Real Estate Tax Info

Assessment Cap Limit is 3% in 2005

In 1992 voters in Florida approved a state amendment to limit the increases in assessed value for homestead exempt property to 3% per year or the amount of the increase in the consumer price index (CPI), whichever is less. For a detailed consumer price index summary please see the CPI Index from the Bureau of Labor Statistics.

The CPI reported in January 2005 increased 3.3% from the preceeding calendar year. Based on this formula, the assessed value of homestead properties will not increase more than 3% for the 2005 tax roll.

Tax statements are mailed to owners on or about November 1st of each year. This tax bill is for real estate taxes of the prior period, since taxes are paid in arrears.  This is similar to mortgage payments, which are also paid at the end of the period for the preceeding month.  The is the opposite of rent, when a renter will pay a landlord for the following month.  Other notes on real estate taxes

It is the responsibility of each taxpayer to see that the taxes are paid and that a tax bill is received. F. S. 197.122 (1995) In cases where the property owner pays their Real Estate Taxes through an escrow account, the mortgage company should request and be sent the tax bill, and the owner will receive an Informational Notice.

Tax statements are mailed on or about November 1st of each year, with the following discounts in effect for early payment: A 4% discount is allowed for the first 30 days after the original mailing date. Thereafter, a 3% discount is allowed in December, a 2% discount in January, a 1% discount in February, and there is no discount allowed in March. Taxes become delinquent April 1st of each year.

Definitions

Homestead Exemption - If you own property which you use as your permanent residence, you may file for homestead exemption through the Martin County Property Appraiser's office. Qualifying for and receiving this exemption could reduce the taxable value of your property by up to $25,000.

Ad Valorem - A Latin term meaning "according to worth," referring to taxes levied on the basis of value. Taxes on real estate and tangible personal property are ad valorem.

Millage Rate - The rate of taxes levied based on a mill (1/10 of one cent), or one dollar per one thousand dollars of taxable value. A 30-mill tax rate levied against a taxable value of $100,000 would generate a $3,000 tax liability.   See http://www.brittexusa.com/Links on millage rates.