Your SlideShare is downloading. ×
Citrus County Property Appraiser Budget Presentation March 2011
Upcoming SlideShare
Loading in...5
×

Thanks for flagging this SlideShare!

Oops! An error has occurred.

×
Saving this for later? Get the SlideShare app to save on your phone or tablet. Read anywhere, anytime – even offline.
Text the download link to your phone
Standard text messaging rates apply

Citrus County Property Appraiser Budget Presentation March 2011

1,043
views

Published on

At the March 8th, 2011 , regular school board meeting Geoffrey Greene, Citrus County Property Appraiser , presented a Special Budget Workshop to the school board on the current property value trends …

At the March 8th, 2011 , regular school board meeting Geoffrey Greene, Citrus County Property Appraiser , presented a Special Budget Workshop to the school board on the current property value trends for the nation, our state, and Citrus county.


0 Comments
0 Likes
Statistics
Notes
  • Be the first to comment

  • Be the first to like this

No Downloads
Views
Total Views
1,043
On Slideshare
0
From Embeds
0
Number of Embeds
2
Actions
Shares
0
Downloads
6
Comments
0
Likes
0
Embeds 0
No embeds

Report content
Flagged as inappropriate Flag as inappropriate
Flag as inappropriate

Select your reason for flagging this presentation as inappropriate.

Cancel
No notes for slide
  • Good Morning, I am here today to assist in early budget planning by providing an estimate of 2011 taxable value in advance of my June 1st statutory requirement.
  • This is a general overview of the annual appraisal and taxing process. The appraisal process begins in January and is not completed until June.
  • The purpose of this slide is to clarify the PA’s responsibility in the budget process.
  • These are the 3 main Economic studies utilized in this presentation
  • Based on consumer confidence looking for our economy to move back towards static growth in the near future.
  • As of the 4th quarter 2010, Florida remains one of the hardest hit states for home price declines. On a bright side we have moved up one category from red to orange.
  • While we will see minor recovery through 2011, sustainable recovery begins in 2012. However, the indications show Florida will most likely lag behind the rest of the nation.
  • Set to Rebound. Lower prices, continued population growth, Florida’s unique demographics – aging baby-boomers
  • Past growth has been 3 to 4% from 1970 thru 2012. Future will be 1% annually, however still on track to be 3rd most populous state by 2015 surpassing New York with 20 million people.
  • Florida 1st in U.S., 1.4% higher in Delinquencies, 9% higher in Foreclosures and 10.5% higher in non-current (on their mortgage): above National averages.
  • Citrus is in the 3rd highest range for foreclosure rates in the State of Florida
  • Blue line shows State wide sale up, red as prices bottom and yellow seeing some housing starts. I will get into local S.F. housing later.
  • Historically factoring a return on investment of 3.5% home values were and are about ahere they should be before the bubble.
  • Statewide median sales prices at $138,000. We will compare this when we get to the Citrus County perspective.
  • We have all read the newspapers, we see how tough the local market is for both new construction and resale's.
  • Permits issued have leveled off, appears to be smaller projects, as value of New Construction continues to decline. This also demonstrates a 1 year lag before reaching the Tax Roll. Single Family Home permits at a 10 year low.
  • Filing or LisPendens are down, while foreclosures and shadow inventory or return to bank are up.
  • In a Typical year we have approximately 5000 to 7000 sales to complete our value work. In 2010 we only had 2070
  • You can see the 2 year cumulative decline in the assessments by our office throughout the county.
  • Median sales price improved home on no-premium parcel, below 2004 Values.
  • Median non-premium lot below 2004, without Citrus Springs it would be closer to $10,800.
  • The next 3 slides demonstrate change to the taxable value contribution for various property classes. 2004 Improved residential, commercial & Progress Energy = 82%
  • 2007 Improved residential, commercial & Progress Energy = 75% due to vacant land values.
  • 2010 with decline of vacant land and home values, greater dependence on Progress Energy’s tax return. Taking the Improved residential, commercial & Progress Energy = 84%. The highest levels to date.
  • From the 2007 peak, reduction in taxable values is $2.8 Billion dollars.
  • Because of SOH and the 10% cap, we will never see these spikes again. I just came back from Tallahassee and there are more legislative proposals to restrict taxable values headed for the 2012 ballot
  • Investment in infrastructure needed for tax roll to grow
  • Baby-boomers retirement will peak in 2012 then taper off. This should positively impact our housing market. 78 million born between 1946 and 1964.
  • As I said, our future growth needs to come from quality planned developments
  • We also need to focus on Diversification
  • $111,600 average home = $1150.41 tax bill. BOCC gets $400.20 and the School gets $678.94 other taxing authorities, hospital, SWFWMD and mosquito control = $71.27
  • Property Appraiser budget reduction from 2008 through 2010, employee reductions are now at levels below 2004/05.
  • With the following disclaimers of things subject to change by July 1st.
  • 3% to 6%
  • Or a range from $2,441,884.00 to $4,883,767.00 dollars
  • Transcript

