• General Information
• Residential Real Estate Defined
• Setting the Value
• Defining Value
• Property Visits
• Three-Year Field Review
• More frequent site inspections for changes
• The Appraiser's Tools and Factors
• Other Factors
• Does "Save Our Homes" Affect Assessments?
• What Exemptions Are Available?
• Why is the TRIM Notice Important?
• The Right to Appeal
• Are Condominium Common Elements Appraised?
• How is Damaged Property Treated?
• What is the Property Appraiser's Role?
• Property Record Search

General Information

The word value can have several different meanings when applied to the property where you and your family reside. Families often build cherished memories along with a home's equity. In the process, the property may acquire a sentimental value that is not always reflected in the market place.

Value may have an altogether different meaning when used by real estate agents, mortgage lenders and taxing authorities.

We have prepared this link to explain value and other terms as they apply to your residential real estate assessment and appraisal by the Sarasota County Property Appraiser's Office. Please carefully read this link so you will be informed about the laws affecting your property and the rights and responsibilities you enjoy as a property owner.

You may want to peruse an additional link on Exemptions and General Appraising. If you still have questions, please call or visit your Property Appraiser's Office.

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Residential Real Estate Defined

Real estate is appraised as residential by the Sarasota County Property Appraiser if it is occupied by an owner or tenant as a residence and can be described as a:

• Single family home
• Multi-family residence (up to four families)
• Condominium home
• Co-operative apartment
• Manufactured or mobile home when the underlying land is under the same ownership
• Vacant residential building lot

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Setting the Value

The value of your property is not created by the Property Appraiser or any other official. Rather, it is people just like you - buyers and sellers, builders and developers, landlords and tenants - who determine a property's value by making transactions every day in the real estate marketplace.

Various types of transactions can affect a property's value. For example, you may add a bedroom or garage to your home. Or a remodeled kitchen and new landscaping may help you establish a higher price when you sell your home. You may find that a nearby development of upscale homes has made your property more desirable. Each of these scenarios could serve to increase the property's value.

The opposite also holds true: If your property is not maintained or your surrounding neighborhood declines, and there are no offsetting positive factors, your property's value could decrease.

The homeowner who buys a piece of property and builds the family home at a bargain price often is surprised when the assessed value is higher than the owner's cost to build. In this instance, as with all assessments, the value is derived by considering numerous factors, not just raw costs. These factors and our appraisal methods are explained further in the following sections.

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Defining Value

• Just Value is our estimate of the market value of your property; it is the typical price a willing buyer would pay a willing seller as of January 1.
• Assessed Value equals Just Value minus the Save Our Homes cap. (If you have homestead exemption, the annual increase in assessed value is limited to 3 percent.)
• Taxable Value equals Assessed Value minus any exemptions, such as the homestead exemption or the widow's exemption.

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Property Visits

State laws and industry standards dictate certain appraisal methods, but the Sarasota County Property Appraiser's Office works hard to do more than simply meet the legal requirements.

Your cooperation is important for an accurate appraisal, especially when we are in your neighborhood for an on-site inspection. If you have a high gated fence, unfriendly pets or an overly-sensitive alarm system, we may ask you to take necessary measures to allow us safe and unhindered access for a thorough inspection of the property. Our appraisers will not insist on entering your grounds if you refuse entry, but it is important to note that without a property owner's cooperation, we could be forced to assess the property by making assumptions that could result in an inaccurate value. Furthermore, an owner who refuses to allow an appraiser on the property may forfeit the right to contest the resulting assessment.

Each year the Property Appraiser values property according to its status and condition on January 1. The market value of most properties fluctuates from year to year, and Sarasota County has hundreds of thousands of properties. To meet this challenging demand, the Sarasota County Property Appraiser's Office uses modern technology and efficient systems to research and gather and analyze data, including information gained from inspection visits. Generally, you can expect to see an appraiser in your neighborhood for one of the following purposes:

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Three-Year Field Review

At least once within each three-year period, we visit every property in Sarasota County to conduct an on-site review. In most cases, we will walk around the property, reviewing physical characteristics and confirming the building's measurements. As a courtesy our appraisers will knock on your door and show identification.

Sarasota County Property Appraisers are dressed in business attire and always carry official name badges and photo identification. Our staff's goal is to uphold the highest professional standards and greet each property owner with courtesy and respect. Please let us know how you think we are doing.

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More frequent site inspections for changes

We also conduct on-site inspections with a door knock when a building permit is issued, a sale is recorded, a property is damaged, or at the request of an owner who desires a review.

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The Appraiser's Tools and Factors

The Sarasota County Property Appraiser's Office employs professionals trained in the art of appraising. We use various documents, data and records to accompany information gained from our site inspections. Among the items that we may review are building permits, house plans, a developer's plans for the subdivision, aerial photographs, sales reports and legal documents such as plats and surveys. These data are analyzed and considered, weighed, and factored in to arrive at the appropriate and correct value.

Although property sale prices are considered, the sale of a single property does not trigger an automatic adjustment in the appraised market value for that property or others throughout the surrounding neighborhood. Rather, sales of comparable properties over a period of time are reviewed by the appraiser as one important factor in arriving at the property's value. Our appraisers generally find sufficient comparable property sales in Sarasota County's active real estate market.

