Understanding My Property’s Value
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What are the duties of the Property Appraiser?
The Property Appraiser is charged by the State Constitution and Florida Statutes with appraising all property in Alachua County at 100% of market value as of January 1 every year. This means that Florida is on an annual reappraisal cycle and your property value could change each and every year.
How does the appraisal process work?
When a new property is created, sales of similar properties are reviewed to determine the correct land value. When a building permit is issued on a parcel, one of our appraisers will visit the property to value the improvements. At least once every five years one of our appraisers will inspect your property to verify the information on the property records. In addition, sales of the area will be reviewed yearly to determine if there has been a change in the market value.
How does the Property Appraiser arrive at my values?
Market Value: How much a property would sell for, in an open market, under normal conditions. Market value is determined by analyzing the sales of similar properties, the cost to reproduce the property and the ability of the property to earn income. In Alachua County, as in the rest of Florida, we use a Computer Assisted Mass Appraisal (CAMA) system. The CAMA system incorporates our conclusions from the three approaches to value. Although this seems complicated, please keep in mind that the Property Appraiser feels the best evidence of your market value are the sales, prior to January 1, of properties similar to yours.
Assessed Value: Value that is placed on property before any exemptions are deducted, but after the Save Our Homes (SOH) cap is factored. The SOH cap means that there will be no more of an increase in assessed value of 3% or the CPI, whichever is lower. For non-Homestead properties, the assessed value is the value placed on a property after a 10% cap is factored.
Taxable Value: The assessed value, less any exemptions. The taxable value is then multiplied by the millage rate to determine the amount of taxes. The millage rate is set by the taxing authorities based on their budget requirements. These taxing authorities and their proposed rates will be reflected on your Truth In Millage (TRIM) Notice that you will receive in August of each year.
How often does my property get reassessed?
Florida Statute requires all property in the state to be reassessed every year. Also, Florida law sets that assessments are done a year in arrears with January 1 being the statutory date for determining the annual assessment. An example of this would be if you have a newly constructed home that was not complete as of January 1st then the building will not be assessed until the following year. The Property Appraiser is also required to physically visit the property every 5 years unless a permitting request has been received. If you have questions pertaining to your value please do not hesitate to contact our office.
How does the Property Appraiser know about a defect or recent change on my property?
The Property Appraiser accepts requests for re-evaluation when the property owner has a known problem or defect such as:
- Storm damage
- Excessive deterioration
- Fire damage
- Building remodel or permits
If you have concerns about any of these or other issues please visit our Resolution Center.
How do I find out what property is selling for in my area?
Please visit the Sales Search page.
Please keep in mind that the Property Appraiser feels the best evidence of your market value are the sales, prior to January 1, of properties similar to yours.
What is the Non-Homestead 10% Annual Assessment Limitation?
Florida law requires that all non-homestead property be assessed at market value as of January 1. Thereafter, the property must be assessed annually and any increase over 10% will be deferred. For more detailed information, please see Florida Statue 193.1554 and 193.1555 at www.leg.stafe.fl.us.
How are my property taxes calculated?
The tax rate (millage) is set by the various taxing authorities. These authorities are authorized by law to levy taxes on real estate and tangible personal property.
Your tax bill is calculated by multiplying your property’s taxable value by the aggregate millage rate set by the taxing authorities. The millage rate equals 1 mill per $1000 of taxable value. For example, a taxable value of $100,000 with a millage rate of 24.0023 is calculated in this manner: $100,000 x .0240023 mills = $2400.00.
To view the millage rates for Alachua County click here.