Lisa Mentons Blog

What You Should Know About Florida’s Property Tax System…

The Florida Constitution reserves all revenue from “ad valorem taxes” (taxes based on property value) for local governments, which is their largest source of funding. State government derives no revenue from property taxes. Property tax is levied as of January 1 annually based on the market value of real and tangible personal property. Property owners receive their tax bills in November and payment is due by March 31 of the following year.

Local property appraisers annually assess each privately owned property in Florida based on market value. Property appraisers also administer exemptions. Local governments (taxing authorities) set the “millage rate,” which is the rate at which properties are taxed. After accounting for certain exemptions, differentials, and limitations, the “taxable value” is multiplied by the millage rate to determine the dollar amount of the tax.