Folio/Tax ID/Parcel Numbers are U.S. identification numbers for homes assigned to a certain plot of property, each of which possesses a property tax value. One way to search the MLS is to enter your ID number. One of the major responsibilities of owning a home is paying property taxes. These taxes help to preserve the well-being of towns and cities by funding projects such as the construction and maintenance of schools and roadways. But how are they determined?
Property assessment is the process of establishing the dollar value of a property for property tax purposes. Why is this important? Because the amount of property tax paid should form a proportional relationship to the value of the property owned. Governed by Florida Law, this is known as “ad valorem” tax. To determine the tax value, your property’s taxable value is multiplied by a rate set by the taxing authorities. Conversely, non-ad valorem tax, is a fee not based on property value, rather it’s used to assess roads, fire, garbage, lighting, drainage and other public services depending on the county, city, or special district.
There are three methods to assess a property:
The Replacement Method
This is used in the assessment of buildings or other structures. This is where assessors estimate how much it would cost, with current rates of material and labor in mind, to replace a given structure. Reasonable depreciation of the property is deducted while the value of the land the structure sits on is added.
The Sales Comparison Method
This method uses the sales figures of similar properties in the immediate area to develop an analysis. The value is then adjusted against the average depending on the property’s unique attributes or lack thereof. For example, if a house has a basketball court while other nearby sold properties do not, the assessed value will rise. Conversely, if a house doesn’t have a basketball court and other sold properties in the area do, the assessed value would decrease.
The Income Method
Business property is typically assessed using this method, most notably investment properties leased to tenants such as apartment complexes, malls, and office buildings. The property’s value is determined by measuring the property’s annual income after expenses and comparing that to the rates of return for comparable investments.
Our easy to use ID Number Map search will help you obtain all the public property sales information along with any other information needed, including county taxes. Your ID number is essential to verifying your identity and listing your home on beycome.
Where is my Folio/TAX/Parcel Number?
You can find your ID number on your property tax notices (usually on the top left of your tax notice). If you can’t find it, make sure to test out our easy to use property search map where you’ll be able to find it by using your address or homeowner name.
Still having trouble? Send us your information with your property address at email@example.com and we’ll get back to you ASAP!