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A property tax, millage tax is an ad valorem tax that an owner of real estate or other property pays on the value of the property being taxed. Ad valorem property taxes are collected by local government departments (examples are counties, cities, school districts, and special tax districts) on real property or personal property.
The Florida Constitutional homestead exemption offers virtually absolute protection from forced sale to meet the demands of creditors, except under four special circumstances, and should not be confused with the Florida Ad Valorem tax reduction savings, which is a product of the Florida legislature.
The alternative to an ad valorem tax is known as a "specific tax." A specific tax states the exact amount owed for any given individual or transaction. For example, a town might levy an alcohol ...
The property tax most citizens are aware of is known as an ad valorem tax. This tax is used to fund general or day-to-day government operations. An ad valorem tax is commonly levied on both real and personal property. A property tax is based upon a property's market value.
Amendment 5, placed on the ballot by Florida lawmakers, would in most years increase the value of a tax break known as the homestead property tax exemption by adjusting its value to match inflation.
The federal government is generally prohibited from imposing direct taxes unless such taxes are then given to the states in proportion to population. Thus, ad valorem property taxes have not been imposed at the federal level. The states must grant residents of other states equal protections as taxpayers.
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Under Public Law 94-565, enacted in 1976, the federal government began making payments in lieu of taxation to local governments affected by this reduction in their tax bases. In some states where land owned by colleges and universities is not subject to local property taxes, the state government reimburses the local governments for part of the ...