Owning property is about more than just buying it. Once you own a property, you’ll need to adhere to certain requirements or risk the enforcement of certain penalties. Some of these rules may be individualized and highly complex, to a degree that can be difficult for an independent property owner to reckon with. For example, one of the most common code violations in Florida has to do with weeds. If a property has weeds taller than 12 inches on a property’s lawn, the owner can receive a fine. Other property-related codes and rules can vary depending on the region or state.

Everyone has to deal with real estate tax, sometimes referred to as property tax. But they can be confusing as well once you actually own property. With that being said, let’s look into the issues and rules surrounding real estate taxes, as well as how you should proceed with your real estate tax search. Whether you’re buying a property or selling a property, you need to be sure about the taxes that you or the person you’re selling to will be dealing with.

How Is Real Estate Tax Assessed?

Real estate taxes are assessed with a number of different factors in mind. One feature that plays an important part is the type of property that you’re dealing with. If the land in question is vacant, it may be assessed at a lower value compared to a property that has been built upon. The taxes are based on a percentage of the property’s value, so the value of the property will indeed be key. However, you should also know that the area in which the property is located will also affect the real estate taxes. When looking over a property’s complete tax history, it’s possible that you’ll notice something of a variation based on the rates decided by the local government. This is because city governments benefit greatly from real estate taxes, and their legislatures, councils, and boards meet up to decide what the tax rates will be. However, there are limitations placed on these powers; you don’t need to worry about a property being taxed unfairly based on the desires or needs of city government. This is because of the Tax Cuts and Jobs Act, which placed a cap of $10,000 per year on federal deductions for both state and local taxes.

How Often Will The Taxes Be Assessed?

When attempting a real estate tax search, you’ll probably discover that real estate tax assessors are, as the title implies, in charge of assessing real estate taxes. These taxes will be assessed every one to five years. The owner-of-record will then be charged based on the standards set by the taxing authority. The assessors will use mill levy, otherwise known as the millage tax, and the property value to assess the tax. The millage tax is basically your tax rate, with the mill in question representing one-tenth of one cent. This means that if the property’s value was assessed at $10,000, for example, its mill would be $10.

How Can I Assess My Property’s Value?

There are several different ways to assess your property’s value, which would be an important part of your real estate tax search. You could use the income method, which would be based on how much income you would make from the property. The next method would be the sales evaluation method, which would value the property based on comparable sales in the area. And finally, there is the cost method, which would evaluate how much the property would cost to replace and base its value on that.

Understanding Florida real estate taxes is tricky, but with the right amount of research, you can decipher them!