How Do Property Taxes Work in Florida?
Ever wonder how your tax bill is calculated? A recent article on MSN provides the details ...
"Property tax in Florida is a county tax based on the assessed value of a home, which are appraised for market value as of January 1 of each year.
In Florida, homeowners are currently eligible for a homestead exemption on their permanent residences of up to $50,000. The first $25,000 applies to all property taxes including school district taxes. The additional exemption of up to $25,000 applies only to non-school taxes.
Some further discounts are available to certain Floridians, including property owners with disabilities, veterans and active-duty military service members, disabled first responders, and owners aged over 65 years who meet certain requirements.
After qualifying for a homestead exemption, a property assessment cannot increase by more than three percent or the percentage change in the Consumer Price Index— whichever is lower—in subsequent years. This limitation is part of the longstanding Save Our Homes program, which provides additional property tax relief."
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Here are a few links to check out for more info and details about Homestead Exemption options:
Florida Dept. of Revenue/Tax Exemptions and Additional Benefits
Property Tax Information for Homestead Exemption