How a home is assessed:
- External characteristics: Curb appeal, exterior condition of the home, lot size, home style, availability of public utilities.
- Internal characteristics: Size and number of rooms, construction and appliance quality and condition, heating systems, and energy efficiency.
- Comps, or comparables: What similar homes in the same area have sold for recently.
- Supply and demand: The number of buyers and the number of sellers in your area.
- Location: How desirable is the neighborhood? Are the schools good? Is the crime rate low?
Renovations & Your Assessment
Renovations can significantly raise a home’s value, which can increase the amount for which it is assessed. Adding livable space (extra bedrooms, extra bathrooms) increases its value, and thus its taxes. In addition, your taxes can increase even if your square footage doesn't. Increasing the home value by adding an in ground swimming pool or more cabinetry in your kitchen can make your value (and thus your taxes) go up.
Other causes of reassessments
Sometimes, you can do nothing, and your property value will still change. Construction in your area, whether it be new homes, new roads or new schools, will cause reassessments. In addition, if enough sales occur in your neighborhood, your home value will go up.
How often is your home assessed?
County property appraisers assess all real property in their counties as of January 1 each year. The property appraiser sends an annual Notice of Proposed Property Taxes in August to each property owner.
How much can your assessment go up?
This year, the maximum increase on the assessed value of a Homestead property in Florida has been capped at 1.9 percent. That being said, properties that are not homestead can go up at maximum 10%.
For informational purposes only, please consult an advisor before making any decisions.