A mill is $1 of tax for every $1,000 of taxable value. (e.g., 15.5 mills)
If applicable (e.g., $25,000 for homestead, more for other exemptions).
Estimated Annual Property Tax:
$0.00
This calculator provides an estimation for Florida property taxes. Actual tax amounts may vary based on specific local millage rates, additional exemptions, and assessment procedures. Consult with your local property appraiser's office for precise figures.
Understanding Florida Property Taxes
Property taxes are a significant source of revenue for local governments in Florida, funding essential services such as schools, police, fire departments, and infrastructure. The amount of property tax you pay is determined by three main factors: the assessed value of your property, the taxable value, and the millage rate set by local taxing authorities.
Key Components of Your Property Tax Bill:
Assessed Value: This is the value of your property as determined by the county property appraiser. For homesteaded properties, the assessed value can increase by no more than 3% per year due to Save Our Homes limitations. Non-homesteaded properties may see assessment increases up to 10% annually.
Exemptions: Florida offers various property tax exemptions to reduce your tax burden. The most common is the Homestead Exemption, which reduces the taxable value of your primary residence. Other exemptions exist for veterans, seniors, widows, and specific property types.
Taxable Value: This is calculated by subtracting any applicable exemptions from your property's assessed value. For example, if your property's assessed value is $300,000 and you have a $25,000 homestead exemption, your taxable value is $275,000.
Millage Rate (Mills): This is the rate at which your property is taxed. A mill is equal to $1 of tax for every $1,000 of taxable value. Millage rates are set by various local taxing authorities, including county commissions, school boards, and special taxing districts. The total millage rate is the sum of the rates from all these entities.
How the Calculation Works:
The basic formula for calculating property tax in Florida is:
Property Tax = (Taxable Value / 1,000) * Total Millage Rate
Alternatively, using the calculator's inputs:
Taxable Value = Assessed Property Value – Homestead Exemption (or other applicable exemptions)
Let's consider a property with an assessed value of $350,000. The total millage rate set by the county, city, and school board is 18.5 mills. The property owner has a standard homestead exemption of $25,000.
Step 1: Calculate Taxable Value
Assessed Value: $350,000
Homestead Exemption: $25,000
Taxable Value = $350,000 – $25,000 = $325,000
Step 2: Calculate Annual Property Tax
Taxable Value: $325,000
Millage Rate: 18.5 mills
Annual Property Tax = ($325,000 / 1,000) * 18.5
Annual Property Tax = 325 * 18.5 = $6,012.50
In this scenario, the estimated annual property tax would be $6,012.50. This calculation does not include potential additional exemptions or special assessments that might be levied.
Using the Calculator:
Enter your property's current assessed value, the combined millage rate for your area, and any exemptions you qualify for. The calculator will then estimate your annual property tax liability. Remember to consult your local property appraiser's office for the most accurate assessment details and millage rates applicable to your specific property.
function calculateTaxes() {
var assessedValueInput = document.getElementById("assessedValue");
var millageRateInput = document.getElementById("millageRate");
var homesteadExemptionInput = document.getElementById("homesteadExemption");
var resultDisplay = document.getElementById("result-value");
var taxableValueDisplay = document.getElementById("taxable-value-display");
var resultContainer = document.getElementById("result-container");
var assessedValue = parseFloat(assessedValueInput.value);
var millageRate = parseFloat(millageRateInput.value);
var homesteadExemption = parseFloat(homesteadExemptionInput.value);
// Input validation
if (isNaN(assessedValue) || assessedValue <= 0) {
alert("Please enter a valid assessed property value.");
return;
}
if (isNaN(millageRate) || millageRate <= 0) {
alert("Please enter a valid millage rate.");
return;
}
if (isNaN(homesteadExemption) || homesteadExemption assessedValue) {
homesteadExemption = assessedValue; // Cap exemption at assessed value
}
var taxableValue = assessedValue – homesteadExemption;
// Ensure taxable value is not negative
if (taxableValue < 0) {
taxableValue = 0;
}
var annualTax = (taxableValue / 1000) * millageRate;
// Format currency
var formattedTax = annualTax.toLocaleString('en-US', { style: 'currency', currency: 'USD' });
var formattedTaxableValue = taxableValue.toLocaleString('en-US', { style: 'currency', currency: 'USD' });
resultDisplay.innerText = formattedTax;
taxableValueDisplay.innerText = "Taxable Value: " + formattedTaxableValue;
resultContainer.style.display = "block";
}