Terms and Definitions

Ad Valorem Taxes and Non-Ad Valorem Taxes

Property taxes that are based on the “value” of the property are considered ad valorem. This tax is calculated by multiplying the millage rate (an amount set by taxing authorities, not the Property Appraiser) by the taxable value of the property. Ad valorem taxes are different from non-ad valorem fees, which are not based on a property’s value.

Non-ad valorem fees are fixed amounts to provide revenues needed to pay for fire and public safety, street maintenance, solid waste and stormwater management, and other public services.

Exemption

An exemption is a provision that reduces the taxable value of property and is granted to persons or organizations that meet specific requirements as set by Florida statutes. As a rule, “exemptions” mean “savings.”

Improvements

Improvements are defined as man-made attachments to real estate, such as buildings, driveways, and pools.

Market Value

Also called “Just Value,” this can be described as the typical price as of January 1 that a willing buyer would pay a willing seller, if the property were offered on the open market.

Real Property

More commonly known as real estate, real property includes all properties, both vacant and with buildings or other improvements, used for residential, commercial, agricultural, or any other purpose.

Tangible Personal Property

Tangible personal property includes furniture, fixtures and equipment used for business purposes, furnishings located in a rental property and attachments to mobile homes on rented lots. It does not include furnishings or property for personal use by you and your family.

TRIM Notice

A Notice of Proposed Property Taxes that property owners receive each August, TRIM stands for Truth in Millage. It covers two areas: taxes and values.

Regarding taxes: It shows (1) last year’s taxes, (2) taxes as proposed for the current year and, (3) what taxes would be if no budget changes were made. If you have any budget or tax questions you should contact the taxing authorities identified on the Notice of Proposed Property Taxes. The Appraiser’s office does not establish tax rates.

Regarding values: It shows the market value, assessed value, exemptions and taxable value for the current year and the prior year. If you have any value questions, you are encouraged to contact our office. We will be happy to discuss your appraisal with you and we will show you how your property is valued. At any time, you may request a review and an informal conference about your property’s value. We can help you best when you request our assistance early in the process, before the budgets and assessment rolls are approved.

 

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