Choosing a certified polk county property appraiser is an important step in determining the value of your home. Appraisals are typically required before a mortgage or selling agreement is finalized. Your real estate agent will be able to assist you in selecting an appraiser who meets all of your requirements. In order to help you better understand how the process works, this article will provide you with some information about Appraisal Methods and Values. You should also review your local real estate ordinances and regulations to determine if any laws are specific to your particular jurisdiction.
There are several types of appraisal methods and services offered by certified appraisers throughout the state of Florida. Appraisals can be made either "Inward" or "Outward" methods. "Inward" method of valuation involves the use of market sales data and other information to estimate a homestead exemption amount. Market sales data is usually available from the Department of Revenue, Insurance Department and various counties throughout the state of Florida. "Outward" methods of Appraisal typically utilizes a Bowflex machine, computerized acreage software, or a soil profile.
Each type of valuation has its own advantages and disadvantages. The best way to decide which method is the best for you is to evaluate each method on your own property and determine what factors would affect your decision. Two of the most important considerations are: market value and homestead exemption percentage. A market value is typically determined by using recent sales data to estimate a reasonable market price. Your property appraiser may use recent sales data from your area to create an estimated average or range for your home's market value. Your homestead exemption percentage is typically a percentage of the market value, where the greater of that percentage is less than the homestead exemption and/or taxes.
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Assessing the homestead exemption percentage can be a complex calculation with multiple factors that must be calculated. A simple calculation is to find the square footage of your home and multiply that by the current sales tax rate in your area. This is done to determine how much, if any, exemptions your home could potentially require. Many sales occur in the first or second year after purchase and there are a number of factors that can affect the sale's final price. It is recommended that you hire an experienced appraiser with a proven track record to handle these tough evaluations.
Tax Year One method used to calculate market value and homestead exemption percentage is the "janitorial services as assessed" or "assess and auction" method. In this method, a county or city will post information about its property tax year on January 1 of each year. Based on this information, an appraiser will determine how much your home is worth in a neutral market. Following the presentation of the tax year's homestead exemption and property taxes based on the valuation, if any exemptions are awarded, they will be added to the amount for sale. The sale date is then set for the homestead year in question.
Property Taxes Based on the appraised value and prior years' homestead exemption, a percentage of the property taxes will be designated as a "market value". This is the lowest percentage that will be applied to your sale. Some counties and cities may have additional requirements on property taxes based on prior year values. It is advised that you ask your real estate attorney when calculating this fee.
State Sales Tax If a previous year's homestead exemption is not available, the county will determine the market value based on the previous year's assessment value. The market value percentage will be determined as follows: The appraised value times 10% shall be the sales tax. There are exceptions to these rules, so it is best to contact your real estate lawyer if you believe that your percentage will be different. If you have a low homestead exemption but a high market value, the sales tax rate that will be used will be substantially lower than what would otherwise be used.
The process of allocating and collecting the Polk county real property taxes based on these rates requires a fair and scientific process. A non-ad valorem system is one where the value of the homestead exemption is subject to change each year based on recent market values. This system does not allow adjustments for the depreciation of a home; however, it allows for adjustments based on the rate of inflation. The counties throughout the state have adopted a non-ad valorem system in order to provide a more stable funding source for the Polk county government. This method of assessing the Polk county real property taxes has been used for over twenty five years.
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