Coming this October! RPCRA’s Annual Trade Show at the Suncoast Credit Union Arena at FSW on Wednesday, October 12 from 4 to 7 PM. Experience at “Night at the Movies” with 85 fun filled vendor booths, a full-service cash bar, appetizers, prizes and more! Mark your calendars now! This is an event you won’t want to miss!
In 1980, the Florida Legislature passed the Truth in Millage (TRIM) Act. This law is designed to inform taxpayers which governmental entity is responsible for the taxes levied and the amount of tax liability taxpayers owe to each taxing authority. The property appraiser sends this information, known as the TRIM notice, to the property owner.
Truth in Millage establishes the statutory requirements that all taxing authorities levying a millage must follow, including all notices and budget hearing requirements. The TRIM requirements also provide for maximum millage levies for counties, municipalities, and independent special districts. These requirements are prescribed by chapter 200 of the Florida Statutes.
The Property Appraiser’s Office studies the real estate market and reports what has happened to property values. The property tax is the backbone of local government and helps provide services such as police and fire protection, streets and drainage construction and maintenance, environmental regulation, libraries, streetlights, garbage pickup, and parks and recreation.
The taxing authorities, not the Property Appraiser, have control over the level of taxes, through the millage rate.
MARKET VALUE
The market value is the appraisal of what a willing buyer would most likely pay for your property (excluding costs of the sale). The property is assessed as of January 1, so the value reported is a reflection of the previous year’s real estate transactions and comparable property values in your area.
EXEMPTIONS
Your exemptions are deductions that apply to your property for Homestead or other special categories like those for disabled persons or seniors who meet certain income guidelines.
ASSESSED VALUE
Your assessed value is generally the market value limited by the Amendment 10 or “Save Our Homes” tax cap. This 1992 amendment to the Florida Constitution limits increases in the value of homesteads (your primary residence) to 3% or less per year.
TAXABLE VALUE
Your taxable value is the number the appraiser reports to the various taxing authorities and is the assessed value minus exemptions.
MILLAGE RATE
Taxing authorities calculate the annual tax rate, called the millage rate by dividing their total budget (their spending) by the total taxable value reported to them. The millage rate is simply a name for the rate, which the taxing authorities set in order to balance their budgets. Millage is a rate expressed in dollars per thousand (one mill just means you pay one dollar of tax for each $1,000 of taxable value).
Under Florida law, when a taxing authority sets a millage rate higher than the rate which would produce the exact same revenues as the previous year, they must properly advertise their action as a tax increase. This rate, which would result in no change in revenue, is called the rollback rate. As a practical matter taxing authorities are rarely able to adopt the rollback rate, since the cost of government services generally rises with the cost of everything else.
DATES TO REMEMBER
January 1 is the date that determines value; it is also the date for residency and ownership requirements to qualify for homestead exemption.
January 1 – March 1 is the normal filing period for Homestead and other exemptions such as widow/widower, disability, charitable organization, etc.
August Notice of Proposed Property Taxes, called TRIM notices are mailed to property owners mid-month. TRIM is an acronym for “Truth in Millage”. TRIM notices contain your taxing authorities’ proposed tax rates for the year, the locations and times for Taxing Authorities’ budget hearings, and the deadlines for filing petitions with the Value Adjustment Board.
The TRIM mailing starts the formal protest period, which is 25 days long. During the protest period, taxpayers can file formal notices to the county Value Adjustment Board to seek to have their assessment changed.
October Value Adjustment Board (VAB) hearings are held.
November Tax bills are mailed by the Tax Collector to all property owners of record.
FREQUENTLY ASKED QUESTIONS
Exactly how is my property value determined?
For taxation purposes, nearly all property has a value, including land, buildings, and tangible personal property used in business. By law, the appraiser must accurately determine fair market value (also called “just” value). To do that, standardized and accepted appraisal practices governed by Florida law, and the Uniform Standards of Professional Appraisal Practices are used. While sophisticated computer modeling techniques are used, they also periodically inspect all property. They consider:
What if I disagree with the Property Appraiser’s value?
Discuss it with the Property Appraiser and they will conduct an informal review. The review can be done any time during the year but most are soon after the TRIM mailing. After TRIM notices are mailed, you have 25 days to file a formal protest petition with the Value Adjustment Board.
Are the Property Appraiser and Value Adjustment Board the same?
