Orlando Property Taxes | Frequently Asked Questions – Tax season is approaching and I am getting more and more questions about property taxes. Questions like, what are property taxes? How much are property taxes? How do property taxes affect buyers and sellers? Let me start out by stating that I am not a property tax professional. And I highly recommend that you seek professional tax advice when you have specific questions about taxes. Now, let me see what I can do to clear up some of the basics.
Question: What are property taxes?
Answer: Property taxes, also known as real estate taxes, and ad valorem taxes (Latin for: according to value) are taxes paid based on the value placed on real property (real estate). Keep in mind, this is the assessed value of the property, not what you paid for the property. Usually the assessed value is less than the market value, but if you got an extremely good deal on the purchase of your home, the assessed value could be more than you paid. It is always a good idea to check with the:
Orange County Property Appraiser
Phone: 407-836-5044
Website: http://www.ocpafl.org/
Question: How much will I have to pay in property taxes?
Answer: The short answer is that it depends on two things. First: what is the assessed value of the property; second: what is the millage rate for the property’s specific location.
Now that you collected your data, it’s time for a little math:
1) Take the assessed value (for our example let’s use) $200,000
2) You will then pay your millage rate on every $1,000 of assessed property value. In this case, $200,000 divided by $1,000 is 200 (millage units).
3) Now we multiply our millage rate (for our example let’s use $17.50) X our 200 millage units, and we get our property taxes of $3,500.
Example:
Property’s Assessed Value $200,000
Millage Rate X 200 millage units $17.50
Property Taxes Due $3,500
You can also use the Orange County’s Tax Estimator Tool
Question: When are my property taxes due?
Answer: Property taxes are due by March 31 of each year. Property taxes are considered delinquent on April 1st of each year.
Question: How do I pay my property taxes?
Answer: If you own property in Orange County Florida (the Orlando area), You should pay your taxes to the:
Orange County Tax Collector
Phone: 407-836-2709
Website: http://www.octaxcol.com/
Note: In many cases when you have taken out a mortgage on the property, the mortgage company will collect money from you throughout the year in an escrow account and they will use that money to pay your property taxes on your behalf. You should check with your mortgage company to see if they are handling the property taxes for you. Always double check with the County Tax Collector to ensure your mortgage company is paying your tax bills. It is ultimately your responsibility to ensure your property taxes are paid. Post comments, or ask other questions. I hope this helps. Good luck!
