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How can you calculate property tax in Florida?

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Quick Answer

To calculate property tax of a Florida home, use the assessed value of the home to calculate school and nonschool taxes, explains the Florida Department of Revenue. Add the two calculated values together to get the final estimated property tax.

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How can you calculate property tax in Florida?
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Full Answer

The assessed value of a home is the just, or market, value minus accumulated Save Our Homes, or SOH, protections, states the Florida Department of Revenue. Save Our Homes, an amendment to the Florida Constitution, protects homeowners by limiting the maximum that the assessed value of a home can be raised to 3 percent, or to the percentage change in the Consumer Price Index for all urban consumers, whichever is lower.

To calculate school taxes, subtract the homestead exemption, which is traditionally $25,000, from the assessed value of the home, explains the Florida Department of Revenue. Take that value, also called the Taxable Value, and multiply it by the Millage, which is 0.007. The resulting answer is the approximate value of a home's school taxes.

To calculate nonschool taxes, subtract the homestead plus additional exemptions equalling $50,000 from the assessed value of the home, reports the Florida Department of Revenue. Take the resulting Taxable Value and multiply it by the Millage, or 0.011 in this case, and the answer is equal to the nonschool taxes. The addition of the school and nonschool taxes is the estimated property taxes. For example, a home with a just value of $300,000 possess approximately $1,645 in school taxes and $2,310 in nonschool taxes for a total estimate of $3,955 in property taxes.

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