Davidson Realty, Inc.

Florida Homeowners – How can your TRIM Notice save you money?

July 30, 2020

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Posted by in Ask Sherry, News, Northeast Florida Market Trends

Is there any reason to review your property tax notice?  There is a very compelling one and it could potentially save you lots of money!

 

If you own a home, you will receive your Truth in Millage (TRIM) notice from the Property Tax Appraiser in August. The 2020 Notice of Proposed Property Taxes will list the market value of your home determined by the County Tax Appraiser. You want the market value to be accurate. Let me explain.

 

The Save our Homes Cap was passed in 1994 and caps the amount the assessed value may increase to a maximum of 3% a year, or the Consumer Price Index. Your tax bill is based on this assessed value, not your market value.

 

In 2008 the law was passed to allow portability which allows a homeowner to move to another home in Florida and take up to $500,000 of the accrued savings with them. The savings you can take to the new house acts like another exemption on your tax bill for your new home.

 

The savings you can take is determined by taking the market value and subtracting the assessed value. On your tax notice it is towards the bottom under reductions to market value. There will be a line saying Save Our Homes with a value.

 

The higher your market value compared with the assessed value, the more savings you can move with you to reduce future property taxes on your new Florida home. So please take a moment when the notice comes to check it out.

If you have questions, the Property Appraisers office in Duval and St. Johns Counties are always helpful. I am sure all the counties are equally helpful.

 

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About Sherry Davidson, President of Davidson Realty
Since launching Davidson Realty in 1989, Sherry Davidson has built the firm to include nearly 60 agents and exceed $100 million in annual sales. She is known throughout the First Coast as an authority on all things residential real estate, having served on the Board of Directors for Northeast Florida Association of Realtors, Florida Realtors® (a division of the National Association of Realtors), and Builders Care (charitable arm of Northeast Florida Builders Association).

Thanks to Sherry’s leadership, Davidson Realty has been recognized as one of the state’s Best Companies to Work For (Florida Trend Magazine), as well as one of the region’s Best Places to Work and 50 Fastest Growing Companies (Jacksonville Business Journal). Get to know Davidson Realty’s talented team of agents by clicking here or call us at (904) 940-5000.

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About the Author
Sherry Davidson
President of Davidson Realty

Since launching Davidson Realty in 1989, Sherry Davidson has built the firm to include nearly 60 agents and exceed $100 million in annual sales. She is known throughout the First Coast as an authority on all things residential real estate, having served on the Board of Directors for Northeast Florida Association of Realtors, Florida Realtors® (a division of the National Association of Realtors), and Builders Care (charitable arm of Northeast Florida Builders Association).

Thanks to Sherry’s leadership, Davidson Realty has been recognized as one of the state’s Best Companies to Work For (Florida Trend Magazine), as well as one of the region's Best Places to Work and 50 Fastest Growing Companies (Jacksonville Business Journal). Get to know Davidson Realty’s talented team of agents by clicking here or call us at (904) 940-5000.

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