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Polk County Florida Property Taxes

Polk County Florida Property Taxes

Though the state government does not collect any property taxes, local governments receive much of their funding through these taxes. These rates are assessed at the local level and can vary by county, and they are based on the value of the property. Here is some helpful information below from Lineage Real Estate on property taxes in Polk County Florida.

Polk County Exemptions

The Property Appraiser approves all property tax exemptions, including Homestead Exemption, Widow/Widower Exemption, Disability Exemption, Senior Exemption and Military Exemption for property taxes in Orange County, Florida

The Basics

The Polk County Property Appraiser assesses the value of a property and the Board of County Commissioners and other levying bodies set the millage rates. Using these values and allowing for exemptions, the Property Appraiser certifies the Tax Roll to the Tax Collector who mails the tax notice to the owner’s last address of record as it appears on the tax roll.

Important Dates Polk County

In cases where the property owner pays through an escrow account, the mortgage company should request and be sent the tax bill, and the owner receives a copy of the notice.

Taxes are collected on an annual basis beginning November 1st for the tax year January through December. Tax statements are normally mailed out on or before November 1st of each year.

The gross amount is due by March 31st; taxes become delinquent on April 1st.

Any changes to the tax roll (name, address, location, assessed value) must be processed through the Property Appraiser’s Office.

Interested In Searching Orange County Properties? Check The Inventory Here

Polk County Property Tax Exemptions

Homestead Exemptions are available on primary residences in Florida. These exemptions can be available up to $50,000. However, only the first $25,000 of this exemption applies to all taxes. The remaining $25,000 only applies to non-school taxes.

Widow(er) Exemptions of $500 are available to widows and widowers who have not remarried. If you were divorced at the time of your ex-spouses death, you do not qualify for this exemption.

Senior Citizen Exemptions are available in certain counties and cities only. They are valued up to $50,000 for residents 65 years old and older who have gross income below $20,000 in 2001 dollars, adjusted for inflation. This exemption is in addition to the Homestead Exemption.

Blind Person Exemptions of $500 are available to Floridians who are legally blind.

Total and Permanent Disability Exemptions are available for homeowners who have a total and permanent disability. Quadriplegics who use their property as a homestead are exempt from all property taxes. Others who must use a wheelchair for mobility or are legally blind and have a gross income below $14,500 in 1991 dollars, adjusted for inflation, can be exempt from all property taxes as well.

Veterans Exemptions exist in a number of different forms.

A veteran documented as disabled by 10% or more in war or service-connected events can earn an additional exemption of $5,000 on any owned property.
An honorably discharged veteran who is totally and permanently disabled or requires a wheelchair for mobility due to their service can be exempt from all property taxes. In some circumstances, this benefit can be transferred to a surviving spouse.
An honorably discharged and disabled veteran who is 65 or older who was a Florida resident when they entered military service may be eligible for an additional exemption. The disability must be permanent and must have been acquired as a result of the military service. The property tax will be discounted based on the percent of the disability.
Members of the military deployed during the last calendar year can receive exemptions based on the percent of time during the year they were deployed.

How Your Polk County Property is Valued

To find the value of any piece of property, the Property Appraiser must first know the selling price for similar properties. He also takes other factors into consideration, such as: what it would cost to replace the property, how much it takes to operate and maintain the property, what rent the property might earn, as well as a variety of other dollar facts affecting the value of the property including the current rate of interest charges for borrowing the money to buy or build similar properties.

There are three fundamental methods of evaluating property used by the Property Appraiser’s Office:

The first method involves finding properties like yours which have recently been sold in order to obtain comparative value. The selling prices are carefully analyzed to get a true picture of the actual property value. One property may have sold for considerably more than it was really worth because the buyer was in a hurry to occupy the property and would pay any price to get in. In contrast, a property may have sold for much less money than it was worth because the owner needed cash right away and was willing to sell to the first buyer who made him an offer.

When using the comparative value method of assessing property the Property Appraiser takes such over or under pricing into consideration so as to arrive at a fair evaluation of your property’s value.

The second method of evaluating property considers the actual amount of money it would take to replace your property with an exact replica at current material and labor costs. If your property is not new, the Property Appraiser must determine how much the property has depreciated.

The third method of evaluating property works in conjunction with the other methods if you happen to own property that provides you with a rental income (money received or paid to occupy or use land/property owned by another). Rental income can be obtained from an apartment, rental home, stores, factories, etc. If your property provides rental income the Property Appraiser must consider numerous dollar facts including the following:

  • Operating expenses
  • Taxes
  • Insurance
  • Maintenance costs
  • Degree of financial risk taken in earning income from the property
  • Monetary return expected from the property
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