Property Tax in Florida

All property owners in Florida will soon be receiving what is known as a Truth in Millage notice from their county Property Appraiser.  The purpose of the TRIM notice, as it is called, is to advise you of the value that the Property Appraiser has assigned to your property for the current tax year, and to notify you of how the taxing authorities’ proposed millage rates will affect your taxes.  Below are some frequently asked questions about the TRIM notices.

What is the difference between the property assessment and my property taxes?  Your ad valorem property taxes are determined by multiplying the taxable value of your property by the millage rate for the current tax year.  The taxable value of the property is determined by the county Property Appraiser, a constitutional officer.  The millage rate is adopted each year by the local taxing authorities for your area.

Example:  If your property has a taxable value of $100,000 and the millage rate is .001, your taxes would be $100 (or $100,000 x .001).  If your property had a taxable value of only $90,000, but the millage rate was .002, then your taxes would be $180 (or $90,000 x .002).

What is the difference between just value, assessed value, and taxable value?  The just value represents the fair market value of the property as of January 1st of the current tax year, as determined by the Property Appraiser.  The assessed value is the value of the property after applying any laws that require the property to be assessed at less than just value (such as agricultural property classifications or the constitutional caps on increases in the assessment of homestead and certain commercial properties).  The taxable value represents the assessed value less any exemptions, such as the homestead exemption.  The taxable value is used to determine the ultimate amount of taxes that you will owe.

How do I object to my property taxes?  Objections to the millage rate should be addressed to the local governing body levying the taxes.  However, if you disagree with the values assigned to your property, you can meet with the Property Appraiser informally to discuss your concerns or you can file a petition to the Value Adjustment Board.  Petitions to the Value Adjustment Board must be filed no later than 25 days after the mailing of the TRIM notice.  You also have the right to challenge the assessments in court.