Florida Property Tax Glossary: Millage, TRIM, Rolled-Back Rate, MSTU

Ad valorem tax

A tax based on property value: taxable value ÷ 1,000 × millage. Homestead exemptions reduce it.

Assessed value

The value used for tax purposes after Save Our Homes or the non-homestead cap is applied; can be below market value.

Homestead exemption

A reduction in taxable value for a permanent Florida resident's primary home. Under Amendment 3: up to $150,000 (2027) and $250,000 (2028) for non-school taxes; $25,000 for school taxes.

Millage (mill)

The tax rate. One mill = $1 of tax per $1,000 of taxable value. 10 mills on $200,000 taxable = $2,000.

Rolled-back rate

The millage that would raise the same property tax revenue as last year, excluding new construction. Under Amendment 3, FAC says the default maximum millage is tied to it.

TRIM notice

Truth in Millage notice: mailed each August, it shows your proposed taxes, each authority's proposed rate, the rolled-back rate and hearing dates.

Non-ad valorem assessment

A flat or formula charge for a specific service (fire, stormwater, solid waste) collected on the tax bill. Not reduced by homestead exemptions.

Special assessment

A non-ad valorem charge that must provide a special benefit to the property and be fairly apportioned, such as a fire rescue assessment.

MSTU

Municipal Services Taxing Unit: a county district that levies extra millage to fund services, often fire or law enforcement, in unincorporated areas.

Save Our Homes

The cap limiting yearly assessed-value growth on homesteads to 3% or CPI, whichever is lower.

Non-homestead cap

The limit on yearly assessed-value growth for non-homestead property; Amendment 3 lowers it from 10% to 5%.

Revenue Estimating Conference

The state panel that estimates fiscal impacts, including Amendment 3's local revenue loss.

Sources: Pinellas County Property Appraiser, Florida Association of Counties, Florida DOR TRIM.