Map of Florida Counties

Florida’s Property Tax System

Florida’s ad valorem property tax system is based on value.  Florida Statute 192.042 (1) – Date of Assessment – states on “January 1 of each year, all (substantially complete) real property shall be assessed according to its ‘just value’ ”. 

In Florida there are 67 counties, each with their own elected Property Appraiser.  County Property appraisers are sworn Constitutional officers, meaning their duty is to comply with and uphold the Florida Constitution and State laws.

The courts have interpreted “just value” as being synonymous to market value.  The only difference is that County real property assessments must consider Florida Statute 193.011 – Factors to consider in deriving just valuation.  There are 8 factors to consider.  Specifically, the 8th factor addresses the need to consider the “net proceeds from the sale to seller”.  This means that closing costs, reasonable fees and atypical financing shall be considered when developing assessments.

Generally, property taxes collected are used to pay for local governing authorities, school board, libraries, police and fire departments, environmental enforcement, non-profits, parks, highways and regional services.  These valuable public services are provided to and benefit property owners and residents.

Champions Commercial Consulting, LLC (C3) works with clients to ensure their properties are fairly assessed and properly taxed.  We emphasize to clients the need for annual property tax reviews.  This is of particular importance with newly acquired real estate.  Establishing a baseline assessment can stabilize future property tax obligations.  Oversight requires an annual and timely monitoring process to ensure property owners do not overpay on real estate taxes.  Significant tax savings can result from corrected assessments.

Champions Commercial Consulting, LLC (C3) is a full-service property tax mitigation firm that assists clients with property valuation and tax issues.  An initial consultation is complimentary.  So feel free to contact us if we can be of further assistance.

Mike Chaves