How will the closures caused by the COVID-19 pandemic impact my current property value?

The effects of the COVID-19 pandemic on our local real estate market is still evolving. It is too soon to determine its full affects. The Office of the Property Appraiser continues to closely monitor and analyze the impacts COVID-19 is having on property values, especially on commercial real estate. 

However, the office is governed by Florida law which requires the property appraiser to assess every property within Miami-Dade County based on the property and market conditions as of January 1st of each year. As the COVID-19 pandemic began just before the second quarter of 2020, Florida law mandates that any impacts on value due to market conditions directly related to COVID-19 be reflected in the 2021 assessments.

Nonetheless, the office remains committed to providing relief to property owners wherever possible. We highly encourage owners of income producing properties to submit their properties’ income and expenses for 2019 and 2020 to better assist us in determining impacts. Any financial information provided to the office is kept confidential pursuant to Florida law.

Will there be any additional tax exemptions or tax relief for those property taxpayers affected by COVID-19?

Under Florida’s Constitution, property tax exemptions and credits are provided by state law. Property Appraiser Pedro J. Garcia is committed to working with our state legislators and other property appraisers from around the state to create new laws that will provide the necessary tax relief to property owners who are experiencing hardship as a result of the COVID-19 pandemic.

We encourage you to continue to visit our website and follow us on social media for the latest updates on legislative activities that affect property taxes. It is also imperative that you review your Notice of Proposed Property Taxes (or TRIM Notice) mailed to all property owners in August to determine whether you feel your property value is accurate and you have received all the appropriate tax exemptions.

Will my property taxes be reduced because of COVID-19?

Florida law requires property appraisers to assess every property within their respective county based on the property and market conditions as of January 1st of each year. Therefore, your 2020 property value is assessed as of January 1, 2020, before any impact of the COVID-19 pandemic. However, such impacts would be reflected in the 2021 assessments.

It is important to note that our office is responsible for assessing the value of your property, not setting your tax rates (also known as millage rate). Tax rates are established by the local taxing authorities. It is imperative to closely review your yearly Notice of Proposed Property Taxes (also known as TRIM Notice), which notifies property owners of the property values established by this office and the tax rates proposed by the taxing authorities.

If you believe the value of your property is not accurate, please contact the Office of the Property Appraiser. To more accurately analyze the market, we highly encourage owners of income producing properties to submit their property’s income and expenses for 2019 and 2020 to better assist us in determining impacts. Any financial information provided to the office is kept confidential pursuant to Florida law.

Where may I find out more information about government budget decisions or ask questions about tax rates?

When you receive your Notice of Proposed Property Taxes (or TRIM Notice), it will include the dates of budget-related public hearings from the taxing authorities applicable to your property. The taxing authorities are responsible for setting the tax rate, also known as the millage rate.

The Property Appraiser’s primary responsibility is to identify and appraise all real and tangible personal property within the County and certify the annual tax roll with the Florida Department of Revenue (DOR) in accordance with state law.

You may find contact information for taxing authorities and elected officials.