AD VALOREM PROPERTY TAXES
City and County property taxes are a yearly liability.

A. Technically, a tax lien attaches to the property  on January 1st  of each year.
B. This lien is released by paying the tax charged.
C. Different Counties and Municipalities will have different due dates that they will send out the bills for property taxes.
D. If the taxes are not paid by the due date, penalties and interest may  be charged. Normally, interest is charged at 1% per month with a penalty of 10% if not paid within 90 days of the deadline.
E. If the bill has not been paid by December 3lst, the tax commissioner must issue an execution of Fieri Facias (commonly known as a tax Fi Fa) against all delinquent taxpayers.

The basis for property taxes is the fair market value of the property.

A. This is defined as “the amount a knowledgeable buyer would pay for the property and a willing seller would accept for the property at an arm's length, bona fide sale.”
B. Fair market value is established on January 1st each year.
C. The tax is levied on the assessed value, which by law is established at 40% of the fair market value. The amount of the tax is determined by the millage rate, which can be different for each city and county. (see attached list of millage rates) NOTE: Although the law does not require any particular method or system for valuation, it does require that the valuation be just and equally applied. Tax assessors have to use the best information available and they will take into consideration such things as the existing use of the property, existing zoning, and comparable sales.