How are property taxes calculated?

In Florida, property taxes are calculated based on the assessed value of your property and the millage rate determined by the local government. Assessed value is the estimated market value of your property that is used to determine the taxes you owe. This value is typically determined by a county’s Property Appraiser and is reviewed every few years. The actual amount of taxes you owe is determined by your property’s assessed value multiplied by the millage rate. The millage rate is determined by the local government and represents the amount of taxes paid per $1,000. A millage rate of 6 means you will be taxed 6 cents for every $1000 of assessed value. In addition to the millage rate, there are additional taxes that may apply to property including Local Government Special Purpose Taxes, Municipal Service Benefit Unit Taxes, and Countywide Special Assessments. These taxes are usually used to fund local services such as schools, parks and fire departments. Property taxes in Florida are dynamic and change from year to year. Your property taxes can be affected by local government decisions or changes in the assessed value of your property. It is important to stay informed and review your tax bill each year so you know how much you owe and how it was calculated.

Related FAQs

What is a homestead exemption program?
How are property taxes different in different states?
What is a tax assessment?
What is a split roll property tax?
What happens if I don’t pay my property taxes on time?
How does a property tax assessment work?
How do I calculate the property tax increase on a new assessment?
What is the difference between a tax rate and an effective tax rate?
What is a property tax abatement?
What is the difference between personal and real property taxes?

How are property taxes calculated?

Related FAQs

Related Blog Posts