Despite fluctuations in interest rates, changes in sector regulations, and economic trends, homeowners in Florida’s real estate market have proven to be among the most resilient by managing to hold steady.
Special Report by Omaira Martínez – Colombian Journalist
Despite fluctuations in interest rates, changes in sector regulations, and economic trends, Florida’s real estate market has proven to be one of the most resilient by managing to hold steady.
While home prices continued to rise at the beginning of this year, the market has started to stabilize in recent months.
Supply has increased due to a growing inventory of properties to meet constant demand driven by foreign investment and migration from those seeking to retire in the “Sunshine State.” There is population growth, and suburban and emerging areas are attracting new homeowners and residents.
Among these areas is Port St. Lucie County, which has seen increased activity due to affordability, a rise in inventory, and longer sales times, giving buyers more negotiation opportunities and selection.
While the outlook is encouraging, some hesitate to buy or invest in property due to the tax burden. Property taxes in Florida vary by county, with an average rate this year of 0.80%, and options are being considered to reduce or eliminate taxes without affecting public services that rely on them as a key funding source for local governments, schools, and other sectors.
Since mid-August, TRIM notices—which stand for Truth in Millage—have been mailed out, reflecting the official proposed property tax notice each homeowner will need to pay. Under Florida law, the Property Appraiser in each county sends this notice annually, not as a final bill but as an estimate of what will be owed. The TRIM notice also sets a deadline to file a formal appeal with the Value Adjustment Board (VAB) if the homeowner disagrees with the estimated market value of their property, its classification, or an exemption determined by the appraiser. This year’s deadline to file a petition is September 11.
About this process, El Hispano Para Todos spoke with Michelle Franklin, the Port St. Lucie County Property Appraiser, who kindly addressed some of our readers’ concerns after they received their TRIM notices.
HPT: Some homeowners have already started receiving proposed tax notices with significant increases. Was there a considerable increase in tax rates, and what factors influenced this rise?
MF: “Long-time residents in the county should not see a significant increase in their taxes. New homeowners might see a considerable increase if the previous owner benefited from a tax savings cap on the value.
The Property Appraiser does not determine your taxes; that is done by your county and municipal elected officials, your school board, and other taxing districts listed on your Truth in Millage (TRIM) Notice. Constitutionally, the Property Appraiser’s Office is responsible for determining a fair and equitable value for all real and tangible personal property in St. Lucie County. We recommend that each property owner review their TRIM Notice and, if they have any questions about the value or exemptions applied to their property, visit one of our offices or call us at 772-462-1000.”
HPT: What is your opinion on the state government’s proposal to eliminate property taxes in certain cases and for specific properties in the future?
MF: “As a homeowner, I think it would be great not to pay property taxes; however, I haven’t heard how local services we depend on would be funded. These services include police, fire, schools, parks, libraries, safe roads, and more.”
HPT: Port St. Lucie’s population has grown considerably in recent years, requiring new infrastructure and housing developments. How has this affected property values?
MF: “Our county has experienced high housing demand, driving new home construction and increasing the need for infrastructure projects to support our growing communities. The overall population increase has also created a need for commercial growth, reflected in the number of new businesses and commercial areas. Overall, this growth has had a positive impact on property values, as demonstrated by steady market appreciation in recent years.”
If you have already received your TRIM notice, you can consult with your local government for accurate information about your property’s value, your area’s tax rate, existing homestead exemptions, and the dates when taxing authorities hold their public meetings.
