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2024 Real Estate Values are Going Up!

Understanding the New Property Values in Broward County, FL

Introduction

Broward County has recently released the new property values for the year, and homeowners across the region are eager to understand what these changes mean for them. These updated valuations can significantly impact property taxes, homestead exemptions, and portability benefits. In this blog post, we'll break down what these new values mean, how they are determined, and what homeowners should do next.

Your TRIM Notice is coming in August

A TRIM notice, or Truth in Millage notice, is a document sent to property owners in Florida to inform them about the proposed property taxes for the upcoming year. The notice is intended to provide transparency and allow property owners to understand how their property taxes are calculated, as well as to give them an opportunity to participate in the budget-setting process of their local taxing authorities. Here's a detailed breakdown of what a TRIM notice includes and its significance:

Key Components of a TRIM Notice

  1. Market Value:

    • The estimated price at which the property would sell under current market conditions. This value is determined by the Property Appraiser’s Office based on recent sales of similar properties, property improvements, and other relevant factors.

  2. Assessed Value:

    • This is the value of the property after any limitations on value increases, such as the Save Our Homes (SOH) cap, have been applied. The SOH cap limits the annual increase in assessed value to 3% or the Consumer Price Index (CPI), whichever is lower.

  3. Exemptions:

    • The notice lists any exemptions that apply to the property, such as the homestead exemption, which can significantly reduce the taxable value of the property.

  4. Taxing Authorities:

    • The TRIM notice identifies the various taxing authorities that levy taxes on the property, such as the county, city, school board, and any special districts.

  5. Proposed Millage Rates:

    • Millage rates represent the amount of tax per $1,000 of assessed property value. The notice provides the proposed millage rates for the upcoming fiscal year, as well as the current rates and the rates required to fund the proposed budgets of the taxing authorities.

  6. Estimated Taxes:

    • The notice provides an estimate of the property taxes based on the proposed millage rates and assessed value. This helps property owners anticipate their tax bills for the year.

  7. Public Hearing Information:

    • The TRIM notice includes information about public hearings where property owners can voice their opinions on the proposed budgets and millage rates. These hearings are held by the various taxing authorities.

Importance of the TRIM Notice

  • Transparency: The TRIM notice ensures that property owners are aware of how their property taxes are calculated and where their tax dollars are going.

  • Participation: By providing details on public hearings, the notice encourages property owners to participate in the local government’s budget-setting process.

  • Planning: Property owners can use the information in the TRIM notice to plan their finances for the upcoming year, especially if there are significant changes in the proposed taxes.

How Property Values Are Assessed

Property values in Broward County are assessed by the Property Appraiser's Office. The assessment is based on the fair market value of the property as of January 1st of the current year. Factors influencing these values include recent sales of similar properties, improvements or changes to the property, and market trends.

The assessment process aims to reflect an accurate picture of the property’s worth, ensuring that property taxes are fairly distributed among all property owners.

Key Changes in the 2024 Property Values

  1. Increase in Market Values:

    • Many areas in Broward County have seen an increase in property market values due to the ongoing demand for real estate and limited housing supply. Popular neighborhoods, particularly those near the coast and downtown areas, have experienced significant appreciation.

  2. Impact of Improvements:

    • Properties that have undergone substantial renovations or improvements have seen higher assessments. This includes additions such as new rooms, upgraded kitchens, and enhanced landscaping.

  3. Adjustments for Homestead Exemption:

    • For those with a homestead exemption, the assessed value increases are capped at 3% annually or the Consumer Price Index (CPI) increase, whichever is lower, under the Save Our Homes (SOH) cap.

Specific Increases in Market Values Across Broward County Municipalities

The increase in market values varies across different municipalities in Broward County. Here are some notable examples:

  1. Fort Lauderdale:

    • Market Value Increase: Experienced a 7.2% increase in home prices compared to last year, with a median price of $445,000 in April 2024​

    • Factors: High demand for waterfront properties, luxury condominiums, and proximity to business districts have driven up property values. New developments and revitalization projects have further enhanced the appeal.

  2. Weston:

    • Market Value Increase: Approximately 6-8%

    • Factors: Excellent schools, family-friendly communities, and a variety of amenities make Weston a highly desirable area. The well-planned neighborhoods and high quality of life contribute to the rising property values.

  3. Hollywood:

    • Market Value Increase: 9.20%

    • Factors: The redevelopment of downtown Hollywood, investment in beachside properties, and the presence of cultural attractions have led to increased market values. The city's strategic location between Fort Lauderdale and Miami adds to its desirability.

  4. Coral Springs:

    • Market Value Increase: Approximately 8.66%

    • Factors: Known for its parks, schools, and community-oriented atmosphere, Coral Springs has seen steady growth. The suburban feel combined with access to urban amenities has bolstered property values.

  5. Pembroke Pines:

    • Market Value Increase: Approximately 6-8%

    • Factors: Pembroke Pines continues to attract families and retirees due to its affordable housing, excellent healthcare facilities, and diverse shopping and dining options.

What Homeowners Should Do Next

  1. Review the TRIM Notice when received in August:

    • Ensure all information is accurate, including the property details and applied exemptions. Any discrepancies should be reported to the Property Appraiser's Office immediately.

  2. Understand the Impact on Taxes:

    • Higher assessed values can lead to increased property taxes. Homeowners should be prepared for potential changes in their tax bills and budget accordingly.

  3. Consider Portability:

    • If you are planning to move, understanding portability is essential. Portability allows you to transfer the SOH benefit to a new property, which can help in reducing the taxable value of the new home.

  4. File Appeals if Necessary:

    • If you believe your property's assessed value is incorrect, you have the right to file an appeal with the Value Adjustment Board (VAB). Call my office as soon as possible as you only 25 days from the date the TRIM notices are sent to appeal.

Conclusion

The release of new property values in Broward County is a significant event for homeowners, impacting their financial planning and property tax obligations. By understanding how these values are determined and taking proactive steps in reviewing and appealing if necessary, homeowners can ensure they are fairly assessed and make informed decisions about their properties.


Seth Lubin