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Thursday, January 01, 2009

How is your Brevard County Florida Property Appraised?

When working with buyers one of the earliest questions to surface is "how are your property taxes?" Regardless of a buyer's experience as a homeowner, this is one topic even the rookie, first time buyer has been taught to ask!

First of all the value of a property is established on January 1st of each year. If you purchase a property during the year it is the January 1st value and exemption status that will be used for the property taxes due at the end of the year.

Property taxes are paid in arrears in Brevard County so if you sell during the year your share of the taxes will be paid by you at closing.

The below is an excerpt from the Brevard Property Appraiser web site.

The Property Appraiser is not the Tax Collector, and the Property Appraiser has nothing to do with the total amount of taxes collected. As a property owner, however, you should not only be interested in what value the Property Appraiser places on your property, but in how the amount of taxes you must pay is determined. This is the way it works:

If the Property Appraiser has found the assessed value of your home to be $55,000 and you apply for and are found to be eligible for the $25,000 Homestead Exemption, that $25,000 is deducted from the assessed value of your home to leave a taxable value of $30,000.

For this example, assume a total tax rate of 17 mills ($17.00 of taxes per $1,000 of taxable value) which is an accumulation of all the tax rates set by each of the taxing authorities. Divide the taxable value of your home ($30,000) by $1,000, which is 30; multiply that 30 by $17.00 to determine what your property tax will be, which in this case equals $510. This is the amount of tax due on your home by March, unless you pay the Tax Collector early and receive a discount. If paid in the following months, the discounts are: 4% in November, 3% in December, 2% in January and 1% in February.

For an in depth look at the property valuation and assessment process, follow this link to the Brevard Property Appraiser web site.

When purchasing a home consideration must be given to the cost of homeowner insurance, property taxes, and home owner association assessments, and community development district assessments (such as the planned unit development of Viera).

Purchasing real estate is about more than just the mortgage payment!

For information on homes for sale in Viera, Rockledge, Suntree, Cocoa and other central Brevard County areas, please call me directly at 321-693-3850 or email

Gary Waters, Century 21 Baytree Realty, Rockledge, Florida.

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