They’re completely separate by law. The VAB is the formal review board. An independent appraiser, called a Special Master, hears both sides and makes a written recommendation to the VAB. The VAB makes the decision. The value sought is always fair market value. Short of going to court, the decision of the VAB is final.
What does the “Save our Homes” or “Amendment 10” mean to me as a taxpayer? This is a 1992 amendment to the Florida Constitution that limits the annual increase in the assessed (not market) value of homesteaded properties to 3% or the National Consumer Price Index, whichever is less.
Is Amendment 10 a tax cap?
Not exactly. It’s a limit on the assessed value of the parcel. It’s not a limit on the taxes charged to the property. Taxes are a product of the value times the millage rates. The millage rate actually sets the tax level. Tax levels can change more or less than 3%.
What property is affected by “Save Our Homes”?
Only properties that have a Homestead Exemption.
What happens when I buy a new home?
The cap is removed anytime ownership changes. A new property owner should file for Homestead, which will establish a new value cap on your new home during January 1-March 1 of the tax year. You can file for a future year as soon as you buy a new home. If you already have Homestead and there is no change to ownership, your exemption automatically carries from year to year. Other types of exemptions do require an annual filing.
Is the TRIM notice exactly what I can expect to billed for in November?
No, the TRIM notice is showing you taxes and exemptions, however, the full bill that you will receive in November will also include any special assessments, CDD’s, Solid Waste, etc that are collected by the tax collector for your district.
If I am closing in September or October, why am I paying a full year’s taxes, plus escrows for next year?
Most lenders require that any taxes that become due and payable with sixty days of closing be collected and held by the title company until the bill is available in November. The title company will collect an estimated amount of taxes plus assessments from the buyer (Prior to November) and prorate the taxes between the buyer and seller as normal. The escrow amount that you are paying is being sent to your lender in order to accrue for taxes next year.
How does my lender determine my tax escrow amount?
Most lenders use the prior year tax amount for the total amount to be escrowed. Lenders do not normally estimate tax increases, unless there is new construction. In November your lender will most likely pay your taxes regardless of the amount you have escrowed and then bill you for any shortages and readjust your escrow for the following year. Upon receipt of your copy of the tax bill or TRIM notice you may contact your lender to receive information on their policy regarding taxes.
In an effort to rebuild the community, Erin Beasley, teamed up with Eliza Aguilar in efforts to try to get donations to resources to the right places, whether it be food, water, a homeless situation, or even mental health assistance. Donations and supplies can be donated by going to FMBstrong.org.
Watch the video to learn more.
Hello readers! In this segment of Why We Love Where We Live, we take you to Universal Studios Orlando. It is the perfect weekend getaway for Florida residents for thrilling rides and attractions, to immersive experiences and entertainment. This world-renowned theme park offers an unforgettable escape right in our own backyard.
Universal Studios Orlando has many thrilling rides and attractions that cater to all ages and interests. Whether you’re a fan of adrenaline-pumping roller coasters like The Incredible Hulk Coaster or prefer immersive experiences like Harry Potter and the Forbidden Journey, there is something for everyone. The park’s iconic attractions, such as Transformers: The Ride 3D and The Revenge of the Mummy, provide heart-pounding excitement that will leave visitors wanting more.
Universal Studios Orlando is home to The Wizarding World of Harry Potter, a must-visit destination for fans of the beloved book and film series. This meticulously crafted section of the park transports visitors to the magical world of Hogwarts, Diagon Alley, and Hogsmeade. From sipping butterbeer to exploring the intricately designed shops and experiencing groundbreaking rides like Harry Potter and the Escape from Gringotts, this immersive experience is a dream come true for Harry Potter enthusiasts.
In addition to the thrilling rides and enchanting experiences, Universal Studios Orlando offers a wide range of entertainment options. From live shows like the mesmerizing Blue Man Group to character meet-and-greets with beloved Universal characters like the Minions and Spider-Man, there is always something happening to keep visitors entertained. The park also hosts special events throughout the year, such as Halloween Horror Nights and Mardi Gras, adding an extra layer of excitement and variety to the experience.
Universal Studios Orlando provides a complete vacation experience with its on-site hotels and dining options. Florida residents can take advantage of special packages and discounts, making it even more convenient and affordable for a weekend getaway. Staying at one of the park’s themed hotels, such as the luxurious Loews Portofino Bay Hotel or the family-friendly Universal’s Cabana Bay Beach Resort, allows guests to fully immerse themselves in the Universal experience and enjoy exclusive benefits like early park admission.
