CITRUS COUNTY SCHOOL BOARD<br />SPECIAL BUDGET WORKSHOP<br />March 2011<br />CITRUS COUNTY <br />PROPERTY APPRAISER<br />G...
Property Assessment <br />By Property Appraiser<br />Tax Bill Issued by<br />Tax Collector<br />Millage Rates<br />Propose...
PA Responsibilities to <br />Taxing Authorities<br /><ul><li>Value all county real and tangible property, process all</li>...
On behalf of Taxing Authorities notify Property Owners of proposed taxes and rates, through the annual TRIM notices.
Transmit data to the Tax Collector for collection of Ad Valorem Taxes.</li></ul>Source:   Citrus County Property Appraiser...
January 26, 2011<br />
National<br />Perspective<br />
Source:  Federal Housing Finance Agency<br />
3 DECADES<br />GROWTH<br />STATIC<br />RECESSION<br />Source:  www.metrostudy.com<br />
4th QUARTER 09 – 4th QUARTER 10 CUMULATIVE<br /> NATIONAL HOUSING PRICE CHANGE<br />FL -5.8%<br />Source:  Federal Housing...
State and <br />Regional<br />Perspective<br />
Source:  The Florida Legislature Office of Economic<br />             and Demographic Research<br />
Economy Was Set to Rebound<br />Florida growth rates were beginning an expected slow return to more typical levels.  But, ...
Population Growth Recovering<br /><ul><li>Population growth is the state’s primary engine of </li></ul>Economic growth, fu...
Citrus<br />Source:  The Florida Legislature Office of Economic and Demographic Research<br />
1.47                     9.05           10.52<br />Source:  The Florida Legislature Office of Economic and Demographic Res...
Citrus<br />Source:  The Florida Legislature Office of Economic and Demographic Research<br />
Source:  The Florida Legislature Office of Economic and Demographic Research<br />
Historic MLS Median<br />Regional<br />www.metrostudy.com<br />
Statewide<br />-48.4<br />$133,100<br />December 2010<br />Source:  The Florida Legislature Office of Economic and Demogra...
Citrus County Perspective<br />
Citrus County Foreclosures<br />2003      2004      2005      2006     2007      2008       2009       2010 <br />501     ...
2 Year S.F. Market Value Changes<br />Withlacoochee River Basin<br />-21%<br />Citrus Springs<br />-26%<br />Beverly Hills...
2004 School Taxable Value by Property Class<br />Prior to Amendment 1 School & Non-School Taxable Values were the same<br />
2007 School Taxable Value by <br />Property Class<br />Prior to Amendment 1 School & Non-School Taxable Values were the sa...
2010 School Taxable Value <br />by Property Class<br />
School Total Taxable Values for Citrus County 2000-2010<br />(-$2 Billion)<br />-.7<br />-.9<br />-.4<br />Taxable Value i...
School Taxable Value Comparison<br />Source:  Citrus County Property Appraiser<br />
Citrus County’s total taxable values had the 10% cap  been in effect in 2005 as the base year<br />7.7 Billion<br />2.9 Bi...
Significant future tax roll growth <br />will come from ?<br /><ul><li>New Quality Planned Development
New Commercial and Industrial Development
Expansion of Existing Commercial and Industrial</li></ul>Government’s role must be to invest in the infrastructure, if the...
Persons Turning 65 Yrs. Old<br />www.metrostudy.com<br />
Quality Planned Development<br />           Source:  Citrus County  Property Appraiser<br />
Commercial New Construction vs. Residential Construction<br />=<br />$6.9 Million<br />62<br />1<br />2010 Average Non-Sch...
Commercial New Construction vs. Residential Construction<br />=<br />1<br />40<br />$4.5 Million<br />2010 Average Non-Sch...
Diversification<br />Technology<br />Green Businesses<br />
2010 Property Tax on Average Single Family Home<br />Assessed Value of $111,600before applicable Homestead Exemption.<br /...
Property Appraiser’s Budget General Fund<br />-20.27%<br />Property Appraiser Historical Prospective<br />Source:  Citrus ...
2011 <br />CITRUS COUNTY SCHOOL BOARD<br />Estimate of Value Change<br />
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Citrus County Property Appraiser Budget Presentation March 2011

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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.

