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AD VALOREM TAXATION General Under Florida law, ad valorem property taxes may be levied only by counties, school districts, municipalities and certain special districts. No ad valorem taxes may be levied by the State upon real estate or tangible personal property. The assessment of all properties and the collection of all county, municipal and other local government property taxes are consolidated in the office of each County Property Appraiser and County Tax Collector. The laws of the State of Florida regulating tax assessment are designed to assure a consistent property valuation method statewide. The Florida Constitution limits the aggregate rate of ad valorem taxes that may be levied on real and personal property. The limitation, except as noted below, is ten (10) mills each for all county and municipal purposes. A mill is equal to one-tenth (0.1) of one cent of one dollar or $1.00 for every $1,000 of assessed value. The Florida Constitution excludes from the general 10 mill cap ad valorem taxes which are necessary to pay debt service on voter approved general obligation bonds, such as the ad valorem taxes that secure the Series 2024 Bonds and other voter approved levies. Each respective millage rate, except as limited by law, is set on the basis of estimates of revenue needs and total taxable property valuations within the taxing authority's respective jurisdiction. Ad valorem taxes are not levied in excess of actual budget requirements. In setting millage rates, the county is required by Section 200.065, Florida Statutes, to assume no less than a 95% tax collection rate. The following uses of real property are generally exempt from ad valorem taxation: religious, educational, charitable, scientific, literary and governmental. In addition, there are a variety of special exemptions, including but not limited to, for widows, hospitals, homesteads, working waterfronts and homes for the aged and disabled veterans and first responders. The general "homestead exemption" exempts from taxation the first $25,000 of the assessed valuation of a residence occupied by the owner on a permanent basis, as of January 1 of the year of valuation. Agricultural land, noncommercial recreational land, inventory and livestock are assessed at less than 100 percent of fair market value. See also "AD VALOREM TAXATION - Constitutional Amendments and Legislative Initiatives Affecting Ad Valorem Taxes" herein. Procedure for Property Assessment Real and personal property valuation is determined as of January 1 by each County Property Appraiser. Except as noted below under "AD VALOREM TAXATION - Constitutional Amendments and Legislative Initiatives Affecting Ad Valorem Taxes," all taxable real and tangible personal property must be assessed at 100% of fair market value. 16