Home Buying in 33141>Question Details

Yvonne, Home Buyer in Miami, FL

I want to cancel the contract due to the assessed value of the property more than $100,000 more than

Asked by Yvonne, Miami, FL Sat Jan 5, 2008

selling price.This is a bank owned property and many similar properties in the same building are being offered at lower rates so there is a definite trend. If I have to pay 2% on the assessed value it will make no sense to buy. Do you know if I can have the value of the property adjusted to what I pay for it?

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Answers

7
Yvonne,

Miami Dade Property Tax Assessor's office determines the assessed value of all properties. You can appeal their assessed value, but not until late August once tax notices are sent out to home owners. To appeal, you must file "A Petition for Market Review" with the Value Adjustment Board and wait for a hearing. As stated on their website... "The Property Appraiser's office conducts an "Interview Period" when additional resources are dedicated to providing taxpayers with an explanation of their assessment. Differences of opinion on value and any discrepancies should be discussed at this time."

Good luck!
0 votes Thank Flag Link Mon Jan 7, 2008
Many people in Miami have experienced huge loses putting down deposits on condos and walking away from the deposit and not closing on their Miami Homes. If you drive up and down A1A from south beach past Adventure there are 15-20 huge buildings with 1000s of unfinished units and they continue the build. Over the next few years prices will be falling in Miami.
0 votes Thank Flag Link Sun Jan 6, 2008
This is something that's becoming very common in Miami right now - home owners selling their properties for less than the assessed value. We actually have a couple of listings in this same situation and it would be a matter of you challenging that assessment with the tax assessor's office.
The deadline to dispute is September, but I would encourage anyone to start right away.
0 votes Thank Flag Link Sun Jan 6, 2008
Yvonne -- it may be possible to file the petition yourself and save the attorneys fee. Many Tax Assessors have open office hours where you can go in and ask questions. I would try this first, if available. You could also phone or email. Here's a link:: http://www.miamidade.gov/pa/real_property.asp
I cannot tell you what the custom is in Miami. If you have an agent, they should be able to answer your question and walk you through this.
0 votes Thank Flag Link Sun Jan 6, 2008
You can have the taxes adjusted to reflect the market value. Asking prices of other similar properties- don't count. The tax appraisers office uses actual, verifiable CLOSED SALES. Mant attorneys specialize in tax adjustment issues; some for a flat fee, others for a percentage of the saving that you realize. Once your taxes are adjusted in your favor, they stay adjusted!
0 votes Thank Flag Link Sun Jan 6, 2008
If I am right, I believe Florida works like Texas on this. After you purchase the property, as the homeowner you can protest the tax assessed value by filing a form by a certain date (in texas it's May) and give them a copy of the settlement statement or contract and they adjust the price at that time. They don't always come dow to the exact amount that you purchased it but hey'... take whatever you can get.
Web Reference: http://www.sumnerrealty.com
0 votes Thank Flag Link Sun Jan 6, 2008
You r best bet for re-adjustment of property value is to contact an attorney who specializes in property tax adjustments. At your initial consultation, give him/her all the facts and see what they have to say. A lot of times they will charge a percentage of what they will save you, which will work in your favor. Best of luck.
Web Reference: http://www.hagenhendrix.com
0 votes Thank Flag Link Sun Jan 6, 2008
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