Property Tax
 

How is property tax amount decided? I just found out some of the more expensive houses have lower property tax than my humble house. Does property tax have any relationship with the bond amount?

Cheers!

Assessment value less any homestead credit times the millage rate.

The millage rate is likely different in different counties.

If a home is within Wildwood there is a city tax

The annual "tax" bill includes fees and assessments and bond in addition to property tax.

Take a look at your bill, this should all be spelled out

I believe the "assessed" rate is determined or adjusted when the property is sold, so there could be a difference if the sale dates are significantly far apart. Please feel free to confirm I am not an expert in this and this is just my understanding.

Also, your taxes are higher if you are considered to be in Fruitland Park. Your paying both city and Lake County property taxes.

Are your neighbors homesteaded? That can make a big difference.

The annual increase in real estate tax is limited. So if you have a new home the tax could be higher than an older home of more value.
Go to your county assessors site and you should be able to learn how it is done and exemptions you might be entitled too.

Sale price has a significant impact on the assessed value.

IMHO, it’s better to buy a lower priced home and make improvements yourself as opposed to paying a higher sales price because improvements are already made. The sales price affects your taxes forever.

No, the annual maximum increase on the assessed value of a Homestead property in Florida is limited.

There is no correlation between bond and property tax.

Here is a little more information.

But if your bond is not paid the total of your tax bill is significantly more than a home with the bond paid off

[QUOTE=champion6;1915096]There is no correlation between bond and property tax.

The annual bond payment is included in the bill you pat for your property taxes. While it is broken down on the bill, there certainly is a correlation.

:what:

Obtaining outside improvements permits raises your taxes also.

Much of the real estate property taxes on tax bills are ad valorem taxes based on: Taxable home value * Millage rate = Tax. Some of the items on tax bills are non-ad valorem taxes such as school and fire assessments. Most of these kinds of taxes are based on (1) a political process and (2) market prices of homes in the local area determined for an individual home by the local county government's property appraiser based on duty's established by Florida law. Annual increases in the property appraiser's assessed value of a home may be limited by law.

Millage tax rates on your tax bill are largely established by a political process and part of the overall local government budgeting process. The rates can vary a lot across tax jurisdictions based on multiple factors.

In most (I believe) tax jurisdictions, a home's assessed value is typically set initially from the sales transaction using the home's sales price recorded in the public records. Thereafter, property tax authorities have a computer model to estimate values of homes that have not sold using a 'mass appraisal' process. Local governments generally have a process for property owners to challenge their home's annual assessed value.

Florida Statutes and other laws often interact with what I have described making things even more complicated.

Military Disability’s will lower your tax rate. Percentage of your disability will-lower your tax rate