Florida commercial owners urged to review property tax assessments

Commercial property owners in Florida are being urged to review annual property tax assessments after August TRIM notices arrive and file appeals when values appear inaccurate. The guidance matters because strict deadlines and shifting market conditions can affect taxes on office, retail, industrial, multifamily and hospitality assets.

Why it matters: - Florida commercial property owners may be taxed on values that do not reflect current market conditions, vacancy, deferred maintenance, storm damage or other factors. - An inaccurate assessment can increase carrying costs at a time when insurance, occupancy and operating conditions may already be under pressure. - Missing the appeal window can limit an owner’s ability to challenge a Just Value before tax bills are finalized.

What happened: - Florida county property appraisers typically send Truth in Millage, or TRIM, notices each August. - Owners are being encouraged to review those notices immediately and decide whether an appeal is warranted. - The warning applies to office buildings, retail centers, industrial facilities, multifamily projects and hospitality assets. - Steve Cunningham, managing director of SVN Commercial Partners, said his experience as a former Florida Value Adjustment Board Special Magistrate helps him guide owners through the appeal process.

The details: - Appeal deadlines are strict and often fall about 25 days after TRIM notices are issued. - Florida property tax appeals are a quasi-judicial process that requires knowledge of state law, appraisal principles and Value Adjustment Board procedures. - Successful appeals depend on credible evidence, timely filing and clear presentation before a Special Magistrate. - Factors that may support a lower value include declining occupancy, rising insurance costs, lease concessions, environmental challenges and functional obsolescence. - The source urged owners who believe their Just Value exceeds market value to act quickly and protect their rights. - More information is available by contacting Stephen A. Cunningham, MAI, SRA, CCIM, state-certified general real estate appraiser RZ 300, at 239.910.4085 or steve.cunningham@svn.com.

Between the lines: - The message reflects a broader push by commercial property professionals to challenge assessments in markets where values are shifting fast. - In Florida, owners who wait until tax bills arrive may already be past the key filing deadline, making early review the practical priority. - The emphasis on hiring someone familiar with both valuation and VAB hearings suggests the appeals process is specialized and hard to navigate without expert help.

What's next: - Commercial owners will need to compare assessed values with market evidence as soon as TRIM notices arrive. - Owners with disputed assessments may need to gather appraisal data, operating statements and other supporting documents quickly. - If an appeal is filed, the case would move into the VAB process for review before a Special Magistrate. - SVN Commercial Partners says it will continue helping owners prepare evidence and present their cases for fair and equitable assessments.

The bottom line: - Florida commercial property tax appeals are time-sensitive, and the best chance to reduce an inflated assessment starts with an immediate review of the TRIM notice.