Valorem Taxes Ad With Florida
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FAQ
How is ad valorem tax calculated? It is calculated by multiplying the property's assessed value with the tax rates applied. For example, if A buys a car worth $1000 and the rate applied is 4%, the tax applicable is 1000*4/100 = 1000*0.04 = $40.
The Latin phrase ad valorem means "ing to value." So all ad valorem taxes are based on the assessed value of the item being taxed. Property ad valorem taxes (property taxes) are usually levied by local jurisdictions, such as counties or school districts.
To apply for a refund, complete an Application for Refund of Ad Valorem Taxes (Form DR-462) and submit it to your county tax collector. Explain the reason for the refund, attach any documents that support your request, and sign and date the application.
Ad Valorem (Property) Tax If you own property in Florida, that property is assessed annually by the county property appraiser. This assessment determines the amount of ad valorem taxes owed each year on your property. Ad valorem or property taxes are collected annually by the county tax collector.
A millage rate is the rate of tax per thousand dollars of taxable value. To determine the ad valorem tax, multiply the taxable value (assessed value less any exemptions) by the millage rate and divide by 1,000. For example, $100,000 in taxable value with a millage rate of 5.0000 would generate $500 in taxes.
