Florida property tax calculation

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Florida Property Tax Calculation

The Property appraiser does not set the tax rate or millage rate, he also doesn't collect the taxes nor does he have any input towards the setting of the tax rate or millage rate.

Nevertheless, as a real estate owner you are interested in the value your property is estimated for and how your property taxes are determined.

The primary means is where your tax dollars end up meaning which local government service you are paying for such as: libraries, parks, roads, police, fire department, schools and the court system.
Florida Property Tax Calculation: First it is calculated how much the local government will be spending in a years budget and the total assessed value of all real estate on the assessment roll.

Within your local government you will find different taxing authorities for example Public Schools, Mosquito Control, Water Management and so on.

Florida Property Tax Calculation - Examples

Lets' assume the budget for all authorities is about $ 350 million for the estimated year. And we assume the total assessed value for all real properties is $ 20 billion.

The budget (minus revenues from other sources than property taxes) than is divided by the assessed value (minus all property tax exemptions such as homestead).
350,000,000 : 20,000,000,000 = 0.0175 Tax rate.

Lets' assume your estimated property value is $ 250,000 minus $ 50,000 homestead exemption = a value of $ 200,000.

200,000 x 0.0175 = $ 3,500

$ 3,500 would be your tax liability for the budget of $ 350 million.

Note: Please keep in mind this is only an assumed budget and not an actual budget for Collier or Lee County.

All tax bills are mailed out around the 1st of November and become due and payable to the Tax Collectors office without penalties by March 31st. If you pay early in November the Tax Collectors office is offering a 4 % discount and reduces 1 % each month until March when the full tax is due.

Click here to find more information about Florida Real Estate Taxes.