What happens if my property value increases?

If the value of your property increases, then the amount of property tax you owe will also increase. This is because property taxes are based on the assessed value of a property, which is determined by the county property appraiser. When the value of your property rises, the amount of property tax you owe rises with it. In Florida, the amount of property tax you owe is calculated using the Millage Rate, which is the amount of tax per $1,000 of the assessed value of a property. This Millage Rate is determined by the local government and varies from county to county. The Millage Rate is multiplied by the assessed value of the property to determine the property tax liability. Additionally, properties are reassessed every year, so if the value of your property increases, then your property tax liability will also increase. The amount of property tax you have to pay in the following year will be calculated based on the updated value of your property. Property tax is an important source of revenue for the state, local governments, and school districts. Therefore, it is important to keep up with your property value in case it increases so that you can accurately calculate and pay the correct amount of property tax.

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What happens if my property value increases?

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