Printable cheat sheet

    Florida millage and property tax cheat sheet

    Built for Florida sales associate exam prep. Use this to separate assessed value, taxable value, school mills, non-school mills, and the final ask before calculating.

    Open calculator
    Start with valueAssessed value - exemptions

    If the problem gives assessed value and exemptions, subtract exemptions before applying any mills.

    One mill$1 per $1,000

    Divide taxable value by 1,000, then multiply by the millage rate.

    Tax formulaTaxable value / 1,000 x mills

    This gives annual property tax for the millage category used in the question.

    School taxable valueAssessed value - first exemption

    In the common exam-style split, the additional homestead exemption does not reduce school taxes.

    Non-school taxable valueAssessed value - applicable exemptions

    Use the facts in the stem. If the problem separates school and non-school millage, keep the taxable values separate.

    Save Our HomesCap assessed value first

    If the stem gives prior assessed value and a cap, apply the cap before subtracting exemptions.

    The exam setup rule

    1. Identify whether the question gives assessed value or taxable value.
    2. Subtract the exemptions stated in the question before applying mills.
    3. Keep school and non-school taxable values separate when the stem separates them.
    4. Divide taxable value by 1,000 before multiplying by mills.
    5. Stop when the question asks for taxable value, school tax, non-school tax, or total tax.

    Five worked examples

    Basic millage$260,000 taxable value at 20 mills

    $260,000 / 1,000 x 20 = $5,200.

    Homestead school split$310,000 assessed value, $25,000 first exemption, $25,000 additional exemption

    School taxable value is $285,000. Non-school taxable value is $260,000.

    Save Our Homes$200,000 prior assessed value, $250,000 current value, 3% cap, $50,000 non-school homestead exemption, 18 mills

    $200,000 x 1.03 = $206,000. $206,000 - $50,000 = $156,000. $156,000 / 1,000 x 18 = $2,808.

    School tax$285,000 school taxable value at 6.2 mills

    $285,000 / 1,000 x 6.2 = $1,767.

    Total tax$1,767 school tax plus $3,640 non-school tax

    Add them only when the question asks for total tax. Total: $5,407.

    Traps to check

    1. Do not treat mills like a percent.
    2. Do not multiply assessed value before subtracting exemptions.
    3. Do not apply the additional homestead exemption to school taxes unless the stem says to.
    4. Do not combine school and non-school mills until you know whether the taxable values are the same.
    5. Do not subtract exemptions before applying a Save Our Homes cap when the stem gives one.
    6. Do not use a live tax bill shortcut. Follow the numbers in the exam question.

    Sanity check

    1. Higher taxable value should create higher tax when the millage stays the same.
    2. Higher mills should create higher tax when the taxable value stays the same.
    3. A larger exemption should lower tax, not raise it.
    4. If school and non-school taxes are separated, the non-school taxable value may be lower than the school taxable value.
    Practice the patternPass Florida drills millage, homestead, and mixed property tax math.

    Use the calculator, Math Coach, Trap Library, and 1,002 Florida-specific questions at passfloridarealestate.com.

    Get Pass Florida

    Sources: Florida Department of Revenue property tax and millage guidance, F.S. 196.031, F.S. 193.155, F.S. 196.075, Florida Constitution Article VII, Section 4, DBPR Real Estate Sales Associate Candidate Information Booklet, and Pearson VUE Florida Real Estate testing materials. For exam prep only, not tax, appraisal, closing, or legal advice.

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