A Beautiful Locale, A Fair Share
Congratulations. If you already own property or are considering becoming a property owner
in Sarasota County, you have good reasons to feel pride of ownership. The locale is
beautiful, and a community dedicated to maintaining high standards helps protect both the
natural assets and your investment. With property owners working together by paying a fair
share, Sarasota County citizens can continue to enjoy an enviable way of life.
The Rights You Enjoy,
The Responsibilities You Share
You can reap further benefits by exercising your rights as a property owner. Your Property
Appraiser's Office is here to help explain the rights you enjoy and the responsibilities
you share as a property owner. The most important responsibility that you have to our
office is to provide accurate, up-to-date information about your property. In this way,
our office can help you realize all the benefits to which you are entitled.
Your Questions Answered,
An Invitation Extended
Please carefully read this link. It contains answers to often-asked questions about how
your property is appraised and granted exemptions. For more detailed information about a
specific topic, you may consult one of our special links on Homestead and Other
Exemptions, Residential Real Estate, Commercial Real Estate and Tangible Personal
Property. If you still have questions, please call or visit your Property Appraiser's
Office. We are here to serve you.
Types of Properties that are Appraised
Many people mistakenly assume that if they do not own their home or place of business,
they have no property to be appraised. In fact, Florida law requires appraisals for
various items defined as properties. The Sarasota County Property Appraiser's Office
addresses two main categories:
Real Property
More commonly known as real estate, real property includes all properties, both vacant and
with buildings or other improvements, used for residential, commercial, agricultural, or
any other purpose.
Tangible Personal Property
Tangible personal property includes furniture, fixtures and equipment used for business
purposes; furnishings located in a rental property; attachments to mobile homes on rented
lots; and others described in the Tangible Personal Property guidebook. It does not
include furnishings or property for personal use by you and your family.
Another type of property, mobile homes, may be assessed as real estate, as tangible
personal property, or as motor vehicles, depending on whether the owner of the mobile home
owns the land or is renting the space. Please refer to links on Tangible Personal Property
and Homestead and Other Exemptions.
How Property is Appraised:
The Market Place and Value
By buying and selling, building and renovating, renting and leasing, people make decisions
every day about the value of property. These marketplace transactions affect the annual
property appraisal. It is the job of the appraiser to gather and study information about
these activities and to arrive at a market value for annual assessment purposes. To
accomplish this, the appraiser considers such relevant factors as the sales prices of
similar properties, the property's replacement cost, the property's location and size, its
condition and operating costs, income from the property, and net proceeds from the sale.
The Appraiser's Research and Inspection
The appraiser obtains this information by gathering and analyzing records, interviewing
buyers and sellers, landlords and tenants, and visiting sites. Every property in Sarasota
County is physically inspected at least once every three years. Site inspections may be
made more often when property is sold, expanded, damaged, or its use changes. An
inspection also can be requested by a property owner at any time.
The Buyer's Options
The appraiser then uses this information to arrive at the property's market value. A
simple definition of market value is the typical price a willing buyer would pay to a
willing seller. To arrive at this typical selling price, the property appraiser also looks
at the buyer's alternative options, such as:
- Building a new property of equal desirability;
- Buying an existing substitute property that is equally desirable;
- Buying an alternative investment of equal risk and equal return.
Three Approaches to Value
These alternative choices relate to the three approaches that the appraiser traditionally
uses to arrive at a property's market value:
- The cost approach considers how much money it would cost, at current prices, to
construct a new property identical to that being appraised. After the "cost new"
is estimated, the appraiser subtracts all accrued depreciation caused by wear and tear,
functional problems and external factors. Finally, the value of the land, as if it were
vacant, is added to arrive at the property's worth.
- The sales comparison approach compares recently sold properties with the property being
appraised. The selling prices are researched carefully to determine what property rights
were conveyed, the financing terms involved, motivations of the buyers and sellers, market
conditions at the time of sale, the physical features and location of the property, and
other considerations. The appraiser compares these elements to the property being
appraised, making adjustments for differences, to arrive at an indication of the
property's value.
- The income approach usually reflects the actions of buyers of investment properties,
such as apartment buildings, shopping centers, office buildings and others that typically
are leased to tenants. To arrive at the property's value, the appraiser measures the
annual income from rents, after operating expenses are deducted, against rates of return
from comparable investments.
Homestead Exemption
In order to receive the exemptions to which you may be entitled, you must apply for them
by their respective deadlines at your Sarasota County Property Appraiser's Office. Proof
of residence and other documents are required. For more information, and to make sure you
have everything you need before making a trip, please refer to our link
Exemptions Mean Savings. If you still have questions, please call our office.
Homestead
You may qualify to receive an exemption that reduces the taxable value of your homestead
by up to $25,000. This important exemption is provided by Florida law and may be granted
if you own the property that you occupy as your permanent residence as of January 1.
