\/\/thetitlelink.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thetitlelink.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/thetitlelink.com\/wp-json\/wp\/v2\/users\/156"}],"replies":[{"embeddable":true,"href":"https:\/\/thetitlelink.com\/wp-json\/wp\/v2\/comments?post=11167"}],"version-history":[{"count":3,"href":"https:\/\/thetitlelink.com\/wp-json\/wp\/v2\/posts\/11167\/revisions"}],"predecessor-version":[{"id":11170,"href":"https:\/\/thetitlelink.com\/wp-json\/wp\/v2\/posts\/11167\/revisions\/11170"}],"wp:attachment":[{"href":"https:\/\/thetitlelink.com\/wp-json\/wp\/v2\/media?parent=11167"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thetitlelink.com\/wp-json\/wp\/v2\/categories?post=11167"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thetitlelink.com\/wp-json\/wp\/v2\/tags?post=11167"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}