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Other Factors

Some other factors we consider when we inspect a property to find its market value:

• The amount a willing purchaser would pay a willing seller
• The highest and best use to which the property can be expected to be put
• The location of the property
• The quantity or size of the property
• The cost of the property
• The condition of the property
• The income from the property
• The net proceeds of the sale of the property

For your convenience, you may click on a separate link, understanding Appraisals, with general information and explanations of typical approaches used by an appraiser to arrive at market value. Another link, Tangible Personal Property, has helpful information for property owners who rent their properties.

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Does "Save Our Homes" Affect Assessments?

Florida Amendment 10, known as Save Our Homes, is a voter-initiated state constitutional amendment that applies to homestead-exempt property. Save Our Homes limits annual increases in assessed value of homestead property to no more than 3 percent or the change in the consumer price index, whichever is less. The amendment dictates that the assessed value never will be greater than the property's market value.

Because of Save Our Homes' limitation benefits, your property's market value may differ from its assessed value. The limits start the year after your homestead exemption is effective. If you purchase a property that carries a low assessed value because the previous owner enjoyed the benefits of Save Our Homes, you will see an adjustment in your first year of ownership to bring the assessment to its current market value. After the first year, assuming you apply for and qualify for the homestead exemption, the property would begin receiving the Save Our Homes benefits.

After your homestead exemption is approved, you do not need to apply every year for Save Our Homes benefits. If your property receives homestead exemption, the benefit automatically applies and is reflected in your assessment. Please call our office if you have more questions about Save Our Homes.

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What Exemptions Are Available?

If you are a permanent Florida resident who owns and resides in your home, you most likely qualify for important exemptions that could represent significant savings in your property tax bills. Qualified homestead property receives up to $25,000 in exemption from the assessed value plus Save Our Homes' limitations on annual increases. Other exemptions are offered for widows, widowers and disabled persons.

There is an important key to receiving exemptions - you must apply for them. We encourage you to take advantage of all the benefits available to Florida property owners. For more information on how to apply and important deadlines, please click on our links, Homestead Exemption & Other Savings and The Agricultural Classification.

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Why is the TRIM Notice Important?

The Notice of Proposed Taxes is referred to as The TRuth In Millage (TRIM) Notice. This estimate of proposed property taxes is mailed each August to every property owner. The TRIM Notice is not a bill, but it needs your immediate attention because it sets forth the amount of money you will pay if the taxing districts adopt their proposed budgets.

The TRIM Notice reflects the estimated amount of Ad Valorem taxes, the official name for property taxes. Your tax is based on a millage rate (set by taxing districts) multiplied by your property's taxable value (appraised by the Property Appraiser's Office). The Property Appraiser's Office is happy to explain and clear up any concern about your property's value and exemption. However, if your questions concern the millage rates, taxes or budgets, please contact the taxing authority listed on the notice. The best time to call with any questions is soon after you receive the TRIM Notice. State laws severely restrict our ability to make revisions or corrections once the assessment roll is certified.

You may receive a separate mailing called a Notice of Proposed Non-Ad Valorem Assessment. As its name implies, Non-Ad Valorem fees are not based on your property's value and the Property Appraiser therefore has no involvement with them. Please direct any questions you may have about Non-Ad Valorem fees to the levying authority listed on the notice.

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The Right to Appeal

If you disagree with the Property Appraiser's opinion of your property's value or an exemption denial, you have the right to appeal. Your options for a challenge include coming by our office for an informal conference, petitioning the value adjustment board, or filing a suit in Circuit Court. We encourage you to meet with us first. We will be happy to review your valuation and consider any evidence that supports your position. If you want more information on the other avenues for appeal, please call our office.

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Are Condominium Common Elements Appraised?

Condominium and villa associations and many new planned communities share amenities and common elements such as retention ponds, recreational areas, private streets, special lighting, and nature preserves. The presence and condition of these features obviously influence the prices of the individual residences and therefore are reflected in their appraised value.

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How is Damaged Property Treated?

Residential real estate that is damaged by a storm, fire or other casualty, forcing you to replace part of the property, may receive special treatment at appraisal. The keys are the condition of the property as of January 1 and whether the property has received a homestead exemption, making it eligible for "Save Our Homes" limitation benefits. This is a complicated portion of appraising, with every unfortunate event having different results. If your property suffers a casualty, please call us directly to learn what affect, if any, it will have on its appraised value.

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What is the Property Appraiser's Role?

The Property Appraiser is an independent elected officer serving Sarasota County with a legal charge by the Florida Constitution to establish the fair, legal and just value of property. To understand best the role of our office, it may help to know more about what our role does not encompass.

Our office does not decide how much property tax you will pay. Instead, our job is to provide accurate information to the taxing districts, who in turn set the amount of tax you pay according to the districts' budget needs.

We do not create the value of your property. As explained, you and other buyers and sellers help create value by deciding how much a real estate transaction is worth. Our responsibility is to gather and analyze that information for all properties in Sarasota County in order to arrive at a market value.

Beyond the legal requirements of our office, we consider our highest honor the service to Sarasota County property owners. We regularly assist property owners by explaining terms and laws about property assessment, and sharing maps, aerial photographs, property sales prices and other data that could be helpful when transactions are being considered. Please visit or call our offices any time we can help you.

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Mailing Address & Sarasota Office Location:
Jim Todora, MAI, CAE
Sarasota County Property Appraiser Terrace Building
2001 Adams Lane, Sarasota, FL 34237

Venice Office Location:
South County Administration Building
4000 S. Tamiami Trail, Venice, FL 34293

Telephone Numbers:
(941) 861-8200
Fax (941) 861-8260
TDD NUMBER (941) 861-8235

Copyright © 2001-2006 Sarasota County Property Appraiser.
All rights reserved.