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This is the time of the year to LOOK at your real estate tax projection. Currently both Orange and Seminole Counties
have the"working values" on their websites for 2011. Do yourself a favor and LOOK at your real estate assessments on the county property appraiser website and see if you feel they are too high.
Orange County
Seminole County
We all know that after peaking in 2007 that in the last five years Commercial Real Estate values are down, some by 50% from the peak in 2007. Unfortunately the tax assessments have not been as aggressive in coming down as they were going up.
There is another factor that you will see this year - the City and County Governments will need to raise taxes and
this means that your millage is going higher. The Orange County school millage is increasing this year by up to One Mill, this represents a 40% increase that was approved by the voters.
If my predictions are correct, all county and city governments will need to increase their millage to survive or fire employees and cut budgets.
This is happening because we no longer have new construction feeding into our tax base.
In conclusion, you may see your taxable values go down by 5%-10% and the millage increase by 5%-30% for a HIGHER TAXBILL.
By doing your evaluation on your property taxes now, you will have time to get this adjusted. If you wait until your trim notice comes out in August, you will only have 45 days to challenge the assessments.
When I have done my most recent comparable sales analysis based on sold properties in Orange County and related to what the 2011 proposed tax assessments are, they are still higher than the state mandates of 85% of true market value and what I feel is a fair and balanced assessment.
For the past three years I have been doing property tax reduction. If you feel that your taxes are too high and you need some help, go to property tax reduction on my website http://www.cbrenner.com/proptax.html .
If I can help, give me a call 407-677 1700 or email me at cbrenner@cbrenner.com and you will have my 30 years of Florida Commercial Real Estate Experience to guide you at no obligation.
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