Florida property tax is based on the assessed value of the property as of January 1st of each year, minus any exemptions or other adjustments used to determine the property's taxable value.
Complete details about Florida property taxes are presented below.
In Florida, property tax is based on the yearly assessed value of the property as of January 1st. Any exemptions or other adjustments used to determine the property's taxable value are subtracted from the total owed.
Property taxes in Florida are implemented with a millage rate being one-tenth of a percent, which equates to $1 in taxes for every $1,000 in home value.
A local millage rate (a $1 amount per $1,000 of taxable value) is applied to calculate the annual tax with the millage rate multiplied by the value of the property to determine the dollar amount of property tax. The millage rates are set by local governments and vary locally with 10 mills being equal to 1%.
A property appraisal is the first step in the Florida property tax process which is carried out by the property appraiser who reviews and applies exemptions and assesses limitations and classifications that can reduce the property's taxable value.
An annual 'Notice of Proposed Property Taxes' is sent in August of each year to each property owner by the property appraiser. Then, in October/November the county tax collector sends a tax bill to each property owner with the amount due by March 31st the following year.
Any increase in the value is limited to 3% of the assessment carried out in the previous year on the Consumer Price Index (CPI) in Florida, whichever is less. This initiative is known as the 'Save Our Homes' cap.
Additional taxes can be levied by special districts; for instance, water management is usually under 2 mills with county, city, and school districts being permitted to levy taxes at up to 10 mills each.
A complete equation for determining how much property tax is owed would be the following:
Assessed Value = Just Value - Assessment Limits
Taxable Value = Assessed Value - Exemptions
Total Tax Liability = Taxable Value x Millage Rate
Yes, Florida homeowners who are totally and permanently disabled can access the disability exemption of $500.
Properties owned and used as homesteads by the quadriplegic community are completely exempt from property tax.
Complete relief from property taxes through the total disability exemption is available to property owned and used as a homestead by a totally and permanently disabled person who must use a wheelchair or is legally blind and meets the income requirement. Also, those who are legally blind residents can assess the blindness exemption of $500.
The veteran�s disability exemption of $5,000 is available for veterans who have at least a 10% service-connected disability per the Department of Veterans Affairs and is not limited to homestead property with an eligible surviving spouse able to carry over the exemption.
The combat injury discount, given as a percentage discount equal to the veteran's service-connected disability rating, is available to residents aged 65 and above who were Florida residents when entering service and were honorably discharged having a combat-related disability.
Total veterans disability exemption providing total and complete tax relief to the property of the veteran's primary residence is available for honorably discharged veterans with a service-connected total and permanent disability.
Active-duty personnel and veterans of the military, Florida National Guard, Reserves and Coast Guard deployed outside the United States in the previous calendar year may get a percentage exemption on the home's taxable value.
The real estate tax exemption for disabled veterans that are paraplegic, hemiplegic, and permanently and totally disabled, and those who must use a wheelchair for mobility or are legally blind, are exempt from real estate taxation if gross annual household income does not exceed the adjusted maximum allowed.
Check & pay your Property taxes online in Florida here.