flagler county property appraisers have recommended in a recent letter to the Florida Taxation and Budget Reform Commission that their clients forego the current practice of using a market value approach in valuing residential and commercial real estate properties. In a similar letter to the Florida Taxation and Budget Review Commission, flagler county property appraiser Jay Gardner discusses these concerns. He notes that the forthcoming tax reform proposal offered by the state legislature doesn't do much to resolve the existing tax equity problems faced by most counties. The lack of revenue resulting from this lack of revenues is causing many communities to forego using market value pricing when determining the assessment valuation of their tax-exempt commercial and residential property. These communities have also been told for years that they may be liable for the property taxes of their non-producing neighbor's property if they fail to obtain an assessment value based on current market values.
Currently in Florida, tax homeowners must obtain an appraisal of the property they are interested in purchasing using the commonly accepted market approach, which is a market value approach. The problem with this approach is that it doesn't take into account the rapidly depreciating value of most items being bought for sale on the open market, which forces most sellers to overestimate the value of their property. Appraisers then determine the market value of the house at the time of the sale using a different method. Unfortunately, many property owners are unaware that this process can be avoided by simply allowing the appraiser to use a different method, like a cost effective amortization formula.
Because the use of a traditional market approach is no longer necessary, most counties are now requiring new property owners to obtain an independent professional appraisal of the property they are interested in purchasing using a fixed methodology. One such method is referred to as "comparative market analysis." This method relies on the fact that most homes in Flagler County are comparable in some ways to other homes in the county. By comparing the assessment ratings of similar homes in the area to the assessor's assessment rating for comparable properties in the same area, property owners are provided with a more accurate picture of their real value. The other major benefit of using comparative market analysis is that it allows property owners to obtain property tax exemptions if they meet certain requirements.
Flagler County Property Appraiser - How To Prepare Yourself For Your Appraisal
Unfortunately, because Palm Coast County is located in what is known as a "self-service" community, many residents do not know that they are entitled to property tax exemptions until they visit an appraisal agent's office and are required to show proof of residence. Many first time home buyers may not realize that they are entitled to property tax exemptions until they visit an appraiser's office and are required to produce copies of their tax returns. Unfortunately, first time home buyers often have difficulty locating a competent appraiser willing to perform this appraisal. Fortunately, it is often possible to find a qualified, honest appraiser by requesting a free appraisal from the Palm Coast Association of Appraisers.
A certified Flagler County property appraiser will determine the amount of your tax liability based upon the current market value of the home's assessed value. This assessment is based on the information submitted by the owner of record. Although your county property appraiser is going to use the market value of the homes that are currently for sale in the county, this does not mean that homes sold in the past will be reassessed at the same rate. Many home owners who bought homes that are significantly overpriced when they were sold will receive rebates from the current owners just because they hired a flagler county property appraiser to compute their home's market value.
If you have a low taxable value but are concerned that you will not be able to purchase or sell your home if you receive a total exclusion, you can request that a portion of your exemption be returned. If you have a higher total than the county property appraiser determines is taxable, you can request a certificate of exemption. A certificate of exemption will allow you to sell your home at the current market value and bypass a portion of the sales tax that is owed. However, if you obtain a certificate of exemption and sell your home before the end of the year that is applicable, you will not be able to sell your home again without paying the taxes owed on it.
In order for the county property appraiser to determine the fair market value for your home, they must access three important factors. These factors are the current street address, the square footage of your property, and the current tax rate. Your flagler county real estate agent can assist you in determining the exact value of your home and give you options on how to obtain a property appraisal for free. Some people choose to use an online calculator so that they can determine the value of their home quickly and easily.
If you find that your property taxes are substantially higher than the estimated market value, there are several options for reducing the amount of money that you pay. One option is to have the assessed value reassessed. Another option is to request that a new value is established by using the millage rate for the area in which you live. Many citizens choose to forego the entire millage rate and pay the property taxes based on the actual market value.
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