    • 1. CITRUS COUNTY SCHOOL BOARD
      SPECIAL BUDGET WORKSHOP
      March 2011
      CITRUS COUNTY
      PROPERTY APPRAISER
      GEOFFREY GREENE, CFA
    • 2. Property Assessment
      By Property Appraiser
      Tax Bill Issued by
      Tax Collector
      Millage Rates
      Proposed by
      Taxing Authorities
      Government Operations
      Funded in part by
      Ad Valorem Taxes
      Millage Rates
      Adopted by
      Taxing Authorities
      TRIM Notice
      Appraisal and Taxing Process
      Start Here
      NOVEMBER
      JANUARY 1
      SEPTEMBER 30
      JULY
      MID-AUGUST
    • 3. PA Responsibilities to
      Taxing Authorities
      • Value all county real and tangible property, process all
      exemptions, caps and classifications to arrive at taxable
      values for each property by July 1st.
      • Certify preliminary and final taxable values to all Taxing Authorities
      • 4. On behalf of Taxing Authorities notify Property Owners of proposed taxes and rates, through the annual TRIM notices.
      • 5. Transmit data to the Tax Collector for collection of Ad Valorem Taxes.
      Source: Citrus County Property Appraiser
    • 6. January 26, 2011
    • 7. National
      Perspective
    • 8. Source: Federal Housing Finance Agency
    • 9. 3 DECADES
      GROWTH
      STATIC
      RECESSION
      Source: www.metrostudy.com
    • 10. 4th QUARTER 09 – 4th QUARTER 10 CUMULATIVE
      NATIONAL HOUSING PRICE CHANGE
      FL -5.8%
      Source: Federal Housing Finance Agency
    • 11. State and
      Regional
      Perspective
    • 12. Source: The Florida Legislature Office of Economic
      and Demographic Research
    • 13. Economy Was Set to Rebound
      Florida growth rates were beginning an expected slow return to more typical levels. But, drags are more persistent than past events, and it will take years to climb out of the hole left by the recession.
      Overall…
      • The national economic recovery is running its course and, more
      importantly, the financial markets are recovering stability –
      although they are still sluggish and difficult to access.
      The subsequent turnaround in Florida housing will be led by:
      Low home prices that begin to attract buyers and clear the inventory.
      Long-run sustainable demand caused by continued population growth
      and household formation.
      Florida’s unique demographics and the aging of the baby-boom
      generation.
      Source: The Florida Legislature Office of Economic
      and Demographic Research
    • 14. Population Growth Recovering
      • Population growth is the state’s primary engine of
      Economic growth, fueling both employment and income
      growth.
      • In the short term, population growth is forecast to remain
      relatively flat – averaging 0.4% between 2009 and 2012.
      Population growth is expected to recover in the future –
      averaging 1.1% between 2025 and 2030.
      • The future will be different from the past; the long-term
      growth rate between 1970 and 1995 was over 3%.
      • Florida is still on track to break the 20 million mark by the
      end of 2015, becoming the third most populous state
      sometime before then – surpassing New York.
      Source: The Florida Legislature Office of Economic
      and Demographic Research
    • 15. Citrus
      Source: The Florida Legislature Office of Economic and Demographic Research
    • 16. 1.47 9.05 10.52
      Source: The Florida Legislature Office of Economic and Demographic Research
    • 17. Citrus
      Source: The Florida Legislature Office of Economic and Demographic Research
    • 18. Source: The Florida Legislature Office of Economic and Demographic Research
    • 19. Historic MLS Median
      Regional
      www.metrostudy.com
    • 20. Statewide
      -48.4
      $133,100
      December 2010
      Source: The Florida Legislature Office of Economic and Demographic Research
    • 21. Citrus County Perspective
    • 22.
    • 23.
    • 24. Citrus County Foreclosures
      2003 2004 2005 2006 2007 2008 2009 2010
      501 507 471 501 915 1640 2001 1490
      266 250 147 103 293 615 787 1054
      585 744 1023
      LisPendens Filed
      Foreclosure Sales
