Wednesday, November 10, 2010

Florida Property Taxes Computation and Important Dates

Property tax, which is sometimes referred to as real estate tax, is a bill that arrives in your mailbox every year. Whether you are in Florida or in New York, each state requires every homeowner to pay property or real estate taxes to the government. This is also true for almost everywhere in the world where you can own your own home.

According to Florida law, the county property appraiser is to determine the assessed value of each property on the basis of its market value on January first of each year. But a lot of people would like to know how these taxes are computed. What is the formula used by the property appraiser in determining Florida Property Taxes?

In the website of the Florida Department of Revenue, the formula used for determining property taxes is:

“Just Value” (market value) less “Assessment Limitations” (e.g. Save Our Homes) is equal to the “Assessed Value.” The “Assessed

Value” less “Applicable Exemptions” (e.g. Homestead) equals the “Taxable Value.” The “Taxable Value” multiplied to the “Millage

Rate” is equal to the “Total Tax Liability” or the Total Property Tax, in this case, the total Florida Property Taxes.

January 1 is the date of assessment. From January 1 to April 1, owners of eligible tangible personal property must complete and file a return with the property appraiser. From January 1 to March, property owners eligible for homestead, widow, widower and disability exemptions or agricultural classification must submit a completed application to the property appraiser.

April 1 is the deadline for filing tangible personal property tax return (Form DR-405A) with no penalties applied. During August, the property appraiser mails the Notice of Proposed Property Tax (Truth in Millage). In September, property owners choosing to appeal their values with the value adjustment board must file a petition (DR-486) with the clerk of the court within 25 days of the Notice of Proposed Taxes (see our Forms page).

During September/ October, property owners may provide input on taxing authorities’ public hearings to adopt a tentative budget and millage rate. On October/ November, taxing authorities hold a hearing to adopt a final budget and millage rate. Finally, during November, tax bills are sent by the tax collector to each property owner. By the end of the year, everyone in Florida must pay their property taxes.
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