If you are looking for a Bay County Property Appraiser, you are advised to seek a licensed professional. A licensed appraiser should earn an associate's degree from an accredited school and at least three years experience working as an appraiser. Appraisals are the basis of any real estate transaction in Florida, including home buying and selling. Appraisals must be completely accurate, timely, and completely comprehensive. There are some basic things that the Appraisers are responsible for:
Applying the Homestead Exemption. There are seven homestead exemptions that are allowed in Florida according to the Florida statute book. The seventh homestead exemption allows a homebuyer to build up to thirteen rooms on his or her main residence. For people who fall within this category, the bay county property appraiser will make you aware of your restricted homestead exemption status.
The Process For Appraising The Household Income Of Each Person. This task is known as the income appraisal, and it is a part of the duty of each bay county property appraiser. During the appraisal process, the appraiser will collect information such as monthly bills, the income of each person living in the household, and other relevant information such as the number of people in the household and their ages. The appraiser will compare these facts with the information in your tax returns to determine the taxable value of the house.
How Your Bay County Property Appraiser Can Help You Save Money on Taxes
Calculating The Increases In Values. The appraiser must also calculate the increases in values for the house, as well as the market value of other properties in the same area. The increase in values must be relative to the surrounding properties that are comparable in respect to the house, such as the square footage, number of bathrooms and bedrooms, and other similar factors. The appraiser must also compare the sale price of comparable homes within the bay county property valuation area with the sales prices of houses within the same area within three years before the sale.
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Determine The Tax Liability Of The Property. The next step is to determine your personal property tax liability, which is the amount of money that you owe on your personal property. You may owe more money than what is actually owed by your mortgage company, if the appraiser determines that the real property in question is worth more than what you owe on it. The county assessor will issue you a property tax resolution after the home has been valued.
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Appraising For Property Taxes. After all of the information regarding the home's physical condition has been compiled (including the bay county property assessment), the appraiser will prepare an itemized value for the home, as well as a "trim notice." The trim notice is a document that outlines the assessed value of the property, which the county assessor plans to sell at auction.
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A homestead exemption is determined based on your residence at the time of purchase. This homestead exemption determines how much money your home is worth at the time of sale, as well as whether or not you can exclude non-income producing assets from the sale of the property. Prior to the sale of the home, the County Assessor will submit an evaluation of the home's current market value and a list of "exempt items." The exempt items are those items that have not been attached to any residential lot, building, or land.
These exemptions vary from one jurisdiction to another, so it is important that you contact your local County Assessor to determine what exemptions will be available to you. Your Bay County property appraiser will be familiar with your specific municipality, but he or she will also be able to get you familiar quotes on the property taxes for the area in which you live. You will pay these taxes according to the schedule laid out by the school board. There are many ways for home and business owners to save money on property taxes. If you are a resident of Bay County, talk with your County Assessor to find out what opportunities exist for you.
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