The Property Appraiser sends a Truth in Millage (TRIM) Notice to all property owners as required by law, usually in August of each year. This notice is very important. You will recognize it by the 'DO NOT PAY - THIS IS NOT A BILL' statement on the envelope and document.

The TRIM Notice shows you the taxable value of your property and provides information on proposed millage rates and taxes as estimated by each Brevard County taxing authority, which includes the County Commission, School Board, Cities, etc.

The TRIM Notice also gives you information on proposed millage rates and taxes as estimated by your county taxing authorities. It also shows you when and where these authorities will hold public meetings to discuss tentative budgets and set your final tax millage rates.

The tax rate (millage) is set by the various taxing authorities including the County Commission, Cities, School Board, and Special Districts - all of which are authorized by law to levy taxes on real estate and tangible personnel property to fund their operations and services.

Your tax bill, which is mailed each year in November by the Tax Collector, is calculated by multiplying your property's taxable value (appraised value less any caps and exemptions) times the tax rate (millage) set by each taxing district in which your property is located. This part of your tax bill is the 'ad valorem' portion, which essentially means 'based on value'; it is based on the taxable value of your property.

Market Value: The expected net proceeds to the seller if the property was sold under typical market conditions. The appraisal date is January 1 of each year, which is nearly a year before tax bills are mailed. Market conditions may change during that time.

Assessed Value - Non-School Board: the capped value (or use value, such as agricultural) before other exemptions are applied (such as Homestead Exemption) used to calculate the non-school-board portion of property taxes.

Assessed Value - School Board: the capped value (or use value, such as agricultural) before other exemptions are applied (such as Homestead Exemption) used to calculate the school-board portion of property taxes. Certain exemptions, including the additional Homestead Exemption, are not included in the taxable value used to calculate school-board taxes.

Taxable Value - School Board: The value, after all caps and exemptions have been applied, that is used to calculate the school-board portion of property taxes.

Taxable Value - Non-School Board: The value, after all caps and exemptions have been applied, that is used to calculate the non-school-board portion of property taxes.

Market value (also known as 'Just value' in Florida law) is based on the net proceeds sellers receive after paying typical costs in completing what is known as an 'arms-length transaction'. An arms-length transaction is a sale in which the parties involved are knowledgeable and acting in their own best interest and not in favor to one another. The transaction participants must not be under duress to buy or sell. The property must have been available on the open market for sale for a reasonable amount of time, with adequate market exposure to potential buyers, and under typical terms.

Market value - whether for private appraisal or for assessment purposes - is based on selling price under typical market conditions and not on an individual sale. By definition, market value may be more or less than the actual sale price of a particular property because conditions of that particular sale may differ from what is typical in the market for similar properties. Also, sometimes a buyer pays above or below market value for a multitude of reasons.

Prior years increases in your assessed value were limited by Constitutional Amendment 10 (Save Our Homes) and therefore a difference developed between your property's assessed value and market value.

The SOH (Save Our Homes) cap was intended to prevent abrupt increases in taxable value on Homestead property when abrupt upward changes in the market occurred.