Real Property

Real Property Real Property is defined as land, buildings and all other permanent improvements on the land and is broadly classified, based on land use. Real property values are calculated using the three approaches to value - market, cost, and income. In arriving at these values the property also considers Factors in Deriving Just Valuation. The below list illustrates the general classifications of property. Property Classifications: - Agricultural - Condominiums - Cooperatives - Government - Improved commercial - Improved industrial - Institutional - Mobile homes - Multi-family residential - Non-agricultural acreage - Retirement homes and misc. residential - Single family residence - Vacant commercial - Vacant industrial - Vacant residential In August, a Notice of Proposed Property Taxes (also called a TRIM - Truth in Millage Notice) is mailed to each property owner. Upon receipt of this Notice, property owners are urged to read it carefully, especially to review values and exemptions. Those who have questions are encouraged to call or visit the Office of the Property Appraiser. Appeals to the Value Adjustment Board must be filed by the deadline stated on the Notice. In November the Tax Collector mails tax bills. For information about tax bills, visit the Tax Collector website. Real Property Income Information The actual income from a commercial property may be considered under the income approach to value. By providing this income information the Property Appraiser will be able to develop a more accurate assessment. Letters are mailed to commercial property owners according to the Office records. Ultimately, the assessed value is a reconciliation of three approaches to value (income, cost and market). By providing this income information the Property Appraiser will be able to develop a more accurate assessment. In accordance with Florida Statute 195.027(3), all financial documents submitted to the Office of the Property Appraiser for consideration are deemed confidential. This request is for income associated with the rental of your property. Income generated by a business operation (For example; restaurant, cruise line, flower, import/export, etc.) is not needed. Typical documents needed: - Prior Year Federal Income Tax Return - January (Current year) Rent Rolls - Year Ending Prior Year Income and Expense Statements - Copy of typical lease, Operating Agreements and other documents per letter Send requested documentation to: Property Appraiser of Miami-Dade County P.O. Box 10591 Miami, FL 33101 Or by fax: 305-375-4533