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What Is Property Tax? Before you plan to make property tax payments, it might be helpful to understand the definition of property as the government sees it. Property is generally broken into three categories. Land is the first category, and it generally means undeveloped, grazing or farm land. Improved land is property with dwellings on them (either residential or commercial). The final category is personal, and includes items that can be transported (such as boats or RVs). When property is assigned a value, the government can tax it. |
How to Calculate Property Taxes
The following formulas estimate ad valorem taxes only. Your tax bill may also reflect non ad valorem taxes.
Taxable Value Formula:
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Step One: Compute Taxable Value Formula 1. Assessed Home Value 2. Homestead Exemption (less) 3. Ajusted Taxable Value (use Adjusted Taxable Value for Step Two) |
$100,000 50,000 50,000
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Step Two: Calculate Total Ad valorem Taxes Formula: (Taxable Value/1000) x Total Millage Rate) Example: 1. ($50,000/1000) 2. Multiplied by Millage Rate 3. Equals Tax Rate |
$ 50.00 17.6379 881.895 |
Homestead Exemption only available to Florida residents that use the property as their permanent residence, no 2nd homes, vacation homes or investment homes qualify (local Governments spot check for compliance of Florida Statute).