The "Save Our Homes" Amendment
Florida voters approved Amendment 10, popularly known as "Save our Homes," for
property receiving the Homestead Exemption. The amendment limits the amount of the annual
increase to no more than 3 percent of the prior year's assessment or the percentage change
in the Consumer Price Index, whichever is less. The limits are effective in the year that
follows the granting of the exemption, and they apply as long as property continues as the
homestead and does not change ownership.
Other Exemptions and Classifications
In order to receive the exemptions to which you may be entitled, you must apply for them
by their respective deadlines at your Sarasota County Property Appraiser's Office. Proof
of residence and other documents are required. For more information, and to make sure you
have everything you need before making a trip, please refer to our link
Exemptions Mean Savings. If you still have questions, please call our office.
Personal
Personal exemptions are available for widows and widowers, disabled persons and disabled
veterans.
Organizational
Organizations that use their properties for charitable, religious, scientific,
educational, and literary purposes may apply for exemptions.
Agricultural
There is no special exemption that applies to agricultural land, but property that is used
for a commercially viable agricultural operation may realize certain benefits through an
Agricultural Use Classification.
Who Sets Taxes?
The Property Appraiser does not set the amount of the tax or collect the property tax. The
yearly tax, or millage rate, is fixed by various taxing authorities, including city and
county commissions, the school board, water management districts and the public hospital
board. After the taxing authorities pass the budgets, your taxes are collected by the
Sarasota County Tax Collector.
The Taxing Authorities Act as Two Types of Taxing Districts:
Ad Valorem Districts generate revenues to partially support public services by applying a
set rate, called millage, to your property's taxable value.
Non-Ad Valorem Assessment Districts, which levy fixed amounts to provide revenues needed
to pay for fire and public safety, street maintenance, solid waste and stormwater
management, and other public services.
A property's appraised value is considered only for applying the Ad Valorem millage rate.
Your Property Appraiser's Office works diligently on behalf of all property owners and in
cooperation with Sarasota County authorities to ensure that the information we provide is
accurate, fair, equitable and up-to-date at all times.
Your Taxes and the TRIM Notice
Once the Taxing Districts set the millage rate, you will receive an estimate of proposed
property taxes, called the Truth in Millage, or TRIM Notice. This advance notice, which is
mailed each August, is not a bill. Rather, it is an estimate that lets you know how much
money you will pay if the Taxing Districts adopt their proposed budgets. You can voice any
questions about the Ad Valorem budget and millage as proposed in the TRIM Notice to your
elected officials during budget hearings.
If your question concerns your property's value, please call our office when you receive
the TRIM Notice. You can request a review and informal conference about your property's
value at any time, but we can help you best when you request our assistance early in the
process, before the budgets and assessment rolls are approved.
If You Disagree
If you disagree with the Property Appraiser's assessment of your property's value, or the
denial of an exemption request, you have the right to appeal. But please call us first, or
come by our office for an informal conference. We will be happy to show you how we arrived
at the appraisal or reached a decision on exemptions. If you have evidence to support your
position, we will welcome an opportunity to review it.
After talking with us, if you still think that the value on your property is incorrect,
you may file a petition within 25 days after the TRIM Notices are mailed to present your
case to the Value Adjustment Board. The Board also hears appeals on exemption denials. If
you are not satisfied with the decision of the Value Adjustment Board, you have the right
to file suit with the Circuit Court.
For more information about filing an appeal, please call our office. Your understanding
and satisfaction as a property owner are important to us.
Purpose of the Property Appraiser
As a Constitutional officer, your elected Property Appraiser is responsible for ensuring
that office procedures comply with federal, state and local mandates.
A State Mandate
Your Property Appraiser is charged by the Florida Constitution with establishing the fair,
legal and just value of all property in Sarasota County. Our assessment rolls are
submitted to and reviewed by the Florida Department of Revenue.
A County Office
The Property Appraiser is an elected constitutional officer serving all of Sarasota
County. Our office operates independently from -but in cooperation with - other county and
municipal bodies, whether they are elected, appointed or administrative.
A Responsibility to the Electorate
The Property Appraiser is elected by and serves at the pleasure of Sarasota County voters.
The ultimate and highest responsibility of our professional office staff is to do our job
efficiently, accurately and fairly so that you receive the benefits you deserve from your
Property Appraiser's Office.
How the Property Appraiser Can Help You
We answer your questions. Terms like assessments, value, exemptions and tangible
personal property can be confusing. Please call us at any time; we will be happy to help
you sort it out.
We share maps and data. Our office keeps track of all sorts of data that could be
helpful if you are considering making a purchase, sale or business move. We maintain
updated boundary maps, aerial photographs, descriptions of buildings and property
characteristics, lists of properties receiving exemptions, and property sales prices. You
can look at this information in our office, and much of the data can be photocopied at a
reasonable cost.
We provide efficient, helpful service. Your Property Appraiser's Office is staffed with
helpful, knowledgeable people and equipped with modern technology. Please feel free to
visit our offices and take advantage of the services available to you.
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