Millage Rates in M-DCPS - Essay Example

The paper "Millage Rates in M-DCPS" is an exceptional example of an essay on finance and accounting. Tax money has always been a major source of income for the government in order to run its institutions. All the matters regarding the valuation of property in the state of Florida are done by the office of the Property Appraiser. The term Millage is used by the Tax Collector Office in Miami. One “mill” refers to 1/1000th of a dollar. All the taxable properties are valuated by the Property Appraiser; however, the Millage rates are set by the tax authorities along with the school board and tax commissioners.

The Millage rate in Miami-Dade school districts is 10 mills or $ 10 on a property valued at $ 1000. The Millage rates are fixed annually based on the fair market value of the properties over a period of one year. According to State law, the properties are evaluated and appraised on 100% of the market price. The annual Millage rate may increase or decrease depending on trends in the market. Also, the rates differ from one county to another. The Millage rates in Miami-Dade districts are seen as the lowest as compared to another district in Florida and also the Millage rates have been seen as declining during the last few years.

All such taxes are levied on January 01 and are required to be paid by November 01 of the same year. In case of an earlier payment, the consumer is provided with a discount and fines are levied on late payments and the properties may be put on auction in order to recover the tax money.