Property Tax Playbook

TRIM Notice - Your Yearly Bill

• Market (or Just) Value:The property appraiser determines the market value of a parcel based on market activity prior to the assessment date.
• Assessment Differential:The property appraiser ensures that annual value caps, established in the Florida Constitution, are applied to the market value (no more than 3% increase for homestead residential property and 10% for commercial properties).
• Assessed Value:The property's market value with assessment differential for annual value caps applied.
• Exemptions:Reductions in property tax owed based on applying and qualifying for the exemtion (e.g., homestead, military/veteran, etc).
• Taxable Value:The property's assessed value with exemptions applied.
• Millage Rates:Each taxing authority adopts a budget and levies a millage rate to fund the budget.
• Ad Valorem Taxes:The tax collector applies the millage rate set by taxing authorities to the taxable value provided by the property appraiser.
• Non-Ad Valorem Taxes:Taxing authorites determine the non-ad valorem assessments (e.g., fire service, solid waste, mosquito control, etc).
• Annual Tax Bill:The tax collector sends tax bills and collects annual ad valorem property taxes and non-ad valorem assessments due from the property owners.