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Florida Property Tax / Real Estate Tax

Real Estate Tax is payable annually, to the local tax collector by all owners of US Property, whether the property is rented out or kept for their own use. The tax bills are sent out in November of the relevant year and must be paid before March 31st. of the following year, with a discount for early payment.

Real Estate Taxes are based on the value of the property as assessed by the Local Appraiser’s office (similar to Council Tax or Rates), and are payable from the date you take up ownership. Title companies adjust at closing and allow credit for months when the new buyer did not own the property.

If you have a US mortgage, the lender usually operates an escrow account and will pay the Real Estate Tax in full, in November and then charge out the homeowner a fixed amount each month, in order to recover the tax bill. Owners without a US mortgage will have to pay this bill direct to the County Tax Collector. Most counties have facilities to pay online with a valid credit card and there may also be facilities to pay via an instalment plan.

The first year’s Property Tax bill, (covering brand new homes), will be based on land values. Homeowners will face an increased bill from the second year of ownership, as the property tax is then assessed on property value. Generally, non-resident owners must pay the full amount and will not qualify for any exemptions.)

Tangible Personal Property Tax

Tangible Personal Property Tax is an ad valorem tax assessed against the furniture, fixtures and equipment located in business premises and rental property.(A vacation rental home is included in this category)

From January 1st 2008, there is a $25,000 exemption in force affecting short-term and long-term rental properties; providing the furnishings and fittings within your rental property are less than $25,000 you will no longer have to pay this tax. After the 2008 tax filing, and providing your total Tangible Personal Property remains below $25,000, you will not have to file this Tax Return again. However, new owners of the property must file an initial return to establish their eligibility for the exemption.

The deadline for filing a timely Tax Return is April 1st.

Useful Florida Tax Collector Website’s:-
Polk County
Osceola County
Orange County
Lake County
Other Counties and States will operate similar tax collector websites.

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