Evaluating TRIM Notices in Southwest Florida: A Comprehensive Guide

Every year in late August, our local governments send out TRIM (Truth in Millage) Notices to homeowners in Southwest Florida, specifically Lee and Collier counties, which include cities such as Fort Myers, Sanibel, Captiva, Bonita Springs, Estero and Naples, and it's essential to understand the significance of these documents. A TRIM Notice is more than just another piece of mail as it provides invaluable insights into property assessments and tax obligations. Outlined below are the basics of TRIM Notices where we discuss the process of contesting assessed values, and how the experience of Pfeifer Realty Group's advisors can help bolster your case during a protest. 

(Note: You have 25 days from the mailing of the TRIM notice to file a formal protest.) 

1. What is a TRIM notice?  

A TRIM Notice is an official communication from local government agencies to property owners, and it's about much more than just figures and calculations of taxes. This notice outlines details such as:

• Market Value: The property appraiser determines the market value of a property based on market activity prior to the assessment date. 
• Assessment Differential: The property appraiser ensures that annual value caps, established in the Florida Constitution, are applied to the market value (no more than 3% increase for homestead residential property and 10% for commercial properties).
• Assessed Property Value: The property’s market value with assessment differential for annual value caps applied. 
• Exemptions: Reductions in property tax owed based on applying and qualifying for the exemption (e.g., homestead, military/veteran, etc.)
• Taxable Value: The property’s assessed value with exemptions applied 
• Millage Rates: Each taxing authority adopts a budget and levies a millage rate to fund the budget.
• Ad Valorem Taxes: The tax collector applies the millage rate set by taxing authorities to the taxable value provided by the property appraiser.
• Non-Ad Valorem Assessments: Taxing authorities determine the non-ad valorem assessments (e.g., fire service, solid waste service, mosquito control, etc.).
• Annual Tax Bill: The tax collector sends the tax bills and collects the annual ad valorem property taxes and non-ad valorem assessments due from property owners

Protest Guidelines: If you believe the assessed value is inaccurate, the TRIM Notice provides guidance on HOW and WHEN to challenge it.

2. Protesting Assessed Values in Lee and Collier Counties

Homeowners have the right to challenge the assessed value stated in their TRIM Notice. This process, commonly referred to as a "protest," is an opportunity to present evidence supporting your claim for a revised property value. Counties typically allow for the protest to be completed online, in person or by mail. In person or mailed in protests are typically done by using the Florida Department of Revenue Petition Form.

To start a protest, follow the outlined instructions in your TRIM Notice and pay close attention to the documented procedures and deadlines.

More information can be found on the Florida Department of Revenue website. (https://floridarevenue.com/property/documents/pt101.pdf)

3. Local Expertise: Insights from Eric Pfeifer of Pfeifer Realty Group in Southwest Florida 

After you file your protest (petition), you will receive notice with a date, time and location of a formal hearing. You should receive this notice at least 25 days prior to your hearing. At least 15 days prior to your hearing, you must give the property appraiser a list and summary of the evidence you will present. You can also ask the property appraiser for a list and summary of the evidence they will present at the hearing.

So, what evidence should you present? This is where a local real estate advisor can make a difference when justifying your case. Eric Pfeifer, a leading local real estate broker suggested the following:

• Eric emphasizes, "For homeowners wanting to protest an assessed value, compiling recent sales data for properties comparable to yours is critical. These comparable should closely resemble your property in terms of size, age, condition, and location (i.e. comps). Presenting well-researched information backed by current market data can significantly boost the chances of getting your value adjusted."
• Eric also stresses the importance of documenting any unique features or issues that could influence your property's value. These might include unique architectural details, past and future upgrades, or even maintenance concerns.
• Another factor to take into consideration is the influence of circumstances such as Hurricanes or storm damage. To discuss areas effected by Hurricane Ian such as Sanibel, Captiva, Fort Myers Beach and Fort Myers reach out and consult with your real estate advisor on how this may effect your property value.

Finally, TRIM Notices provide insight into assessed values and tax obligations in for homeowners in Southwest Florida's Lee and Collier counties, which include cities such as Fort Myers, Sanibel, Captiva, Bonita Springs, Estero and Naples. Protesting an assessed value requires careful planning and substantiated claims. Teaming up with a Pfeifer Realty Group advisor can equip you with the insights necessary to navigate this process effectively.

Don't just throw away this notice, but review it and reach out to Pfeifer Realty Group for assistance if you think your value is too high.