Tax Rates
| 2021 MILLAGE RATES BY TAXING AUTHORITY | ||
|---|---|---|
| SUWANNEE RIVER WATER MANAGEMENT | 0.3615 | |
| SCHOOL BOARD-INCLUDING LRE AND DISCRETIONARY | 5.8910 | |
| LAKE SHORE HOSPITAL | 0.0000 | |
| BOARD OF COUNTY COMMISSIONERS | 7.8150 | |
| CITY OF LAKE CITY | 4.9000 | |
| TOTAL MILLAGE RATE FOR COUNTY | 14.0676 | |
| TOTAL MILLAGE RATE FOR COUNTY AND CITY OF LAKE CITY | 18.9675 | |
MILLAGE RATE INFORMATION
Taxing authorities levy annual taxes on the taxable property in their jurisdictions. The rate at which a taxing authority levies tax is usually expressed in mils. One mil represents a rate of .001, and can be confusing if millage is confused with millage rate. The easiest way to think of millage is in “dollars per thousand”; that is, a rate of one mil is equal to one dollar of tax for each 1000 dollars of taxable value. The following example may be helpful.
If a taxing authority levies 10 mils on $1000 of taxable value… *The millage levy would be expressed as 10 mils *The millage rate would be expressed as .010 (.001 x 10) *The amount of tax would be calculated as $1000 x .010 = $10.00 *10 mils generates $10 of tax for each $1000 of taxable value.
The calculation of taxes on your home might look like this, depending on the value of your home and the taxing district you live in. This is a hypothetical example:
| Assessed value | $ 50,000 |
| Homestead Exemption | 25,000 |
| Taxable value | 25,000 |
| Tax Rate | (20 mils) x .020 |
| Tax amount | $ 500.00 |
Millage rates are set each year during the budget hearings held by each of the taxing authorities. Two public hearings are held each year, usually July through September, at which time budgets and tax rates are set. The meetings are advertised and are open to the public.