They cut the tax rate but my property tax bill is going up. What gives?

Every year, elected officials in cities, towns and villages throughout Florida proclaim they’re holding the line on taxes. Sometimes they even brag that they’re cutting the tax rate.

People often wonder why their tax bills keep going up.

How it works

The ultra-simplified version of property taxes is they’re determined by the taxable value of a piece of property multiplied by the tax rate.

The taxable value is based on the market value of the property, determined by the county property appraiser’s office. The taxable value is lowered for owner-occupied homes, by homestead exemptions and limits on increases by the Save Our Homes program.

The basic system works like this: A home or business with a taxable value of $300,000 that is charged a tax rate of $5 for every $1,000 of value would