How Does Elemental Defense Work? (mostly Wondering About %)

I have more than one question regarding this, so I put them into spoilers.

Spoiler: About % Elemental Defense

Some items, such as Gemini or Third Eye, have identifications like "+n% Fire Defense." Lately I've been somewhat confused about what this means. If I have a total of +25% Fore Defense, does that mean 25% of Fire damage I take is ignored? Or does this mean that my raw fire defense (found as fixed stats on armor and accessories) will increase by 25%? Or does it mean something else entirely?

Spoiler: About Raw Elemental Defense

I feel like I understand this aspect of elemental defense better, but I thought I may as well ask anyway. From what I understand, when you take elemental damage the value of raw elemental defense is subtracted from (or added to) the base damage of the weapon hitting you, with spell damage being calculated afterward. I don't know how this applies with attack speeds and spells, however. Is the multiplier applied before damage is subtracted, or the other way around? General clarification on this would be nice.

I'm not really looking for what players "think" are the answers to these questions, but more so what devs and/or gms "know" about these questions.

 

Percentage values multiply the raw defences on equipment.
Let's say you have +100 fire def chestplate.
Then you add +25% fire def boots
And you get 125 fire def. I guess that's how it works