Ad Valorem Tax
A property tax based on the assessed value of real estate, set as of January 1 and paid in arrears in Florida.
Ad valorem means according to value. An ad valorem tax is a property tax based on the just, or assessed, value of the real estate, determined by the county property appraiser as of January 1 each year.
In Florida these taxes are paid in arrears, and the bill is figured by multiplying taxable value by the millage rate and dividing by 1,000.
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- Millage Rate
The property tax rate expressed in mills, where one mill equals 1 dollar of tax per 1,000 dollars of taxable value.
- Homestead Exemption (Tax)
A Florida property tax reduction of up to 50,000 on a primary residence, applied in two 25,000 layers.
- Special Assessment
A charge levied only on the properties that benefit from a specific public improvement, based on benefit rather than value.
This definition is Florida real estate exam-prep education, not legal, tax, or professional advice. Verify current rules against the official source before relying on them for a real transaction. Back to the full glossary.