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| Terms and Definitions | |||
General InformationThese general descriptions are provided for your convenience. For specific, detailed information, please refer to a specific link, or call our office. Back to TopMarket ValueAlso called "Just Value," this can be described as the typical price as of January 1 that a willing buyer would pay a willing seller, if the property were offered on the open market.Back to TopReal PropertyThere are two types of property. Real property is all rights to the ownership of real estate, which is land and all that is attached to it by nature (trees, streams, etc.) and by man (buildings, driveways, pools, etc.) Residential Real Estate is an example of real property.
Back to TopPersonal PropertyThe other property type, personal property is all other property that is not real estate. Of this type of property, the Property Appraiser assesses only Tangible Personal Property, such as furnishings, fixtures and equipment used for business purposes, including rental furnishings. An individual's property and furniture for personal use are not assessed. Click for more information about Tangible Personal Property.
Back to TopImprovementsImprovements are defined as man-made attachments to real estate, such as buildings, driveways, and pools.
Back to TopExemptionAn exemption is a provision that reduces the taxable value of property and is granted to persons or organizations that meet specific requirements as set by Florida statutes. As a rule, Exemptions Mean Savings.
Back to TopAd Valorem TaxesProperty taxes that are based on the "value" of the property are considered ad valorem. This tax is calculated by multiplying the millage rate (an amount set by the taxing authorities, not the Property Appraiser) by the taxable value of the property. Ad valorem taxes are different from non-ad valorem fees, which are not based on a property's value. See further explanation in "Who Sets Taxes?"
Back to TopTRIM NoticeA Notice of Proposed Property Taxes that property owners receive each August, TRIM stands for Truth in Millage. It covers two areas: taxes (last year's, as proposed for the current year, and what taxes would result if no budget changes were made); and values (market value, assessed value, exemptions and taxable value) for the current year and the prior year.
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