      Back to Plaintiff (Bank)
      Source: Citrus County Property Appraiser
    • 25.
    • 26. 2 Year S.F. Market Value Changes
      Withlacoochee River Basin
      -21%
      Citrus Springs
      -26%
      Beverly Hills
      -34%
      City of Crystal River
      -25%
      City of Inverness
      -29%
      Coastal Rivers
      -20%
      Sugarmill Woods
      -19%
      Homosassa Water District
      -24%
      County Wide
      -22%
      Average Market Value Change 2008-2010 by Millage Areas
      Source: Citrus County Property Appraiser
    • 27.
    • 28.
    • 29. 2004 School Taxable Value by Property Class
      Prior to Amendment 1 School & Non-School Taxable Values were the same
    • 30. 2007 School Taxable Value by
      Property Class
      Prior to Amendment 1 School & Non-School Taxable Values were the same
      Source: Citrus County Property Appraiser
    • 31. 2010 School Taxable Value
      by Property Class
    • 32. School Total Taxable Values for Citrus County 2000-2010
      (-$2 Billion)
      -.7
      -.9
      -.4
      Taxable Value in Billion Dollars
      Source: Citrus County Property Appraiser
    • 33. School Taxable Value Comparison
      Source: Citrus County Property Appraiser
    • 34. Citrus County’s total taxable values had the 10% cap been in effect in 2005 as the base year
      7.7 Billion
      2.9 Billion
      1 Billion
      3 Billion
      .8 Billion
      Taxable Values in Billion Dollars
      2005
      2006
      2007
      2008
      2009
      2010
      7.9 8.7 9.4 9.9 10.0 9.6
      8.7 11.6 12.4 10.9 10.0 9.6
      Amendment 1 Estimates with Non-Homestead Caps in Force
      Actual Taxable Amounts
      Source: Citrus County Property Appraiser
    • 35. Significant future tax roll growth
      will come from ?
      • New Quality Planned Development
      • 36. New Commercial and Industrial Development
      • 37. Expansion of Existing Commercial and Industrial
      Government’s role must be to invest in the infrastructure, if the Commission wants to see growth in the Tax Roll. With no new construction, the Tax Roll remains flat.
    • 38. Persons Turning 65 Yrs. Old
      www.metrostudy.com
    • 39. Quality Planned Development
      Source: Citrus County Property Appraiser
    • 40. Commercial New Construction vs. Residential Construction
      =
      $6.9 Million
      62
      1
      2010 Average Non-School Taxable Value of $111,600
      Source: Citrus County Property Appraiser
    • 41. Commercial New Construction vs. Residential Construction
      =
      1
      40
      $4.5 Million
      2010 Average Non-School Taxable Value of $111,600
      Source: Citrus County Property Appraiser
    • 42. Diversification
      Technology
      Green Businesses
    • 43. 2010 Property Tax on Average Single Family Home
      Assessed Value of $111,600before applicable Homestead Exemption.
      Total Tax Bill $1,150.41
      AD VALOREM TAX BILL COMPONENTS:
      MILLAGE RATE
      TAXING AUTHORITY LEVIES
      Source: Citrus County BOCC Final Budget Summary
    • 44. Property Appraiser’s Budget General Fund
      -20.27%
      Property Appraiser Historical Prospective
      Source: Citrus County Property Appraiser
    • 45. 2011
      CITRUS COUNTY SCHOOL BOARD
      Estimate of Value Change
    • 46. Factors Affecting Accuracy of March Taxable Value Estimates
      • Progress Energy (PGN) representing 21% of Citrus County taxable value can greatly alter final County taxable value results.
      • 47. Other high value properties often file tax returns after April 1st (Florida Gas, Century Link, Bright House, AT&T, WREC, etc).
      • 48. Valuation of properties, granting and removing of exemptions and classifications is a process that continues well into June.
      • 49. Potential impact of July 1st analysis and approval of Tax Roll by Department of Revenue.
      • 50. Potential for Legislative changes
      Source: Property Appraiser
    • 51. 2011
      CITRUS COUNTY SCHOOL BOARD
      Estimate of Value Change
      2011 Taxable Value Range
      -3%to-6%
      Source : Citrus County Property Appraiser
    • 52. 2011 School Taxable Value Estimate
      Source: Citrus County Property Appraiser
    • 53. THANK YOU!

    ×