Nov262012

New Tax Appeal Law May Impact You

I received an informative email last week relating to our property taxes. I saved the information to share with you as last week was so hectic! All homeowners should have received your property tax bills by now and some may want to appeal. You may, however, not be aware that a new law passed allows Miami-Dade County to cancel your tax appeal if you don’t pay your property taxes before April 1, 2013.

The State of Florida recently passed a new law (Florida Statute 194.014. Here are some of the salient points according to Property Tax Appeal Group.

You Must Pay To Play:

  • If you appealed your property taxes, you still must pay them before April 1st1
  • If you do not pay by April 1st, the County will automatically deny your appeal

12% Interest Payments:

  • If you win your appeal, the County will refund you the difference, and THE COUNTY PAYS YOU 12% INTEREST on the refund amount, from April 1st until the County issues the refund.
  • If you do not pay all of your property taxes before April 1st, YOU PAY THE COUNTY 12% INTEREST on the unpaid amount until paid.

Pros:

  • You can make 12% interest on your overpayment in property taxes
  • County now has a big incentive to speed up the time it takes to schedule your property tax appeal

Cons:

  • If you don’t pay, or underpay the property taxes, you will owe the government 12% interest. (This can’t happen so long as you pay all your property taxes before April 1st)
  • Even if you know with absolute certainty that your property taxes will be reduced upon appeal, you have to pay the full amount before April 1st in order for your tax appeal to take place

If you require further clarification, please contact the County Tax Appraiser’s office.


 

 

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