How is the value of property assessed for tax purposes in your state? Which types of property are subject to tax?
Both real property (realty) and tangible personal property (business equipment) are subject to property tax.
What is the state property tax rate?
Florida property tax is based on market value as of January 1st that year.
The state government does not collect any property taxes, though local governments receive much of their funding through these taxes.
What is the range of local property tax rates levied in your state?
The local rates cannot exceed 10 mills (mill rate: one mill is equal to $1 in property tax levied per every $1,000 of a property’s determined taxable value).
Exemptions and deductions
What exemptions and deductions are available?
There are several exceptions and deductions available, including:
- homestead exemption up to $50,000:
- only the first $25,000 of the exemption applies to all taxes; and
- the remaining $25,000 applies only to non-school taxes;
- widow(er) exemption—$500 available to widows and widowers who have not remarried (not available if they were divorced at the time of their ex-spouse’s death);
- senior citizen exemption;
- blind person exemption;
- total and permanent disability exemption; and
- veteran exemptions.
What filing requirements and procedures apply?
Every person who has the legal title to real or personal property, on January 1, and is entitled to an exemption must file an application for exemption on or before March 1 of each year with the county property appraiser.
Real estate transfer tax
How is the transfer of real estate taxed in your state (including tax base, rates, exemptions, and filing formalities)?
Tax applies on the deed relating to real property interest transfers for consideration. The rate is 0.7% or $0.70 tax on each $100.