Understanding Florida property taxes involves knowing how property is assessed, how taxes are calculated, and what exemptions might apply. Here’s a breakdown:
1. Assessment of Property Value
- County Property Appraiser: Each property is assessed annually by the county property appraiser based on its market value as of January 1.
- Assessed Value: This is the value used for taxation, which may differ from market value due to caps or exemptions (e.g., Save Our Homes cap limits increases in assessed value for homesteaded properties).
2. Millage Rates
- A millage rate is the amount per $1,000 of assessed value used to calculate taxes.
- Different jurisdictions (city, county, school board, etc.) set their own millage rates.
- Example: A millage rate of 20 mills means $20 per $1,000 of assessed value.
3. Homestead Exemption
- Florida residents who own and live in their home as their primary residence can receive a homestead exemption of up to $50,000.
- First $25,000 applies to all property taxes.
- Second $25,000 applies to non-school taxes (for properties assessed over $50,000).
- The Save Our Homes cap limits annual increases in assessed value to 3% or the CPI, whichever is lower.
4. Other Exemptions
- Additional exemptions may be available for:
- Seniors (65+)
- Veterans
- Widows/widowers
- Disabled individuals
5. Tax Bill and Payment
- Tax bills are mailed in November, and taxes are due by March 31 of the following year.
- Discounts are available for early payment:
- 4% in November
- 3% in December
- 2% in January
- 1% in February
6. Appealing Property Value
- If you believe your property has been over-assessed, you can file an appeal with the Value Adjustment Board (VAB).
