When it comes to real estate in Volusia County, there are some important people involved. If you are looking for a new home or trying to sell your existing home, you should take the time to learn about these people. They can help you out with some of the more difficult aspects of the purchase process. These individuals are also responsible for determining what properties are worth, as well as how much they are worth. Here are some of the key roles that each individual play.
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Who is a Real Estate Appraiser? A real estate appraiser is someone who is independent, knowledgeable, and thorough when it comes to evaluating real property in Volusia County. What does the Volusia County Property Appraiser accomplish? The Volusia County Property Appraiser not only identifies property values but also identifies any liens that exist on the property. They may also identify ownership changes or determine if there are any exemptions.
What Does a Property Appraiser Do? A real estate appraiser is one of the most important people associated with real estate in Florida. Their findings can be utilized by home buyers, sellers, or equity lenders to purchase, sell, or borrow equity in homes.
What Does Your Volusia County Property Appraiser Does?
What Does the Appraiser Look For? The appraiser will look at several factors to determine the value of a property. These factors include location and size of the home, number of rooms, the structure of the home, and the condition of the home. There are several exemptions that the appraiser will look at as well.
What Are the Exemptions? In February 2021, the Florida Supreme Court ruled that there must be proof of public necessity before a county could engage in tax deed sales. The January 2021 edition of the Florida Register contained a list of public necessities that required county government action, which included; the sale of a mobile home.
What Are the Tax Deduction? The appraisal process includes an assessment cap. Once a property has been sold, the appraisal determines the assessable value of the home and then either collects these values or sells them to the highest bidder on the market. The appraiser then resells these homes for a predetermined price and then collects additional statutory assessments, commonly referred to as assessment caps.
How Are Taxes Determined? Prior to the Tax Deed Sale, the county's Assessor typically completes an investigation to determine the property's worth and apportion funds from this value to each of the taxing jurisdictions. After this is completed, the counties are required to annually re-certify these values. In addition to being certified, each value must receive an individual certificate of valuation. When these certificates of valuation are received by the Volusia County Property Appraiser, they will identify the jurisdiction that the property was assigned and the current taxes on the property.
Are There Any Other Exemptions? Yes. In 2021, the Florida legislature passed a bill that eliminated two major exemptions from being imposed on the homestead property. Prior to this elimination, homestead laws imposed a tax on the entire property with no allowance for appreciation. Appreciation was only allowed for commercial real estate properties.
Why was the value adjustment board eliminated? The bill, House Bill 1390, was proposed by state Representative Joeroycraft (R) of Jacksonville. The purpose of House Bill 1390 was to eliminate the Volusia and Orange Beach home appraisal exemptions. This would have left both homestead and mobile home appraisers without an appropriate certification to judge a value of the property. Currently, there are three appraisers in Volusia County who may assign different appraisals, but each appraiser has the same certification and has the same value assigned to the property.
What Does This Mean For Homeowners? Appraisers were always considered experts in residential property appraisals, but now there will be less emphasis on their expertise. If you're currently shopping for a new appraiser, ask what type of experience they have. They should be able to discuss the exemptions and how they would implement them into your unique situation. It is possible that a new appraiser could find that a majority of your home's value is based on one or two exemptions that are currently being imposed by the Florida Department of Financial Services. It is also possible that they will not find any exemptions at all and your property tax bill could go up.
What is the "cap" on homestead exemptions? The cap is a percentage of the assessed market value of your home. Once the cap has been reached, the county will re-assess your home for market value and if it is over the cap, your taxes will go up. So, if your home is worth more than the cap, you may be able to exemptions, but you'll have to pay more in taxes. If your home is worth less than the cap, however, you may no longer have to pay market value, but you may still be required to pay property taxes based on the rate that the county is using.
Is there a way to exempt your property from the appraisal? Many counties in Florida law to allow a property owner to apply for a partial homestead exemption. In order to qualify for an exemption, you must have a home that meets the criteria of a total homestead exemption, which may be based on the historical assessment value of your home, the millage rates in your area, and the ratio of available space to the area's population.
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