- Determining the value of your property if the first step to calculating your property taxes.beach house image by Earl Robbins from Fotolia.com
The assessed value of properties changes every year, varying with market conditions and improvements or changes.
As a property owner in Florida, you have the option of appealing a property assessment, either because you think it is too high or too low. The higher assessed value you have, the more property taxes you'll pay.
- Each exemption for which you qualify will lower the amount of property taxes you end up paying on your property. Florida's most well-known is the Homestead Exemption, worth up to $50,000 on the one property where a Florida resident actually lives. Other exemptions exist for widows and widowers, disabled veterans, seniors and blind individuals, to name a few.
Once you've subtracted all the applicable exemptions from the total assessed value of your property, you have what's called the "taxable value." From this dollar amount, you can start calculating what you owe.
- Calculting your taxes might require some technological assistance.hand calculator image by MateiA from Fotolia.com
The millage rate represents $1 per $1,000 in taxable value. For a rate of 4.5 mills, you will owe $4.50 for every $1,000 of your property's taxable value. Think of it as a percentage, but with an extra zero. Therefore, 4.5 mills is actually represented as .0045--the millage divided by 1,000--in your calculations.
A 4.5 millage rate levied against a house with $100,000 of taxable value would mean $450 in property taxes: $100,000 x (4.5/1000) = $450.
- Different governing bodies will levy different millage rates.gavel image by Cora Reed from Fotolia.com
It's important to note that you will pay property taxes to each governing authority under which you live, each with its own millage rate. Your county government and school district will likely levy the largest millage rates. If you live within city limits, you'll pay a separate city property tax. Other potential taxing entities include special developments or districts, a dedicated EMS service tax and your respective water management district.
Multiply your taxable value by each millage rate, and add the totals together to determine your total property tax liability for the year.
- Your county property appraiser can provide you with the annual millage rates that apply to your property. Many county offices have websites with a search application where you can look up a property's assessed value, exemptions associated with it and other pertinent facts (see Resources). Otherwise, call or visit your local office.