In a Tampa transaction, a buyer wants the Florida rule on just value. Which statement is correct?
Correct Answer
A) Assessed value is the value after applicable caps or assessment limitations are applied.
Assessed value is the value after applicable caps or assessment limitations are applied. This follows Art. VII, Fla. Const.; F.S. §§ 192.001, 193.155, 196.031; Florida Dept. of Revenue property-tax guidance.
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Previous Question
Audit memo Granite Seminar highlights this Florida rule. A Florida assessment-limited property had a prior assessed value of $190,000. Assuming the next year's limitation factor is 2.00%, what is the capped assessed value before exemptions?
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A Miami homeowner receives their property tax notice showing a $3,000 increase from the previous year. The homeowner believes their property assessment is incorrect and wants to challenge it. What is the first step they should take in Florida?