February 28, 2024
Interpret Your Tax Bill

Understanding your tax bill is especially important in the management of your investments. There are tax bills for property, business, or residential building owners. Additional tax bills may even occur if your property has been renovated or is a new building construction. The taxes pay your share of local government and its services to the community. Investment management Orlando could help you do an individual assessment of your bills. Overall, a tax bill represents what percentage of your assets and how much value they have will be levied by government entities.

Here we’ll help you understand how to interpret your tax bills.

Key Information Seen on a Tax Bill

The information commonly seen on a tax bill includes an account summary, tax bill breakdown as payable to your city or county, the name of the asset’s owners, the address of the taxed property, legal description of the asset, tax change explanation, and contact information. Sometimes there will also be an interim tax bill that shows half of the year’s full taxes. These interim bills are usually adjusted for any additional or supplementary taxes that were not in your account previously.

Final Tax Bill

Interpret Your Tax Bill

Final tax bills are usually issued halfway through the year to show the balance of the taxes from a municipality or the education entity. If you have a residential property, you can pay a final tax bill in three installments, or pay it in full before the due date as indicated on your bill. The governing council approves these final due dates. Non-residential property assets and their bills cannot be paid in installments but must be paid on or before the due date indicated on your final tax bill.

Payment Due Date

The due date as seen on your tax bill is vital to remember. Any taxes you owe will be shown on your tax bill and their correlating due dates. You can pay your taxes in advance, but there are no special discounts for anyone who pays them early. If you do not receive your tax bill, this does not mean you are exempt from making any payments, therefore it is always important to keep track of what bills you do or do not receive in the mail.

Late Payment Charges

Sometimes, if payments on your tax bill are late there will be a late payment charge. The percentage you must pay varies depending on the city or state you reside in. Penalties made by the city or state can usually not be waived by law. To avoid late tax bill fees you can contact the tax office to ensure that your payment was received on or before the due date. The payment must be cleared by your financial institution or a service charge may be added to your account. For further assistance on your tax bills, speak to a tax investment management orlando for individual guidance as you navigate the many layers of your investments and tax liability.