Florida commercial property values are reappraised annually. With continually increasing property taxes, owners and investors of Florida commercial real estate need to be aware of key dates and deadlines involved with working values, TRIM notice mailings, and appeal deadlines to ensure a fair valuation and minimal respective property taxes each year.
TRIM Notices are released early August with a petition deadline date of early-mid September, varying by county. Some counties will issue notices even sooner through their online websites, giving you a head-start on the appeal process.
Located in Tampa, our Florida property tax consulting team is readily available to assist in providing the most optimal outcome for your TRIM notice appeals prior to values being finalized. Contact us today for assistance in reducing your initial values.
As Florida tax reassessment year occurs every year, it is important that both owners, managers, etc of their assets review the property taxes as the state continues to see on average more than 10% increases on market value year to year since 2022. Invoke Tax Partners’ Tampa Commerical Real Estate team has many years of experience working through reassessments and appeals for commercial real estate of all asset classes. We begin our talks early with the local tax agencies before tax values are finalized. Our main objective is to come to an agreement on fair values before county appraisers send out the proposed tax notices (TRIM) come August, thus avoiding the long appeals process and ensuring fair assessment of your properties. If we do not get the lowest recued assessment, we will communicate that before taking the action needed to file the formal petition to the VAB, or Value Adjustment Board before the September deadline.
The Tampa-St. Petersburg-Clearwater Core Based Statistical Area (Tampa CBSA), comprised of Hillsborough, Pasco, Hernando, and Pinellas Counties, has a population of nearly 3.3 million. The four county area is the second largest in the state and the fourth largest in the southeast United States. The City of Tampa is the largest incorporated area within the MSA and the seat of Hillsborough County. Clearwater, located just across Tampa Bay, is the second largest incorporated area and is the seat of Pinellas County. Tampa is a part of the metropolitan area most commonly referred to as the Tampa Bay Area.
Much like the rest of Florida, the Tampa CBSA economy continues to recover and evolve from the impacts of the COVID-19 pandemic and the economic crisis that followed. Market volatility continues due to inflation and interest rate hikes, continuing to effect the commerical real estate landscape. With a growing economy driven by business expansions and relocations, exceeding pre-pandemic levels despite wider economic challenges, we can expect to see commercial real estate ownership and investing opportunities continue to expand in the area. However, high inflation rates persist, with Tampa experiencing double-digit inflation in 2022.
