Real Estate Valuation Attorney in Daytona, FL
While residents may not be required to pay Florida personal income taxes, they are required to pay property taxes on certain personal property and real estate. Real estate, including vacant land, improvements, commercial property, and residences, are all taxed by the property tax office in the county where the property is situated. Daytona is in Volusia County; therefore, the Volusia County’s Property Appraiser assesses the value of real estate within the county. Counties and municipalities use the taxes to pay for government services, infrastructure, and other items for the county.
The amount of tax you must pay for your home, land or commercial property depends on the value of the property. Each county sets the tax rate and multiplies that rate by the property value to calculate real estate taxes. Who decides the value of your real estate for tax purposes?
If you believe your property has been charged a higher rate for property taxes than is required by law, you may have several options. Call our law firm at (888) 316-2131 to speak with a Daytona real estate lawyer to discuss how you can appeal a real estate valuation for property tax purposes.
How are Values Determined for Daytona Real Property?
In August of each year, you should receive a Truth in Millage (TRIM) notice from the Property Appraiser’s Office. The TRIM states the value of your property and the millage (tax rate). Property taxes are assessed each year on January 1.
A Property Appraiser is required to inspect properties once every five years to determine value. However, the value of your property may be adjusted between inspections based on the sales activity of properties around your property and other values that might affect real estate values. According to the Volusia County Property Appraiser’s Office (VCPA), if you believe your tax valuation is too high, they recommend that you contact their office to talk to the appraiser.
VCPA states in its FAQs that the appraiser can explain how the property was valued. It also states that you have “specific legal rights,” but it does not describe those rights. The information continues to explain that there are time limits for those rights but does not state the time limits. The VCPA simply tells people to call their office as soon as possible.
We urge you to contact our Daytona real estate valuation attorney to discuss how you can use various exemptions and other tools to lower your tax valuation.
In addition, our Daytona real estate attorney can help you file an appeal of the property tax valuation if necessary. You do have legal rights,and you do have deadlines to file appeals and exercise other legal rights. However, instead of trusting the office that overvalued your real property, trust a Daytona property valuation appeals attorney who can help you file an appeal to correct the taxable value of your real property.
Determining Fair Market Value in Other Legal Matters
The value of your real estate may become an issue in other legal matters. For example, the value of property is very important in a divorce action in which property is being divided between the parties. The property value is also important in condemnation or eminent domain actions in which a government entity is trying to seize real property from a citizen. In probate estates, it may be important to value real property to ensure proper distribution of estate assets. A partition lawsuit is another legal matter that can involve the market value of real property. Quiet title lawsuits, real estate contract disputes, and all other real estate litigation utilize fair market values as part of the evidence in the case.
Whenever real property is involved in a legal matter, it is crucial that the parties determine the exact fair market value for the property because it impacts the outcome of the case. Both parties may hire appraisers to establish the fair market value of the real estate,or they may agree to accept the results of one independent appraiser chosen by both parties.
It can help to have an experienced Daytona real estate attorney on your side who understands the various legal matters involving real estate and the complexities of calculating the fair market value of real property.
Hiring a Daytona Real Estate Attorney for Real Property Litigation
Whether you need to challenge the tax valuation of your real estate or you are involved in a complex litigation case involving real property, our Daytona real estate valuation attorney can help you take steps to protect your legal rights. In some cases, we may retain professional appraisers and other real estate professionals to assist in your case. We want to ensure that we take every step necessary to protect your interest in Florida real estate.