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What are ad valorem taxes?
This answer has been viewed 1112 times and was last updated on 10/26/2017.
Print this page"Ad valorem" is Latin for "according to worth." Ad valorem taxes are based upon the assessed value of three types of property:
- Real estate
- Tangible personal property
- Centrally assessed
Tax statements are mailed on or about November 1 each year. Discounts are available for early payment – for information, see our property tax discount periods page. Taxes become delinquent on April 1, at which time interest and advertising are added to the gross tax. For real estate, the interest is 3% for April and May, and the advertising is $6.00. If real estate taxes remain unpaid, a tax certificate sale is held on or before June 1 – for information, see our property tax certificates page. For personal property taxes, the interest is 1.5% per month, the advertising is $3.00, and a $10.00 collection fee also applies. If personal property taxes remain unpaid, a warrant may be issued authorizing the tax collector to levy and seize personal property, which may then be sold at a public auction to satisfy the unpaid taxes.
Real estate – Real estate consists of all lands, buildings, structures, fixtures, and all other improvements to land. The terms "land," "real estate," "realty," and "real property" may be used interchangeably. The assessed value of real property is an annual determination of the just or fair market value of the property established by the Manatee County Property Appraiser. The taxable value is determined by taking the assessed value minus the amount of any applicable exemptions. Homestead exemption is available for taxpayers whose home is their primary and permanent residence such that whenever absent they have the intention of returning. A person may only have one permanent residence at a time. For real estate exemption questions, call the Manatee County Property Appraiser's office at (941) 748-8208.
Tangible personal property – Tangible personal property consists of equipment used in conducting a business, such as machinery, office equipment, furniture, and fixtures. In addition, all attachments to a mobile home, such as an air conditioner, cabana, screened porch, utility room, and carport are classified as tangible personal property. Businesses must file an annual Personal Property Tax Return with the property appraiser to list the furniture and equipment being used by the business or in their rental property. If a business fails to file their annual tax return, a non-discountable assessment penalty is added to their tax bill. Contact the Manatee County Property Appraiser about other penalties that may be assessed based upon an incomplete tax return.
In January 2008, Florida voters approved Amendment 1, which includes the authorization of an exemption for up to $25,000 on tangible personal property. This includes mobile home attachments in rental parks. For more information, read our Amendment 1 FAQ and our mobile home FAQ. For personal property exemption questions, call the Manatee County Property Appraiser's office at (941) 748-8208.
Centrally assessed – Taxes assessed to railroads utilizing portions of land in Manatee County are billed in the same manner as personal property taxes and are subject to the same delinquent collection methods.
The Manatee County Property Appraiser establishes the value of the property. The Board of County Commissioners, school board, city councils, and other levying bodies set the millage rates. One mill equals $1 per $1,000 of property value. Using these values and allowing for exemptions, the tax roll is completed by the property appraiser and approved by the Department of Revenue. Below is the formula for calculating ad valorem taxes.
Ad Valorem Tax = (Assessment − Exemptions) × Millage Rate(s)
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