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TRIM FAQs
Frequently Asked Questions Regarding the Notice of Proposed Property Taxes (TRIM Notice)
How is the market value (just value) of my home determined?
What if I disagree with the market value (just value) on my TRIM?
Why did my property’s assessed value go up from last year if the market value (just value) went down?
What is the Rollback Rate?
I thought I had a homestead exemption, but it is not listed on my Notice of Proposed Property Taxes. Why?
Why am I receiving a partial homestead exemption?
I bought a house from a bank, but the market value on my TRIM was much higher than I paid. Why?
My assessed value increased to market value this year, and my cap savings are gone. Why would this happen?
My neighbor and I have very similar homes. Why are my taxes higher?
I own a commercial property and understand that these is a 10% cap on annual assessments of non-homesteaded property. Why did my assessment go up more than the cap?
How do I change my mailing address?
How is the market value (just value) of my home determined?
The Property Appraiser determines just value (also called market value as listed on your notice) for all real estate in Duval County in accordance with Florida law. Just value is based on fair market value which is the estimated price a purchaser willing but not obliged to buy would pay a seller willing but not obliged to sell. The market value listed on the TRIM notice, which is determined by the Property Appraiser’s Office, excludes estimated reasonable selling costs. Property is assessed as of January 1 each year, so market (just) value is typically determined by analyzing sales data of comparable properties which have occurred prior to January 1.
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What if I disagree with the market value (just value) on my TRIM Notice?
The mailing of the TRIM Notice begins the 25-day appeal period. If you disagree with the value set by the Property Appraiser’s Office or feel you should have qualified for an exemption or agricultural classification, please contact us for an informal review.
Property owners who wish to formally protest the market value set by the Property Appraiser’s Office or the denial of an exemption or agricultural classification have 25 days from the mailing of the Notices of Proposed Property Taxes to file a formal petition with the county’s Value Adjustment Board (V.A.B.) at 117 West Duval Suite 305, Jacksonville, Florida 32202. The Property Appraiser’s Office cannot accept VAB petition forms. The deadline for 2023 is Tuesday, September 5, 2023.
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Why did my property’s assessed value go up from last year if the market value (just value) went down?
The “Save Our Homes” law for homesteaded property caps annual increases in assessed value at 3% or less based on inflation. Most properties affected by this scenario would be long-time homesteaded properties with a deferral (difference) between their market and assessed values due to “Save Our Homes”.
As market values increase, assessed values are held down. Over time, this leads to assessed values that are below just value. This difference is not taxed but rather “deferred” until the market value is once again equal. Even if the market value on your home may have decreased this year, the assessed value – by state law – must continue to increase until the market and assessed values are equal. (In other words – until that deferred value is gone.) This is commonly referred to as “recapture.”
Each year the Florida Department of Revenue publishes the annual increase (or decrease) percentage in the assessment, which is based on the change in the National Consumer Price Index (CPI).The increase applied to assessed values of homesteaded properties for 2023 is 3.0%. Last year, 2022, the increase was 3.0%.
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What is the Rollback Rate?
The 'Rollback Rate' or rate used in column five of your TRIM notice to calculate 'Your Taxes this Year if NO Budget Change is Made' is the tax rate that would generate the same amount of revenue to the taxing authority (City, Schools, etc.) as last year based on the current certified preliminary gross taxable value of property, excluding new construction.
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I thought I had a homestead exemption, but it is not listed on my Notice of Proposed Property Taxes. Why?
If your exemption is not listed on your TRIM notice, there could be a number of reasons:
- The property owner may have filed for the succeeding year. (You must own and occupy your home as your primary residence on January 1 of the tax roll year in order to qualify for a homestead exemption.)
- The property owner did not file for a homestead exemption
- The exemption was removed due to a denial, change in ownership or other reason
If you are unsure, please contact the Customer Service/Exemptions Division at (904) 255-5900. Or email them at pacustserv@coj.net.
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Why am I receiving a partial homestead exemption?
You could be receiving a partial exemption for a number of reasons:
- The property is owned by multiple owners
- The property has multi-uses
- There are multiple buildings on the property
If you are unsure, please contact the Customer Service/Exemptions Division at (904) 255-5900. Or email them at pacustserv@coj.net.
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I bought a house from a bank, but the market value on my TRIM notice was much higher than I paid.
Foreclosures and distressed sales are not considered qualified sales – meaning they are not considered typical sales transactions that would be used in valuing other comparable properties.
However, these properties are still valued at market value despite the sales price. Market values are determined based on comparable sales and the market as of January 1.
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My assessed value increased to market value this year, and my cap savings are gone. Why would this happen?
There are a number of scenarios that would cause a property to lose the “Save Our Homes” (SOH) deferral:
- A change in ownership occurred in the previous year and the homestead exemption was removed, therefore the SOH cap was removed
- There are multiple buildings on the property. Ownership and living percentages may have affected the cap in a multi-use building
- There were changes or improvements to the property which were added at market value and/or the cap may have come off an affected area
- The market value dropped in value and met the assessed value. This means there is no deferred value remaining even though the homestead exemption and cap remain in place
If you are unsure or have questions, please contact the Customer Service/Exemptions Division at (904) 255-5900. Or email them at pacustserv@coj.net.
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My neighbor and I have very similar homes. Why are my taxes higher?
While the tax rates applied to your properties are likely the same, the taxable value on which you are taxed could be quite different due to state laws. The “Save Our Homes” law caps annual increases on homestead property to 3% or less depending on the annual change in the National Consumer Price Index (CPI). For long-time property owners, that means that even when market values were increasing significantly in the early and mid-2000s, the assessed values of homesteaded property could not go higher that 3% annually. (This year, 2023, the cap is 3.0%.) Although much of the deferred value due to the Save Our Homes law was lost during the downturn in the market; some long-time property owners may still have a much lower assessed value than their market value. If your neighbors have lived in their home a while and you have not, it is likely that their assessed value is lower than yours.
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I own a commercial property and understand that there is a 10% cap on annual assessments of non-homesteaded property. Why did my assessment go up more than the cap?
The 10% cap is outlined in FL Statutes in separate sections dealing with two (2) different property types: residential non-homesteaded properties and NON-residential non-homesteaded properties.
Usually, an increase over the cap amount is due to a change in ownership. For most changes of ownership, the cap will be removed and reset at market value.
Improvements to the property can also affect the cap. If a non-residential property makes improvements to the property over 25% of the previous year’s market value, the cap will be removed and reset. If a residential property adds improvements to the property, the full fair market (just) value of the improvements is added to the existing market and assessed values and will be capped the following year. The cap on the existing property from the prior tax roll remains in place.
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How do I change my mailing address?
Change of Mailing Address forms are available on the Forms page.
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