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  • 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&apos;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 &amp; Progress Energy = 82%
  • 2007 Improved residential, commercial &amp; 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 &amp; 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
  • Citrus County Property Appraiser Budget Presentation March 2011

    1. 1. CITRUS COUNTY SCHOOL BOARD<br />SPECIAL BUDGET WORKSHOP<br />March 2011<br />CITRUS COUNTY <br />PROPERTY APPRAISER<br />GEOFFREY GREENE, CFA<br />
    2. 2. Property Assessment <br />By Property Appraiser<br />Tax Bill Issued by<br />Tax Collector<br />Millage Rates<br />Proposed by<br />Taxing Authorities<br />Government Operations<br />Funded in part by <br />Ad Valorem Taxes<br />Millage Rates <br />Adopted by<br />Taxing Authorities<br />TRIM Notice<br />Appraisal and Taxing Process<br />Start Here<br />NOVEMBER <br />JANUARY 1<br />SEPTEMBER 30<br />JULY <br />MID-AUGUST<br />
    3. 3. PA Responsibilities to <br />Taxing Authorities<br /><ul><li>Value all county real and tangible property, process all</li></ul> exemptions, caps and classifications to arrive at taxable <br /> values for each property by July 1st.<br /><ul><li>Certify preliminary and final taxable values to all Taxing Authorities
    4. 4. On behalf of Taxing Authorities notify Property Owners of proposed taxes and rates, through the annual TRIM notices.
    5. 5. Transmit data to the Tax Collector for collection of Ad Valorem Taxes.</li></ul>Source: Citrus County Property Appraiser<br />
    6. 6. January 26, 2011<br />
    7. 7. National<br />Perspective<br />
    8. 8. Source: Federal Housing Finance Agency<br />
    9. 9. 3 DECADES<br />GROWTH<br />STATIC<br />RECESSION<br />Source: www.metrostudy.com<br />
    10. 10. 4th QUARTER 09 – 4th QUARTER 10 CUMULATIVE<br /> NATIONAL HOUSING PRICE CHANGE<br />FL -5.8%<br />Source: Federal Housing Finance Agency<br />
    11. 11. State and <br />Regional<br />Perspective<br />
    12. 12. Source: The Florida Legislature Office of Economic<br /> and Demographic Research<br />
    13. 13. Economy Was Set to Rebound<br />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.<br />Overall…<br /><ul><li> The national economic recovery is running its course and, more</li></ul> importantly, the financial markets are recovering stability – <br /> although they are still sluggish and difficult to access.<br />The subsequent turnaround in Florida housing will be led by:<br />Low home prices that begin to attract buyers and clear the inventory.<br /> Long-run sustainable demand caused by continued population growth<br /> and household formation.<br /> Florida’s unique demographics and the aging of the baby-boom<br /> generation.<br />Source: The Florida Legislature Office of Economic<br /> and Demographic Research<br />
    14. 14. Population Growth Recovering<br /><ul><li>Population growth is the state’s primary engine of </li></ul>Economic growth, fueling both employment and income <br />growth.<br /><ul><li>In the short term, population growth is forecast to remain</li></ul>relatively flat – averaging 0.4% between 2009 and 2012.<br />Population growth is expected to recover in the future –<br />averaging 1.1% between 2025 and 2030.<br /><ul><li>The future will be different from the past; the long-term</li></ul>growth rate between 1970 and 1995 was over 3%.<br /><ul><li>Florida is still on track to break the 20 million mark by the</li></ul>end of 2015, becoming the third most populous state<br />sometime before then – surpassing New York.<br />Source: The Florida Legislature Office of Economic<br /> and Demographic Research<br />
    15. 15. Citrus<br />Source: The Florida Legislature Office of Economic and Demographic Research<br />
    16. 16. 1.47 9.05 10.52<br />Source: The Florida Legislature Office of Economic and Demographic Research<br />
    17. 17. Citrus<br />Source: The Florida Legislature Office of Economic and Demographic Research<br />
    18. 18. Source: The Florida Legislature Office of Economic and Demographic Research<br />
    19. 19. Historic MLS Median<br />Regional<br />www.metrostudy.com<br />
    20. 20. Statewide<br />-48.4<br />$133,100<br />December 2010<br />Source: The Florida Legislature Office of Economic and Demographic Research<br />
    21. 21. Citrus County Perspective<br />
    22. 22.
    23. 23.
    24. 24. Citrus County Foreclosures<br />2003 2004 2005 2006 2007 2008 2009 2010 <br />501 507 471 501 915 1640 2001 1490<br />266 250 147 103 293 615 787 1054<br />585 744 1023 <br />LisPendens Filed<br />Foreclosure Sales<br />Back to Plaintiff (Bank)<br />Source: Citrus County Property Appraiser<br />
    25. 25.
