2020 IMPACT Report - Sarasota County, Florida

PROPERTY TAX CYCLE The property tax bill property owners pay each year funds much more than County government. From the chart below, you can see where your property tax dollars go. Your County government receives only a portion of your property tax dollars, while the largest portion goes to the School Board. PROPERTY TAX CYCLE P r o p e r t y V a l u e A s s e s s e d T a x M i l l a g e R a t e F u n d i n g o f G o v e r n m e n t S e r v i c e s N o t i c e P r o p e r t y T a x B i l l P r o p e r t y T a x JANUARY Property Appraiser determines market value and exemption eligibility, which is used to calculate your property’s taxable value. JULY Based on how much money is needed to cover expenses, the BCC and other taxing entities set millage rates, which are used to calculate property taxes. AUG-SEPT Property Appraiser mails a notice of proposed taxes, or Truth In Millage “TRIM” notice. Taxpayers may challenge the assessment by petitioning the Value Adjustment Board “VAB.” NOVEMBER Tax Collector mails tax bill to property owners and begins collecting payments. NOV-MAR Tax Collector distributes property tax collections to local governments and taxing authorities. The Clerk and Comptroller receives those funds and invests them until they are needed to pay bills. SarasotaClerk.com 13