Quote:
Originally Posted by mrf6969
Got my annual TRIM notice in mail yesterday. My taxes on my home have shot up 22% over last year. Sumter county. Wondering what is going on? Anyone else have same experience?
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Sumter County, FL - Official Website
Why have my property taxes increased?
Your tax bill may increase for a variety of reasons. Some of the most common reasons are:
Loss of homestead exemption or other change in exemption status
Increase in assessed property value (i.e. increase in market value)
Increase in millage rate by one or more taxing authority
Column 2 on your TRIM notice contains the amounts you paid last year for each component of your property tax. Comparing this amount to the proposed amount for the upcoming year should help you to locate an item that may have increased.
How do I calculate my property tax?
The taxes due on a property are calculated by multiplying the taxable value of the property by the millage rate. For example, the property taxes on a home with a homestead exemption of $25,000 and a total tax rate, from all taxing authorities, of 20 mills can be calculated in this manner:
Determine the taxable value of the property:
assessed value of home: 100,000
homestead exemption: -25,000
taxable value: 75,000
Divide the taxable value by 1,000 and multiply by the millage rate:
(75,000/1,000) X 20 = $1500