The location of Universal Studios Orlando is in the heart of Florida, which makes it easily accessible for residents across the state. With its proximity to major cities it is a convenient destination for a quick weekend escape. Additionally, the park’s close proximity to other popular attractions like Walt Disney World and SeaWorld Orlando allows visitors to extend their stay and explore even more of what Central Florida has to offer.
Have fun planning your next weekend trip to this extremely fun and entertaining group of theme parks
Southwest Florida, blessed with a mesmerizing coastline along the Gulf of Mexico, is a haven for beach enthusiasts. With its soft sands, warm waters, and captivating sunsets, SWFL’s beaches are adored not only by tourists but also by the passionate residents who call this coastal paradise home. These sandy treasures hold a special place in the hearts of SWFL residents, who cherish the unique features and attractions of each beach.
Fort Myers Beach epitomizes the vibrant spirit of SWFL’s coastal living. The welcoming atmosphere and the numerous beachfront restaurants and shops make it a beloved destination for social gatherings and memorable moments. The residents of Fort Myers Beach take immense pride in their community’s rich history, local traditions, and natural beauty. They are passionate about preserving the unique character of the island, from its charming beachfront architecture to the vibrant local culture.
As for life after Hurricane Ian, the residents of Fort Myers Beach demonstrated incredible resilience and unity. Recovering from a natural disaster can be challenging, but the tight-knit community rallied together to rebuild and support one another. Neighbors helped neighbors, and local organizations worked tirelessly to restore the beauty and functionality of the island.
Nestled in the elegant city of Naples, this beach exudes sophistication and tranquility. SWFL residents often find themselves drawn to the refined ambiance of Naples Beach, where they can enjoy peaceful strolls along the shore, savor gourmet picnics, and witness the mesmerizing hues of the sunset. With its upscale boutiques and restaurants nearby, Naples Beach offers a unique blend of luxury and natural beauty that captures the hearts of residents seeking relaxation and refinement.
Sanibel Island stands as a sanctuary for nature enthusiasts and those seeking seclusion. Renowned for its bountiful seashells, the residents of SWFL often lose themselves in the joy of beachcombing, creating a cherished connection with the coastal ecosystem. This pristine island offers miles of unspoiled shoreline, providing ample space for tranquil contemplation and an opportunity to observe diverse wildlife. Sanibel Island’s laid-back atmosphere and commitment to preserving its natural beauty make it a beloved retreat for residents seeking a genuine connection with the environment.
The beaches of SWFL hold an unbreakable bond with the residents, deeply ingrained in their way of life and cherished memories. From the lively energy of Fort Myers Beach to the sophisticated tranquility of Naples Beach and the natural paradise of Sanibel Island, each beach in SWFL offers a unique experience for those who call this region home. The eternal love for these coastal treasures reflects the profound connection that SWFL residents have with their environment, reminding us that these beautiful beaches are not just places, but an integral part of our identity as a community living in harmony with the sea.
Several Access Title Agency employees spent their weekends exploring multiple beaches this month. Here is a compilation from several of our special memories.
See Video Below
When the closing date approaches, there are several important pieces of information that realtors should keep in mind. Here are some key considerations:
Remember that real estate transactions can be complex, and it’s vital to stay organized, proactive, and responsive throughout the closing process.
Broker analysts reviewing the June 2023 Market Report by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island), believe a surge in summer travel contributed to the reduction in home sales in Naples during June.
The report showed a 13.6 percent decrease in overall closed sales for the month to 837 closed sales from 969 closed sales in June 2022.
Though the dip in closed sales appears temporary and may not linger into July’s closed sales data as overall pending sales (homes under contract) in June increased 0.8 percent to 800 pending sales from 794 pending sales, and June’s showings increased slightly from showings reported in June 2022.
Fortunately, slow sales in June did not impact home prices as the median closed price reported in June increased 0.4 percent to $602,494 from $600,000 in June 2022.
The percent of list price received during June decreased 2.9 percent to 96.2 percent from 99.1 percent in June 2022. Brokers say this indicates more price negotiations are taking place.
Overall inventory continues to rise compared to 2022 levels.
