Example of Brevard County Property Tax Calculation
Brevard County Property Tax calculation is a process that determines the amount of tax a property owner in Brevard County, Florida, must pay based on the value of their property. To calculate the property tax, the county assesses the value of the property and applies a tax rate. Here is an example to help explain the process in easy to understand terms.
Suppose a homeowner in Brevard County owns a property valued at $250,000. The county assesses the property value, and let's say the tax rate is set at 2.5% for the year. To calculate the property tax, the homeowner would multiply the property value ($250,000) by the tax rate (2.5%), which equals $6,250. This means that the homeowner would need to pay $6,250 in property taxes for the year.
It's important to note that Brevard County Property Tax rates can vary based on several factors, including the location of the property and any exemptions or deductions the homeowner may be eligible for. It's always a good idea to consult with a tax professional or the Brevard County Tax Collector's office for accurate information on property tax calculations specific to your situation.
In conclusion, Brevard County Property Tax calculation is based on the assessed value of the property and the tax rate set by the county. Homeowners can determine their property tax by multiplying the property value by the tax rate. It's crucial to keep in mind that there may be variations in tax rates and exemptions, so it's best to seek expert advice to ensure accurate calculations.
If you want appeal your property tax assessment - contact your local tax assessor.
Brevard County Property Tax Rates
The Brevard County Property Tax rates are as follows:
| Tax Type | Rate per $100 Assessed Value |
|---|---|
| County General Fund | $0.6823 |
| School Board Operating Fund | $5.2823 |
| School Board Debt Service Fund | $0.7500 |
| Municipal Services Taxing Unit (MSTU) | $0.2500 |
| Special District Tax | Varies by district |
It is important to note that the Special District Tax rate varies depending on the specific district in which the property is located.
Who sets property tax rates in Brevard County ?
Property tax rates in Brevard County are set by the Brevard County Board of County Commissioners. The tax rates are set annually in September as a part of the budget process. The property tax rates are based on the assessed value of the property and are used to fund various county services like schools, public safety, and infrastructure maintenance. The rates may vary depending on the location of the property and the services provided in that area. Property owners in Brevard County should keep themselves informed of the latest property tax rates to avoid overpaying or underpaying their taxes.
Homestead exemptions in Brevard County ?
In Brevard County, Florida, homeowners may be eligible for various Homestead exemptions and deductions, depending on their specific situation. Here is a breakdown of the different options, including exemption, eligibility, amount, and notes:
Homestead Exemptions and Deductions in Brevard County, Florida
| Exemption | Eligibility | Amount | Notes |
|---|---|---|---|
| Homestead Exemption | Must be a permanent Florida resident living in the home as a primary residence | Up to $50,000 | Reduces the assessed value of the property, resulting in lower property taxes |
| Senior Exemption | Must be 65 years of age or older and meet income requirements | Up to an additional $50,000 | Combined with the Homestead Exemption, can reduce property taxes significantly |
| Disabled Veteran Exemption | Must be a veteran with a service-connected disability rating of 10% or higher | Up to $5,000 | May be applied to the assessed value of any property the veteran owns |
| Deployed Military Exemption | Must be a deployed service member | Up to the full amount of property taxes owed | Property taxes are waived while the service member is deployed |
It's important to note that homeowners can only receive one Homestead exemption per year, and must apply by March 1st in order to be eligible for that year. Additionally, exemptions and deductions may vary depending on factors such as income level and disability rating.
By taking advantage of these Homestead exemptions and deductions, homeowners in Brevard County can potentially save thousands of dollars on their property taxes each year.
When is Brevard County Property Tax due ?
Brevard County Property Tax is typically due on March 31st of each year. It is important to note that failure to pay the tax on time may result in penalties and interest fees. Here are some payment methods available for Brevard County Property Tax:
| Payment Method | Description |
|---|---|
| Online | Pay using a debit/credit card or e-check through the Brevard County Tax Collector's website |
| Mail a check or money order to the Brevard County Tax Collector's Office | |
| In-Person | Pay in person at any Brevard County Tax Collector's Office location |
It is recommended to pay the property tax on time to avoid any additional fees. For more information on payment options and deadlines, visit the Brevard County Tax Collector's website.
If you have more questions - contact your local tax collector.
How is Brevard County Property Tax penalty calculated ?
Brevard County Property Tax Penalty Calculation:
The Brevard County Property Tax penalty is calculated as a percentage of the unpaid taxes. The penalty is added to the unpaid taxes after the due date. The penalty percentage varies depending on how late the payment is made. Here is an example to illustrate the calculation:
- Joe owns a property in Brevard County and his property tax bill is $2,000.
- The due date for the tax payment is March 31st.
- Joe does not make the payment until May 1st, which means it is 32 days late.
- The penalty for being 1-30 days late is 5% of the unpaid taxes, and the penalty for being 31-60 days late is 6% of the unpaid taxes.
- In Joe's case, the penalty would be calculated as follows:
- 5% penalty (for being 1-30 days late) on $2,000 = $100
- 6% penalty (for being 31-60 days late) on $2,000 = $120
- Total penalty = $100 + $120 = $220
- Therefore, Joe would owe $2,220 in total for his property tax bill plus penalty.
Late payment penalties can add up quickly, so it is important to make property tax payments on time in Brevard County.
We recommend contacting the Brevard County Tax Office or a local tax professional for the most up-to-date and accurate information.