Understanding Property Taxes in Florida

Discounts for Early Payment

• You’ll receive variable discounts for paying property taxes anytime between now and the end of March:
  • November: 4% discount
  • December: 3%
  • January: 2%
  • February: 1%
  • March: no discount

How Property Taxes Work

Payment in Arrears: Property taxes are paid in arrears. This means that the TRIM (TRuth In Millage) notice you received in late August and the recent property tax bill are for the current year that started on January 1.

Local Taxing Authority: Real estate property taxes are paid to the taxing authority in the area where the property is located. Why? Because the local municipality directly provides services that benefit all property owners.

What Property Taxes Cover:

• • Local government administration and operation
  • Public road maintenance and street lighting
  • School district staff, administration, and buildings
  • Water management districts
  • Police and Fire Departments, other first responder services
  • Trash and recycling pickup

Other costs of operating and maintaining public infrastructureAd Valorem Calculation:

• Most property tax line items are ad valorem, calculated based on the current value of the property.
• Higher-valued properties pay more; lower-valued properties pay less.
• The Assessed Value of the property (minus any exemptions) is multiplied by a millage rate to determine the annual property tax due.

Formula: Assessed Value (less exemptions) × Millage Rate = Annual Property Tax Due

Annual Adjustments:

• • The County’s Property Appraiser’s Office re-establishes Assessed Values each year based on recent sale prices and local market factors.
  • Assessed values are adjusted annually to reflect neighborhood and community sales trends and individual property specifics.

Remember, understanding property taxes helps you navigate the financial landscape of homeownership!