Taxable Values Down - Are My Taxes Going Up ?

[WCTA]

Taxing Authority 2008 Taxable 2009 Preliminary % Change

BCC 16,501,125,081 14,009,044,732 -15.10%

NWFWMD 16,516,955,657 14,027,592,438 -15.07%

School 16,729,382,036 14,245,326,284 -14.85%

NWMCD 1,159,472,940 1,103,793,059 -4.80%

SWMCD 14,932,374,856 12,473,504,555 -16.47%

SWF 14,713,765,340 12,266,302,384 -16.63%

DFS 206,594,340 217,339,672 +5.20%

Freeport 216,485,511 230,793,027 +6.60%

BCC Rollback Rate for this year is 3.9133 mills - LY millage rate was 3.3644 mills = difference of +.5489

The Amendment 1 roll back rate is 4.0763 mills (can raise to that level with a super majority vote only) = +.7099

For those with a homestead the recapture rate is .10% ( taxable value increases that amount regardless of market value ) - Your taxes will increase (Thanks to ToFarTampa for catching our mistake)

We have calculated the effects of the Rollback,Recapture and Amendment 1 Rollback on a homesteaded property in South Walton for the BCC portion of your total tax bill

(assuming a taxable value of $200,000)

They Are:


Assuming NO millage rate increase = $679.60 - Last year would have been $672.88 TAXES INCREASE - $6.72 - .10%

If they adopt a 1/4 mill increase your tax bill would be $730.11 TAXES INCREASE - $57.22 - 8.5%

Assuming they go with the rollback = $790.49 TAXES INCREASE - $117.61 - 17.4%

Assuming they go with the Amendment 1 rate $823.41 TAXES INCREASE - $150.53 - 22.3%


Please note that these tax bills are for the BCC Portion ONLY

(updated to correct CPI calculation 7/7/09)

 

[idlewind]

So, even by staying under the rollback rate, there is a tax increase for many wired into the system. Interesting.

 

[TooFarTampa]

Huh. I read in the St. Pete Times this weekend that the CPI increase is just .10 percent and that taxable values for homesteaders would go up by only that much. Is a different figure used in Walton County? I thought it was statewide.

 

[wrobert]

Huh. I read in the St. Pete Times this weekend that the CPI increase is just .01 percent and that taxable values for homesteaders would go up by only that much. Is a different figure used in Walton County? I thought it was statewide.

I heard the CPI for last year was 4.1%. That is the one they are going to use Statewide from what I am hearing.

 

[WCTA]

Huh. I read in the St. Pete Times this weekend that the CPI increase is just .01 percent and that taxable values for homesteaders would go up by only that much. Is a different figure used in Walton County? I thought it was statewide.

Try this Link

FL Dept Rev - Florida Property Tax Valuation and Income Limitation Rates

 

[TooFarTampa]

I checked the story again. It did say the CPI would be .10.

So I went huntin' around. From the Jax Times-Union:

Now, market values are falling. But under Save Our Homes, homeowners will keep getting automatic increases in the assessed value until it catches up with whatever the market value is for the home.

But the good news for those homeowners is this year's bump in the assessed value will be just one-tenth of 1 percent. It is the tiniest increase in the history of Save Our Homes, which began in 1995.

Here's a quote from Collier County appraiser Abe Skinner in the Naples News:

So when the market decreases, the "recapture’’ says that we must appraise 3 percent or the CPI (consumer price index), whichever is less. And those homesteaded properties theoretically will go up in their taxable value. This year the CPI was less than one-tenth of 1 percent.

So that’s kind of an even thing there. They’re not going up as they have in the past. In the past years it’s been anywhere from 2 percent to about 3 percent.

So I am confused about the 4.15 percent quoted above.

 

[TooFarTampa]

Try this Link

FL Dept Rev - Florida Property Tax Valuation and Income Limitation Rates

OK, thanks. So last year's CPI was 4.1 percent, and this year's is .10 percent and will apply to taxes paid in November. Deflation is good for something! So now how does that affect our theoretical homesteader?

 

[wrobert]

OK, thanks. So last year's CPI was 4.1 percent, and this year's is .01 percent and will apply to taxes paid in November. Deflation is good for something! So now how does that affect our theoretical homesteader?

Taxes are based on last years values and last years CPI. So a homesteader that was enjoying not having to pay during the run up will see their value go up 3% if their value is still less than market value.

 

[TooFarTampa]

Taxes are based on last years values and last years CPI. So a homesteader that was enjoying not having to pay during the run up will see their value go up 3% if their value is still less than market value.

Values are as of Jan. 1, 2009. I trust Abe, above, also. I think he is being honest.

 

[WCTA]

Values are as of Jan. 1, 2009. I trust Abe, above, also. I think he is being honest.

Confusing to many who think about today's values and prices vs. last year.