Is Your Property Tax Assessment Too High? Here’s How to Find Out
Every August, property owners receive a Truth in Millage (TRIM) notice, which outlines your property’s assessed value and the taxes you’ll owe in November. While the assessed values in Walton and Okaloosa counties are generally accurate, mistakes happen—and they can end up costing you more than you should be paying.
If you believe your property’s assessment is inaccurate, you have the right to challenge it.
Common Reasons for an Incorrect Property Tax Assessment
Here are some of the most frequent issues that can lead to an inflated tax bill:
Overvaluation: Assessors estimate your home’s market value, but they might rely on outdated or incomplete data. This can lead to an overvaluation, especially if home values have recently declined in your area.
Errors in Property Records: Simple mistakes can drastically affect your property’s value. Common errors include incorrect square footage, the wrong number of bedrooms or bathrooms, or an assessor’s record showing renovations or features that don’t exist.
Comparable Sales Discrepancies: Assessors use nearby properties to determine value. However, they may not properly account for differences like lot size, location, or the actual sale date of a comparable home. If similar homes in your neighborhood are assessed at a lower value, your assessment may be inconsistent with market trends.
Decline in Market Value: If the real estate market has seen a downturn since your last assessment, your property’s value may have dropped. Your tax bill might not reflect this change.
Unaddressed Damage: Significant, incurable damage like structural or foundation issues can lower your property’s value. If this damage isn’t accounted for, your assessment may be too high.
Incorrect Classification: An error in how your property is classified can lead to an inflated value. For example, if your home is mistakenly classified as commercial instead of residential property.
Missing Exemptions: Be sure to check your TRIM notice for exemptions you might qualify for, such as homestead, senior citizen, veteran, or blind exemptions. If an exemption is missing, you could be paying more than you should.
How to Challenge Your Property Tax Assessment
If you believe your assessment is incorrect, you must act quickly. Here’s what you need to do:
File a petition with the Property Appraiser’s office. You can do this at any time during the taxable year, but it must be filed no later than 25 days after your TRIM notice was mailed.
Attend a hearing. After you file your petition, a hearing date will be set. You or a representative must attend to present evidence supporting your claim that the property’s value is overstated.
Gather evidence. To make a strong case, you’ll need evidence. This could include comparable home sales in your area, corrected property records (showing accurate square footage, number of bedrooms, etc.), or proof of exemptions you qualify for.
A real estate agent or a private property appraiser can be a valuable resource during this process. They can provide a Broker’s Price Opinion or a professional appraisal to support your case.
