Property taxes for the state of Florida.
Real estate in The Sunshine State is taxed according to its fair market value, at 100% its valuation. The Property Tax Administration Program (PTA) is responsible for the assessment and collection of taxes on real and personal property.
Personal property, however, is taxed slightly differently depending on its classification:
- Tangible property – taxed according to its selling market price
- Inventory items (e.g. merchandise) that are owned by a business – exempt from taxation
- Household goods found in the home – exempt from taxation
Other personal property items such as vehicles, boats, airplanes, trailers, and certain types of mobile homes are not taxed. To understand with greater clarity your rights as a taxpayer, you can read the Florida Taxpayer’s Bill of Rights. If you have a question not specifically answered in that document, you can contact the office directly at the address provided.
Many exemptions are available to Florida residents, including a $25,000 homestead exemption if certain stipulations are met, namely that the household income falls under $26,763 (single person) or $30,046 (couple). These numbers pertain to 2007, though, and change each year to reflect the cost of living index.
There are many, many more exemptions available:
- A widow or widower can claim a $500 exemption
- Persons totally and permanently disabled and blind qualify for a $500 exemption
- An ex-service member can file for a $5,000 exemption, if and only if service rendered him 10% disabled. This can apply to the spouse.
A senior citizen’s homestead exemption only applies to tax millage charged by the county or city and does not include school districts or other authorities.
The Save Our Homes program, passed in 1995, was supposed to spare residential property owners from the burden of property value appreciation by shifting the weight to snowbirds (people who reside in northern states but flock to the South for the winter), businesses, and landlords. Instead, millionaires pay the same amount in taxes on their mansions as middle class people do on their comparatively modest homes. Read more here.
The following links describe in greater detail the effects of this program as well as provide many examples of who was affected and how. Two gentlemen, for example, live in the same condo complex (separated by one floor, actually) yet one pays $3,400 more in taxes each year as a result of the Save Our Homes Programs. Read more here.
Homestead cheaters rob millions in taxes.
Tax revolt doesn’t hold down revenue.
Homeowners feel trapped by taxes.
Read the rest of the articles here.
Florida Department of Revenue learn more.