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and thereafter as provided in the amendment. The effective date ofthe amendment was January 15, 1993, and the base year for determining compliance with the restrictions was 1994. Pursuant to State legislative authorization, the County has enacted an Ordinance providing an additional $25,000 homestead exemption to citizens 65 years or older as of January 1 of the year and whose household income does not exceed $20,000. The $20,000 income limitation is adjusted annually by the percentage change in the average cost -of -living index in the period January 1 to December 31 of the immediate preceding year compared with the same period for the prior year. Ad Valorem Tax Rates There is no limitation as to the rate or amount of ad valorem taxes levied by the County for the purposes of paying debt service on general obligation bonds whose issuance has been approved at a referendum election duly called and held. Ad valorem taxes levied for operating purposes by the County are limited to 10 mills, except for voted levies. In 1973 the State of Florida enacted legislation in order to encourage public awareness of spending and taxing decisions of local elected officials. This legislationwas amended in 1980 by the "TRIM Bill" (Truth in Millage). Under the TRIM Bil], a "roll -back tax rate" is defined as the millage rate that would produce the same ad valorem taxes in each current year as were levied in the previous year, exclusive of any increase in assessments resulting from new construction. Regardless of the tax rates established by the various taxing authorities, each taxpayer is notified by first class marl of his proposed property tax prior to the public hearings required to be held for the adoption of the final budget and millage rate. Levy and Collection of Ad Valorem Taxes All real and tangible personal property taxes are due and payable annually. A notice is mailed to each property owner on the tax roll on November 1 of each year, or as soon thereafter as the tax roll is certified and delivered to the Tax Collector, for taxes levied by the county, school district and other taxing authorities. Taxes may be paid upon receipt of such notice, with discounts at the rate of 4% if paid in the month of November; 3% if paid in the month of December; 2% if paid in the month of January; and 1% if paid in the month of February. Taxes paid during the month of March are without discount. All unpaid real and tangible personal property taxes become delinquent on April 1 of the year following the year in which the taxes are levied. Delinquent real property taxes bear interest at the rate of 18% per year from April 1 until a certificate is sold at auction, from which time the interest rate is in accordance with the bid by the buyer of the certificate. Delinquent tangible personal property taxes also bear interest at a rate of 18% per year from April 1 until paid. Tax certificates for delinquent personal property taxes must be advertised for sale within 45 days after delinquency, and after May 1 the property is subject to levy, seizure and sale. 11