Ad Valorem – A Latin term meaning “according to worth,” referring to taxes levied on the basis of value. Taxes on real estate and tangible personal property are ad valorem.
Appraisal – The dollar value assigned to a person’s property by the Property Appraiser. This amount, less any exemptions, is the basis of the ad valorem portion of the tax.
Assessment – The actual amount of tax a person owes. The ad valorem is based on the appraised value of the property, less exemptions, multiplied by the millage rate.
Millage Rate – The rate of taxes levied based on a mill (1/10 of one cent), or one dollar per one thousand dollars of taxable value. A 30-mill tax rate levied against a taxable value of $100,000 would generate a $3,000 tax liability.
Non-ad Valorem Tax – Assessment not based on millage and value, usually flat amount of $x per acres, housing unit, lot, etc. (e.g. Solid Waste Authority fees are based on the type of property producing the waste).
Parcel – A geographically described tract of land for which a deed exists.
Property Control Number – A digit number identifying real property; a parcel number.
Real Property – Land, buildings and improvements.
Tangible Personal Property – Goods, chattel and other owned objects. For taxation purposes in Florida, vehicles and household goods are not considered tangible personal property.
Tax Certificate – A first-lien instrument offered for sale by the Tax Collector through competitive bid to pay delinquent taxes. A tax certificate expires seven (7) years from the date issued.
Tax Deed Application – A legal document filed with the Tax Collector by the holder of a tax certificate to demand payment. The tax deed may be applied for two (2) years from April 1 of the year of issuance. If the taxes are not paid by the date set for the tax deed sale, the property is sold by the Clerk of Courts’ Office to the highest bidder.
Tax Lien – A lien for property taxes effective January 1 of the tax year. Taxes are due November 1 and are payable prior to April 1 of the next year.
Taxable Property – Real property and tangible personal property.