How do I calculate my property taxes?

To calculate your property taxes in Florida, you must first determine the assessed value of your property. The assessed value can be found on the annual property tax notice that you received from your county tax assessor. This value is typically the fair market value of your property multiplied by a set percentage for your county (typically between 10 and 15 percent). Once you have the assessed value, you must determine your total tax rate, which includes both your county and school board taxes. Your county tax rate is calculated based on the total county budget and is tied to your assessed value. Your school board tax rate is a set percentage that varies from county to county. Once you have both of those rates determined, you can calculate your property taxes by multiplying the assessed value by the total tax rate. To calculate, use the formula: Assessed value x Total Tax Rate = Total Property Taxes. In addition to the annual property taxes, you may also be responsible for additional taxes like non-ad valorem assessments and special benefit assessments. These taxes are usually based on a flat rate determined by your local government and will be included on your tax bill. By gathering the necessary information, you can use the formula to calculate your property taxes and be responsible for any additional taxes you may be liable for.

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