FLORIDA REAL ESTATE TAXES
All tracts, lots and parcels of real property in Florida are subject to real property taxes, a.k.a. ad valorem tax. These taxes are necessary to fund our public school system as well as our local municipal governments and related services such as water management, hospital district board, fire and rescue and other emergency responders, municipal services and library. Thus the county commissions, school boards and other tax levying boards or authorities for the area in which your property lies, determine the millage rates needed to pay for these services, which amount will then be used to calculate your ad valorem taxes. If they decide to keep your property tax rate flat, that most likely will result in a reduction and deep cuts to the above basic services. Your tax bill is then based on the millage AND the taxable value (taxable value = the assessed value minus any exemptions) of your property as determined by the property appraiser’s office.
As we are in September, all property owners, by now, should have received their Truth in Millage (TRIM) Notice. This Notice is provided to every owner no later than the end of August. It shows your estimated taxable value as of January 1st of that year along with the proposed millage tax rate by each taxing authority. In other words this TRIM notice reflects the property appraiser’s estimate of your property’s new tax value as of January 1.
However, what is still needed to determine your final tax bill, will be, the actual millage rate. The millage rate is expressed as $1 for every $1,000 of taxable property value. If your millage rate is 20.49, then you are paying $20.49 in taxes for every $1,000 of taxable property value.
Once you have the taxable value of your property and the millage rate, you can determine the amount of your annual property taxes with the following formula. First subtract the amount of any exemptions that you may be entitled to, if any, to determine the taxable value. Then multiply that amount by the millage rate. For example if the investment property being assessed is $150,000.00 and the millage is 24, then take 150 x 24 = $3600.00 – the approximate amount of your tax bill. Or, to put it another way, take your Assessed Value and subtract your Exemptions (if any). That = your Taxable Value. It is your Taxable Value X your Tax Millage Rate that equals your tax bill.
Here are some relevant dates for investment property, during each property tax year.
January 1 – date of assessment of each property in the County, and applying your specific applicable exemptions.
March 1 – deadline for property owners to file with the county property appraiser for their relevant exemptions, agricultural or other classifications.
November 4 – the actual tax bill is mailed to property owner and discounts apply for early payment.
June to July, property owners who want to appeal a denial of exemption, classification, portability, or tax deferral, must file a petition with the value adjustment board 30 days after the denial letter was mailed.
September, property owners who want to appeal their property value to the value adjustment board must file a petition with the clerk of the court within 25 days of the Notice of Proposed Property Taxes.
April 1st of the following year – unpaid property taxes become delinquent with penalties accruing monthly.
June 1st of the following year – the date that tax certificates are auctioned for properties with unpaid taxes.
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