Frequently Asked Questions
These are examples of questions frequently asked. There are many individual circumstances which can impact upon the appraisal and filing process. The Property Appraiser welcomes your inquiries. This office is here to serve you and all residents of Hardee County to ensure fair and equitable appraisal of property.
• tracks ownership changes
• maintains maps of parcel boundaries
• keeps descriptions of buildings and property characteristics up to date
• accepts and approves applications for exemptions and other tax relief
• analyzes trends in sales prices, construction costs, and rents to best estimate the value of all assessable property
To estimate the value of a property, the property appraiser must identify the properties that have sold, their sale prices and the terms and conditions of the each sale. Once this is determined, the property appraiser can base the value of a property on sales of comparable properties. This method of appraising property is considered the sale comparison approach to value.
Two other methods are used to appraise property – the cost approach and the income approach. The cost approach is based on how much it would cost today to build an almost identical structure on the parcel. If your property is not new, the appraiser must also determine how much the building has lost value over time. The value of the land itself is also determined – without buildings or any improvements. The income approach (usually performed on commercial property) requires a study of how much revenue your property would produce if it were rented as an apartment house, a store, an office building and so on. The appraiser must consider operating expenses, taxes, insurance, maintenance costs, and the return or profit most people would expect on the type of property you own.
As part of their budget process, these taxing authorities set millage rates based on their determination of what services are needed, and the cost of those services. They set the rate by dividing their total budget by the taxable value of all property within the taxing district.
Example: Budget Needs $13,750,000 ÷ $1,540,000,000 (taxable value) = 8.929 mills. Property owners will pay $8.929 per $1000 in taxable value.
Another part of your tax bill is fee based rather than value based. This part of your tax bill may include solid waste collection and disposal fees and fire assessment fees.
Assessed Value – The value of your property after any “assessment reductions” have been applied. This value may also reflect an agricultural classification. If “assessment reductions” have been applied or an agricultural classification is granted, the assessed value will be different for School Versus Non-School taxing authorities and for the purpose of calculating tax levies.
Taxable Value – Taxable value is the current assessed value less all applicable exemptions used in the calculation of taxes for taxing authorities.
Agricultural Value – While market value assessments are based on the most probable price at which properties would sell according to their highest and most profitable use, properties receiving an agricultural classification are assessed based on the income potential of the property as farmed.
The SOH cap and 10% Cap was intended to prevent abrupt increases in taxable value on property when abrupt upward changes in the market occurred.
The Florida Department of Revenue proposed an Administrative Rule which requires the assessed value to be increased annually as long as it is lower than the market value. That Rule was adopted by the Governor and Cabinet, sitting as the Administrative Commission.
The TRIM Notice shows you the taxable value of your property and provides information on proposed millage rates and taxes as estimated by each Hardee County taxing authority, which includes the County Commission, School Board, Cities, SWFWMD and the Indigent Health Care Board.
The TRIM Notice also gives you information on proposed millage rates and taxes as estimated by your county taxing authorities. It also shows you when and where these authorities will hold public meetings to discuss tentative budgets and set your final tax millage rates.
NOTE: The TRIM notice is a two sided form – the front of the form provides details of the property taxes and the back side of the form gives details of the non-ad-valorem taxes, which are fee-based rather than value based.
Market value, whether for private appraisal or for assessment purposes, is based on selling price under typical market conditions and not on an individual sale. By definition, market value may be more or less than the actual sale price of a particular property because conditions of that particular sale may differ from what is typical in the market for similar properties. Also, sometimes a buyer pays above or below market value for a multitude of reasons.
The Property Appraiser’s estimates of market value are based on typical market conditions as of January 1 of each year – eleven months prior to when you receive your tax bill. Market conditions may have changed during that time, sometimes quite significantly.