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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Citrus County Property Appraiser Budget Presentation March 2011
- 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
- 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
- 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
- 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
- 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
- 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
- 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
- 36. New Commercial and Industrial Development
- 37. Expansion of Existing Commercial and IndustrialGovernment’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
- 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 changesSource: 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!
Editor's Notes
- 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