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AD VALOREM TAX MATTERS Property Assessment Procedure Under Florida (the "State") law the assessment of all properties and the collection of all county, school district and other taxing authorities property taxes are consolidated in the offices of the County Property Appraiser and County Tax Collector. The laws of the State regulating tax assessment are designed to assure a consistent property valuation method statewide. All taxable real property and tangible personal property must be assessed at just value, with certain exceptions. Real and personal property valuations are determined each year as of January 1 by the Property Appraiser's office. The assessment roll is prepared between January 1 and July 1, with each taxpayer given notice of any increase in assessment. The property owner has the right to file an appeal with the Value Adjustment Board, which considers petitions relating to assessments and exemptions. The Value Adjustment Board certifies the assessment roll upon completion of the hearing of all appeals; however, provision is made by law for certification of the assessment roll prior to completion of the hearings. Millage rates are computed by the various taxing authorities and certified to the Property Appraiser, who applies the millage rates to the assessment roll. This procedure creates the tax roll, which is then turned over to the Tax Collector on or about the first Monday in October. Certain exemptions are available to permanent residents of the State, including, among others, a homestead exemption not exceeding $25,000. By voter referendum held on November 3, 1992, Article VII, Section 4 of the Florida Constitution was amended by adding thereto a subsection which, in effect, limits the increases in assessed just value of homestead property to the lesser of (1) 3% of the assessment for the prior year or (2) the percentage change in the Consumer Price Index for all urban consumers, U.S. City Average, all items 1967-100, or successor reports for the preceding calendar year as initially reported by the United States Department of Labor, Bureau of Labor Statistics. Further, the amendment provides that (1) no assessment shall exceed just value; (2) after any change of ownership of homestead property or upon termination of homestead status, such property shall be reassessed at just value as of January 1 of the year following the year of sale or change of status; (3) new homestead property shall be assessed at just value as of January 1 of the year following the establishment of the homestead; and (4) changes, additions, reductions or improvements to homestead shall initially be assessed as provided by general law, and thereafter as provided in the amendment. The effective date of the amendment was January 15, 1993 and the base year for determining compliance with the restrictions is 1994. The 1995 tax roll year will be the first year such limitations are effective and, as such, the County is not able to determine at this time the impact, if any, this limitation will have on property assessments. 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. 3247/IND38002-9/POS-BODY-1 10