Real Property
Real property is defined as land, buildings and all other permanent improvements on the land and is broadly classified, based on land use. Such as single family and multi-family residential, mobile homes; Vacant residential and unimproved acreage.
Ad Valorem
Tax based on the value of property.
Tax Rate
The tax rate is set by the taxing authority for the governmental unit within which the property is located. The Florida Constitution directly authorized counties, school districts, and municipalities to levy ad valorem taxes. It also provides that special districts may be created and authorized by law to levy ad valorem taxes. The total tax rate is the combined tax rates (millage's) of all taxing authorities having jurisdiction over property in the county. That part of the rate for general county operations and maintenance is constitutionally limited to a maximum of ten mills and is set by the county commissioners. The remainder of the county tax rate consists of various referendum-approved debt service millage for bonds and millage required by state law. Also, school districts and municipalities are limited to a maximum of ten mills for operations and maintenance. The Florida Constitution provides that no state ad valorem tax will be levied. However, each year the legislature prescribes a required local millage for each school district to provide revenue for the Florida Education Finance Program. Each special district tax rate is levied by the district taxing authority against the property lying within the special district itself. Such districts include hospital, drainage, and lighting districts. Special districts are usually less than county-wide; some districts, such as the water management districts, may cover several counties. Each tax bill consists of the total of all millage applicable to the particular property. The tax bill also includes the related taxes due for all the taxing authorities having jurisdiction over the property.
Mill
A mill is one dollar per thousand dollars.
TRIM
In 1980, the legislature passed the "Truth-in-Millage" (TRIM) act. This law is designed to inform taxpayers which governmental entity is responsible for the taxes levied and the amount of tax liability owed to each taxing entity. The Notice of Proposed Property Taxes is known as the TRIM notice. TRIM establishes the statutory requirements that all taxing authorities levying a millage must follow, including all notices and budget hearing requirements. The Notice of Proposed Property Taxes (TRIM notice) enables the taxpayer to compare the prior year assessed value and taxes with the present year assessed value and proposed taxes. It also lets taxpayers compare the amount of taxes if there is no budget change for the upcoming year. The notice lists the date, time, and location of all budget hearings at which the taxing authorities will hear from the public. At these hearings, the taxing authorities establish the millage to be levied against the parcel of land shown on the TRIM notice. The notice also shows the deadline for filing a petition to protest the assessment and any denial of exemption. The millage and budget hearing procedures are monitored by the department. This ensures taxpayer awareness of the proposed millage changes, the proposed budget changes, and, if any, the percent of change in the rolled-back rate. Rolled back rate is defined as that millage rate which provides the same ad valorem tax revenue for each taxing authority as was levied during the previous year. Non compliance by the taxing authority could result in the loss of revenue sharing funds.
Assessed Value
Annual determination of the just or fair market value of property.
Taxable Value
The assessed value of property minus the amount of any exemption approved by the property appraiser for the owner of the property.