the difference between the house market value and the county assets value

Asked by shimon, Deerfield Beach, FL Sat Oct 1, 2011

when Duval County assessed my property for $102,975 as of 1/1/2011
and i payed 84,200$ in 7 months ago, and the prices kept moving down last year. what does the diference in the nombers means? is there any proportion/relation between this and the market value?
thank you

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Ray And Karen…, Agent, Mount Dora, FL
Sat Oct 1, 2011
Hi Dash!

It take awhile for the county Assessor to catch up with the real-time values.

Also, if your home was purchased as an REO or short sale they may not allow for that in the decline of your value.

Most counties have a ssytem where you can petition for an adjustment once a year typically late in the third quarter.

Contact your local tax assesor to get the up to date procedure on how to do that. You may still have time!
1 vote
Mike Sullivan, Agent, Gainesville, FL
Sat Oct 1, 2011
Dash....If I understand the dates, you purchased the property in March or April of this year. The tax basis will be recalculated for the year 2011, with the TRIM notices having gone out last month. You should see two values on the notice, one for assessed value, the other a just market value. The intent of these values is to show you what your tax basis is (the assessed value), as well as providing an indication of the market value as well. If this is your primary residence, you will also receive a $50,000 exemption, beginning in sure to file for this if you have not already. The Duval tax assessors office will be able to provide you with additional information for your specific situation. Their website is If you are assessed for 2011 above the purchase price of $84,200, you ccertainly have the basis for discussing how the taxable value was determined.
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Kmbrennan, , Florida
Sat Oct 1, 2011
I just signed on the answer this question for you but Karen and Ray answered the quesiton perfectly. If you have a recent appraisal demonstrating a market value lower than the county assesment you can petition to have your value reviewed. You can request the forms from the county website. The process is quite simple and usually just involves a meeting with a county appraiser to review your value documentaiton - your appraisal + other recent sales comps or other items that suport your idea of the reasonable value.

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