June had an 8.2 percent increase in overall inventory to 2,659 homes from 2,457 homes. But according to the area’s top brokers, this increase was due to low sales for the month and not because of new listings, which decreased 28.2 percent to 860 new listings from 1,198 new listings in June 2022. Experts also point out that we’ve been through a pandemic and hurricane and still the monthly reports fail to indicate a market correction will happen anytime soon as median and average closed prices continue to hold steady.
Here at Access Title Agency we are dedicated to keeping you informed about crucial developments in the real estate landscape. In this article, we address a recent development that may significantly impact property transactions involving non-U.S. citizens in Florida.
Florida Governor Ron DeSantis recently signed Ch. No. 2023-33 (Senate Bill 264), known as the Interests of Foreign Countries law, which took effect on July 1, 2023. This new legislation introduces restrictions and regulations on the sale, purchase, and ownership of certain properties in Florida by foreign individuals and entities. The law specifically targets foreign principals, particularly those from China, Russia, Iran, North Korea, Cuba, Syria, and the Venezuelan regime of Nicolas Maduro.
Understanding the Key Points
Access Title Agency’s Support and Guidance
As a title agency committed to providing comprehensive information and support, we recognize the significance of these changes. Access Title Agency is here to guide you through the closing process, ensuring transparency and facilitating smooth transactions for all parties involved.
Why Complying with the Law Matters
The Interests of Foreign Countries law reflects Florida’s dedication to transparency and oversight in the real estate market. By targeting specific countries and regimes, the state aims to regulate the ownership and acquisition of particular land types within its borders. For foreign investors, staying informed about these regulations is critical when considering property transactions in Florida.
While the affidavit is not mandatory, voluntarily submitting it can demonstrate a buyer’s commitment to complying with the law and fostering transparency. Access Title Agency offers copies of the affidavit to interested parties and encourages foreign buyers to consider its submission as part of their due diligence process.
Seeking Legal Advice
As with any legal matter, it is essential for individuals involved in Florida real estate transactions to consult legal professionals familiar with the state’s laws and the implications of recent legislative changes. This article provides general information and should not be considered legal advice.
In conclusion, the Interests of Foreign Countries law has introduced important restrictions and regulations for property transactions involving foreign individuals and entities in Florida. By understanding the key points and implications of this legislation, foreign investors can make informed decisions when engaging in real estate transactions in the state.
At Access Title Agency, we are committed to supporting you throughout the process, promoting transparency, and ensuring compliance with the law. If you have any questions or need further information, please don’t hesitate to reach out to our team or consult a legal professional.
Wishing you successful real estate transactions.
Comparing June 2023 to June 2022, we find some slipping of the massive movement in pricing as the real estate market appears to be stabilizing. New listings were down, while pending sales were up. Closed sales were down, while days on market increased. Average and median sales prices slightly decreased for single family homes, while condo’s slipped a bit lower than single family. The inventory for sale in single family and condo sales are up considerably.
We are thrilled to announce the relocation of Access Title Agency’s Cape Coral Office to 4645 SE 11th Place Ste. 102, Cape Coral, FL 33904. This move marks an exciting opportunity for us to expand our services and provide even more value to our clients.
We are thrilled to announce that our operations are already in full swing at our new and improved location. So we want to extend a warm invitation to all realtors to come and say hi to our team! We value our partnerships with our real estate professionals and would love the opportunity to connect with you in person at our Cape Coral Office.
In line with this development, we would like to extend our heartfelt congratulations to Marcy McKamey on her well-deserved promotion to the position of Team Lead. With over 25 years of invaluable experience, Marcy will be overseeing the day-to-day operations of this branch and effectively managing our dedicated team.
We are also very excited to introduce our newest member, Carmen, who has joined us as a bilingual processor. Carmen brings with her a wealth of experience as a certified translator for Lee Health over the past decade. Her bilingual skills will be invaluable assets to our growing organization and our bilingual customer base in Cape Coral. Carmen is excited to learn more about our industry and become a valuable resource for our team. We warmly welcome her to the Access Title family and look forward to the contributions she will make to our organization.
Furthermore, we are delighted to introduce Debora De Moraes, our accomplished trilingual closer. Debora’s extensive background in banking has enabled her to excel as a Title Escrow agent, ensuring exceptional service for all our clients.
As we eagerly prepare for the Grand Opening of our new location, we encourage you to stay tuned for further updates. We sincerely hope you can join us at this special event, where we will proudly introduce you to our Cape Coral Dream Team.
Thank you for your continued support, and we look forward to serving you at our enhanced Cape Coral Office soon!
