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Monday, August 28, 2017

Your property may be losing value due to community improvements.

Do you or your tenants have to drive on a dirt road to get to your property?  Are you maneuvering around backhoes and/or orange cones?  Has the County or City told you how your property will be better off once the new infrastructure is in place?

If so, you should be able to get some property tax relief.  While once completed your property value should go up, the property does not currently have that value.  In fact it has been devalued.  In some cases, significantly devalued. 

The County reassesses the property as of January first of the tax year.  Even the plans for the redevelopment could act at the trigger for the property being devalued.  The tax year is the key, while construction may be two months or five years, it is irrelevant.  How much of a problem will occur for the property during that time frame?  If you wanted to sell the property, how much of a discount would you have to put on it due to the construction or would anyone want to buy it?

Flagler Street (Miami Herald story) is currently being beautified and it will be a much needed improvement.  The problem is the building owners and tenants that are trying to operate.  The project is a year and a half into construction and there is no end in sight. 

Customers do not want to deal with the inconvenience of visiting these businesses.  Property owners are left with the option or evicting the tenants or giving a rental discount.  Regardless of the final decision, the property has been devalued. 

We feel for everyone affected by these issues and wish them the best.  While you are suffering through these issues, we will do all we can to help you get a reduction in your property taxes.  Please contact us at www.PTAGflorida.com

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