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One daily newspaper is published in the County. There are five local radio stations. Television
<br />reception is good for the major commercial stations and cable is available to the County. Telephone service is
<br />supplied by Southern Bell. Vero Beach Electric System and Florida Power & Light Company supply electricity.
<br />LOCAL AND STATE TAXES
<br />Florida has no individual state income tax. Inheritance tax is confined to the amount allowed as a credit
<br />to the State from the tax levied by the United States government. The 6% regular sales tax plus the 1% local
<br />option sales tax applies to all items except groceries and medicines.
<br />Under the Florida Homestead Exemption law, no municipal or county taxes are levied against the first
<br />575,000 for valuation of a home occupied by its owners except for special assessments. It is a state law that all
<br />tax appraisals must be at 100% of value.
<br />The Florida corporate tax is 5.5% with an exemption and no surcharge.
<br />The Board of County Commissioners of Indian River County is limited by the Constitution of Florida
<br />to an ad valorem tax levy of 10.0 mills per $1,000 of assessed value for operating expenditures, with an additional
<br />10.0 mills within special created municipal service taxing units.
<br />The following tables provide statistical information on the County's tax collection history, assessed
<br />property values, debt structure and principal taxpayers:
<br />INDIAN RIVER COUNTY, FLORIDA
<br />ASSESSED AND ESTIMATED ACTUAL VALUE OF TAXABLE PROPERTY
<br />LAST TEN FISCAL YEARS
<br />Source: (1) Department of Revenue, State of Florida and Indian River County Comprehensive Annual Financial Report, Fiscal
<br />Year 1992.
<br />A-6
<br />Percent of Total
<br />Fiscal
<br />Total
<br />Assessed to Total
<br />Year
<br />Real Property
<br />Personal Property
<br />Total Assessed
<br />Estimated
<br />Estimated
<br />Faded
<br />Assessed Value
<br />Assessed Value
<br />Value
<br />Actual Value
<br />Actual Value("
<br />1982
<br />2,442,835,490
<br />200,607,110
<br />2,643,442,600
<br />2,745,007,892
<br />96.3
<br />1983
<br />2,984,489,960
<br />170,588,980
<br />3,155,078,940
<br />3,180,523,125
<br />99.2
<br />1984
<br />3,311,355,000
<br />181,269,850
<br />3,492,614,850
<br />3,492,624,250
<br />100.0
<br />1985
<br />3,534,015,949
<br />187,757,610
<br />3,721,782,559
<br />3,721,782,559
<br />100.0
<br />1986
<br />3,781,716,839
<br />229,364,177
<br />4,011,081,016
<br />4,011,081,016
<br />100.0
<br />1987
<br />3,974,458,157
<br />259,733,289
<br />4,234,191,446
<br />4,276,961,057
<br />99.0
<br />1988
<br />4,387,121,880
<br />280,414,239
<br />4,667,536,119
<br />4,667,536,119
<br />100.0
<br />1989
<br />4,570,700,250
<br />303,141,158
<br />4,873,841,408
<br />4,873,811,408
<br />100.0
<br />1990
<br />4,954,816,716
<br />321,397,153
<br />5,276,213,869
<br />5,276,213,869
<br />100.0
<br />1991
<br />5,353,680,640
<br />347,990,177
<br />5,701,670,817
<br />5,782,627,603
<br />98.6
<br />1992
<br />6,200,439440
<br />362,973,529
<br />6,563,412,969
<br />6,656,605,445
<br />99.6
<br />Source: (1) Department of Revenue, State of Florida and Indian River County Comprehensive Annual Financial Report, Fiscal
<br />Year 1992.
<br />A-6
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