What is a Property Tax Levy?

A property tax levy is a tax imposed by the state of Florida on real property. Property taxes are calculated by multiplying the assessed value of the property by the local tax rate. The resulting amount is the total property tax levy. The total levy is then divided among the municipal and county governments in order to fund various public services, such as schools, police and fire services, infrastructure, and more. The assessed value of the property is determined by the county property appraiser. This assessment is typically based on the current market value of an area, taking into account the size and quality of the home, condition, location, and other factors. The local tax rate is determined by the municipality and county in which the property is located. This rate is typically established annually and can vary significantly from year to year. Once the tax levy has been determined, it is paid in two installments. The first installment is due on the 25th of March and the second is due on September 30th. Property owners who fail to pay their levy on time are subject to late fees, liens, and other penalties. In Florida, property taxes are an important source of revenue for local governments. With this in mind, it is important to familiarize yourself with the specifics of your local property tax rate and assessment process. In doing so, you can ensure that you are paying the proper amount and remain in compliance with local laws.

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What is a Property Tax Levy?

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