As a homeowner in Florida and other states throughout the nation, there are many costs and responsibilities to consider. This goes beyond paying your mortgage and the costs associated with the repair and maintenance of your home. Although property tax is something attached with each property, the reality is that the property tax system for the state can be complex and difficult to navigate.
By simply accepting the property tax bill, you may be overlooking a miscalculation and incorrect taxation of your property. As such, it is vital to understand how it is calculated in the state of Florida, your rights to certain exemptions and whether you have grounds to protest your property tax.
Florida property tax
To understand Florida property tax better, it is important to know how it is determined. In simple terms, the state levies a tax on the property owner based on the value of the property. This valuation is determined by the county property appraiser.
To calculate property tax, two steps are taken. First, the property is appraised. This is done by determining the market value of the property. This step is often completed annually, and certain factors are used in this process. This includes the location of the property as well as its size, condition and any improvements made to the property since the last appraisal.
When the appraisal process is complete, the second step begins, which is the tax rate application. The final calculation is based the property’s taxable value multiplied by the appropriate tax rate minus any exemptions. The tax rate is also known as millage rates, and will vary based on location, as they are a combine rate of the county, city or municipal government as well as the school districts within the county.
Protesting property tax
If you believe that there is an error in your tax assessment, Florida property owners have the right to file a protest against their property tax. You can challenge the appraised value of your property in front of the Value Adjustment Board. This board operates as a mechanism to resolve disputes concerning property valuations and exemptions.
If a property owner does not agree with the determination, they have the right to take the matter to court. This could determine if errors occurred in the assessment, such as applying incorrect weights to the factors used to determine the fair market value of the property.
Because the litigation and possible subsequent appeal processes can be complex and meticulous, it is imperative that you understand your rights. A legal professional can provide you with insight, helping you make well-informed decisions in your matter.