A property appraiser from your county will visit you. During this, the appraiser will check the property’s characteristics and record changes made since the last visit. For example, adding or removing buildings. The appraiser also looks at the property’s condition, both in the interior and exterior installations.
How to Get Your Property Appraised
The easiest way to know the value of your property is through online real property tools like Realtor.com. You can check out our Top 10 Online Tool. However, if you need a more detailed or accurate appraisal, visiting the property appraiser offices in your county or the county where the property sits would be the best option.
Here’s a list of county property appraiser offices. You can find their location and links to their websites.
Indian River County
Miami Dade County
How Your Property Is Appraised
There are many approaches to how your property can and will be appraised. These are a few of those.
The appraisal district must know what properties have sold and how much they are selling in today’s market before determining your property’s value. By maintaining a database of real estate deals, we can arrive at the property value by studying comparable properties’ sales.
This appraising property method is based on the cost of building an identical structure at present. If the property is old, we must also find out how much value the building has lost over time.
This approach is preferred when appraising an income-producing property. This approach determines value through the analysis of income and explains the method to you.
There are essentially only two kinds of appraisal: fee and mass appraisal. They utilize the same basic appraisal principles and theories. A fee appraisal uses the three ways discussed above but with only one property being valued. Mass appraisal values the whole county, including neighborhoods, subdivisions, and market areas, among others, are appraised at one time by adopted standards.
Your oil or gas property value is based on the resources left in the ground rather than the money you received. Suppose you need more information about the appraisal of this complex property. In that case, the appraisal district can accommodate someone to explain the appraisal method.
You will receive your Notice of Appraised Value from the appraisal district in May. There you will see a listing of market values both from last year and proposed for this year for your land and improvements. Suppose you have a residential homestead exemption on your property. In that case, you may notice that your taxable value is less than your market value. That’s because the law provides that the taxable value of a property can only increase by ten percent each year, regardless of the market value increases. Suppose you have applied for and are receiving a superior valuation for agricultural, timber, or wildlife management use on your land. In that case, you will also see the assigned production value on your property. Your taxes in October will then be based upon the productivity value rather than the property’s market value.
Property tax is according to value, or “ad valorem.” When a property’s market value changes, its appraised value will likely change as well. Your property’s market value can vary due to the economy in general or changes you have made on the property, increasing its value. Ratio studies are conducted annually, and the appraisal schedule is adjusted per the transactions.