Definition of Terms:

• Assessed Value
  • An annual determination of the just or fair market value of an item or property.  This number is almost always less than the actual amount a home or property could fetch on the market.

• Taxable Value
  • The assessed value minus the amount of any applicable exemption(s).  This is the number used to calculate your taxes and may or may not be the same as the assessed value.

• Tax Rate (Millage)
  
  • Set by the taxing authority for the governmental unit within which the property is located. The Florida Constitution directly authorizes counties, school districts, and municipalities to levy taxes. It also provides that special districts may be created and authorized by law to levy taxes.
    
    
• Homestead Exemption
  
  • Florida Law entitles every person, who has legal or equitable title to real estate and maintains it as his/her permanent residence, to apply for a $50,000 homestead property tax exemption.  Of that $50,000 exemption, the first $25,000 applies to all taxes, including school taxes.  The second $25,000, however, applies to all taxes except school taxes.  The requirements to apply are as follows; 1.) Have legal or beneficial title to the property; 2.) Reside on the property; 3.) Be a permanent resident of the State of Florida and; 4.) Be a United States citizen or possess a Permanent Residence Card (green card).
    
    
• Save Our Homes
  
  • An amendment to the Florida Constitution that protects residential property with a current homestead exemption against large value increases used for calculating property taxes in any single year.  That value increase is limited to a maximum of 3% or the rise in the Consumer Price Index, whichever is less.  Due to the passage of Amendment 1 on January 29, 2008, your cumulative Save Our Homes savings can be taken with you when you move. 

The previous five terms cover the property tax information most likely to be relevant to you.  However, there are some additional exemptions not listed above. 

Additional Exemptions:

• $500 Widow/Widower Exemption
• $500 Disability Exemption
• $5000 Service Connected Disability Exemption
• $5000 Service Connected Spouse Disability Exemption
• Service-Connected Total and Permanent Disability Exemption
• Total and Permanent Disability Exemption (non service-connected)

Calculating Your Taxes:

The final item to cover is the actual calculation of yearly taxes.  Unfortunately, the passage of Amendment 1 on January 29,2008, has complicated matters and makes a simple explanation impossible.  Once the local property appraisers post tax calculators on their respective websites, we will post a link here.  In the meantime, you are welcome to contact us if you would like a rough estimate.

If you have any other questions regarding your property taxes, you are welcome to contact us using the form below.  Or, if you’d like to do the research yourself you can use the