    26. 26. 2 Year S.F. Market Value Changes<br />Withlacoochee River Basin<br />-21%<br />Citrus Springs<br />-26%<br />Beverly Hills<br />-34%<br />City of Crystal River<br />-25%<br />City of Inverness<br />-29%<br />Coastal Rivers<br />-20%<br />Sugarmill Woods<br />-19%<br />Homosassa Water District<br />-24%<br />County Wide<br />-22%<br />Average Market Value Change 2008-2010 by Millage Areas<br />Source: Citrus County Property Appraiser<br />
    27. 27.
    28. 28.
    29. 29. 2004 School Taxable Value by Property Class<br />Prior to Amendment 1 School & Non-School Taxable Values were the same<br />
    30. 30. 2007 School Taxable Value by <br />Property Class<br />Prior to Amendment 1 School & Non-School Taxable Values were the same<br />Source: Citrus County Property Appraiser<br />
    31. 31. 2010 School Taxable Value <br />by Property Class<br />
    32. 32. School Total Taxable Values for Citrus County 2000-2010<br />(-$2 Billion)<br />-.7<br />-.9<br />-.4<br />Taxable Value in Billion Dollars<br />Source: Citrus County Property Appraiser<br />
    33. 33. School Taxable Value Comparison<br />Source: Citrus County Property Appraiser<br />
    34. 34. Citrus County’s total taxable values had the 10% cap been in effect in 2005 as the base year<br />7.7 Billion<br />2.9 Billion<br />1 Billion<br />3 Billion<br />.8 Billion<br />Taxable Values in Billion Dollars<br />2005<br />2006<br />2007<br />2008<br />2009<br />2010<br />7.9 8.7 9.4 9.9 10.0 9.6<br />8.7 11.6 12.4 10.9 10.0 9.6<br />Amendment 1 Estimates with Non-Homestead Caps in Force<br />Actual Taxable Amounts<br />Source: Citrus County Property Appraiser<br />
    35. 35. Significant future tax roll growth <br />will come from ?<br /><ul><li>New Quality Planned Development
    36. 36. New Commercial and Industrial Development
    37. 37. Expansion of Existing Commercial and Industrial</li></ul>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.<br />
    38. 38. Persons Turning 65 Yrs. Old<br />www.metrostudy.com<br />
    39. 39. Quality Planned Development<br /> Source: Citrus County Property Appraiser<br />
    40. 40. Commercial New Construction vs. Residential Construction<br />=<br />$6.9 Million<br />62<br />1<br />2010 Average Non-School Taxable Value of $111,600<br />Source: Citrus County Property Appraiser<br />
    41. 41. Commercial New Construction vs. Residential Construction<br />=<br />1<br />40<br />$4.5 Million<br />2010 Average Non-School Taxable Value of $111,600<br />Source: Citrus County Property Appraiser<br />
    42. 42. Diversification<br />Technology<br />Green Businesses<br />
    43. 43. 2010 Property Tax on Average Single Family Home<br />Assessed Value of $111,600before applicable Homestead Exemption.<br />Total Tax Bill $1,150.41<br />AD VALOREM TAX BILL COMPONENTS:<br />MILLAGE RATE<br />TAXING AUTHORITY LEVIES<br />Source: Citrus County BOCC Final Budget Summary<br />
    44. 44. Property Appraiser’s Budget General Fund<br />-20.27%<br />Property Appraiser Historical Prospective<br />Source: Citrus County Property Appraiser<br />
    45. 45. 2011 <br />CITRUS COUNTY SCHOOL BOARD<br />Estimate of Value Change<br />
    46. 46. Factors Affecting Accuracy of March Taxable Value Estimates<br /><ul><li>Progress Energy (PGN) representing 21% of Citrus County taxable value can greatly alter final County taxable value results.
    47. 47. Other high value properties often file tax returns after April 1st (Florida Gas, Century Link, Bright House, AT&T, WREC, etc).
    48. 48. Valuation of properties, granting and removing of exemptions and classifications is a process that continues well into June.
    49. 49. Potential impact of July 1st analysis and approval of Tax Roll by Department of Revenue.
    50. 50. Potential for Legislative changes</li></ul>Source: Property Appraiser<br />
    51. 51. 2011 <br />CITRUS COUNTY SCHOOL BOARD<br />Estimate of Value Change<br />2011 Taxable Value Range<br />-3%to-6%<br />Source : Citrus County Property Appraiser<br />
    52. 52. 2011 School Taxable Value Estimate<br />Source: Citrus County Property Appraiser<br />
    53. 53. THANK YOU!<br />

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