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The Property Appraiser of Indian River County (the "Property Appraiser") <br />determines property valuation on real and tangible personal property as of January 1 of <br />each year. The Property Appraiser determines the valuation of all real and personal <br />property by July 1 of each year and notifies the County, each municipality within the <br />County, the Indian River County School District (the "School District") and each other <br />legally constituted special taxing district as to its just valuation, notes the legal adjustments <br />and exemptions and the taxable valuation. The taxable valuation is then used by each <br />taxing body to calculate its ad valorem millage for the budget year. Each taxing body must <br />advertise its budget, stating the proposed millage and hold public hearings on such budgets. <br />Final budgets are determined by each taxing body and the millage is certified to the <br />Property Appraiser by October 1. <br />Concurrently, the Property Appraiser notifies each property owner of the proposed <br />valuation and the proposed millage on such property. If the individual property owner <br />believes that his or her property has not been appraised at fair market value, the owner may <br />file a petition with the Indian River County Value Adjustment Board (the "Adjustment <br />Board"). Taxpayers appealing the assessed value or assigned classification of their <br />property must make a required partial payment of taxes (generally equal to 75% of the ad <br />valorem taxes due, less the applicable statutory discount, if any) with respect to properties <br />that will have a petition pending on or after the delinquency date (normally, the following <br />April 1). A taxpayer's failure to make the required partial payment before the delinquency <br />date will result in the denial of the taxpayer's petition. The Adjustment Board appoints <br />independent special magistrates (real estate appraisers and/or attorneys) who hold public <br />hearings on such petitions and determine whether adjustments to the valuations made by <br />the Property Appraiser should be made, if such valuations were found not to be fair and at <br />market value. The Adjustment Board must complete all required hearings and certify its <br />decision with regard to all petitions and certify to the Property Appraiser the valuation to <br />be used by June 1 following the tax year in which the assessments were made. These <br />changes are then made to the final tax roll. The June 1 requirement shall be extended until <br />December 1 in each year in which the number of petitions filed with the Adjustment Board <br />increased by more than 10% over the previous year. The decision of the Adjustment Board <br />may be appealed to the Circuit Court. <br />The Property Appraiser applies the final certified millage of each taxing body to the <br />assessed valuation on each item of real and tangible personal property and prepares the <br />final tax roll which is certified to the Indian River County Tax Collector (the "Tax <br />Collector") by October 1. This permits the printing of tax bills for delivery on November 1 <br />of each year. The tax bills contain all of the overlapping and underlying millages set by <br />the various taxing bodies so that all ad valorem taxes are collected by the Tax Collector <br />and distributed to the various taxing bodies. See "AD VALOREM TAXATION - Assessed <br />Value of Taxable Property" below for a historical table of assessed valuations. <br />17 <br />