Brevard County Property Appraiser

www.BCPAO.us

Dana Blickley, CFA

Topics • Duties of the Property Appraiser

• Definitions of Value

• Portability

• Constitutional Amendments

• eTRIM

• Market Trends

• Downtown Cocoa Beach CRA

• Important Dates

• Questions?

What does the Property Appraiser do?

DISCOVER LIST VALUE

What is the difference between Market Value, Assessed Value, and Taxable Value?

Market Value – the most probable price which the property should bring in

a competitive and open market under all conditions requisite to a fair sale, with the buyer and seller each acting prudently and knowledgeably, and neither being under duress to act, and represents the estimated net proceeds to the seller, i.e. – Just Value

Assessed Value – assessed value on properties with homestead exemption

is the base year market value, adjusted for annual percentage factor (3% or Consumer Price Index (CPI), whichever is less), plus new construction.

Assessed value cannot exceed market value.

Beginning in 2009, the assessed value of non-homestead real property

cannot be increased more than 10% over the prior year's assessed value

Taxable Value – the assessed value of property minus the amount

of any applicable exemptions. Property taxes are calculated by multiplying the taxable value by the applicable millage (tax) rate.

Portability

Transfer of Your 'Save Our Homes' Cap to a Different Florida Homestead

The 'Save Our Homes Portability' benefit became available in 2008, and is an opportunity to transfer the dollar value difference between the assessed value and market value of the prior homestead property to a new homestead property anywhere in the state of Florida. The maximum amount that can be transferred to a new homestead is $500,000. Many homestead property owners find they are unable to downsize or relocate to a new residence because purchasing a replacement property starts a new assessment and tax basis at current market values. Portability enables relocation while, at the same time, retaining the limitation on assessed value.

Portability (cont.)

How and when to apply for Portability:

Taxpayers should apply for Portability when they apply for Homestead Exemption by using form DR-501T (Transfer of Homestead Assessment Difference). This application is required in addition to the Homestead Exemption application. Deadlines: The application deadline is March 1st. To transfer a Save Our Homes cap, one must establish a new homestead on or before January 1st of the second year after a prior homestead is abandoned. If a homeowner is porting savings from another county to Brevard, they should advise the BCPA. The prior Property Appraiser will issue a Certificate of Portability form DR-501RVSH and return the form to the BCPA for processing.

How Portability Works EXAMPLE 1: Porting Up When moving to a home that is equal in value or more expensive than a prior homestead, the statute allows for the following: " . . . the assessed value of the new homestead shall be the just value of the new homestead minus an amount equal to the lesser of $500,000 or the DIFFERENCE between the just value and assessed value of the immediate prior . . ."

Porting Up: Calculations

If moved to a property with a HIGHER Market Value Prior Home: Market Value $400,000 Assessed Value $250,000 Portable Cap ($400,000 - $250,000) $150,000 New Home: Market Value $600,000 MINUS Portable Cap - $150,000 Assessed Value $450,000

How Portability Works EXAMPLE 2: Porting Down When moving to a home that is less expensive than your prior homestead, the statute allows for the following: . . . the assessed value of the new homestead shall be equal to the just value of the new homestead divided by the just value of the immediate prior homestead and multiplied by the assessed value of the immediate prior homestead . . ."

Porting Down: Calculations

If moved to a property with a LOWER Market Value Prior Home: Market Value $400,000 Assessed Value $250,000 Difference ($400,000 - $250,000) $150,000 New Home: Market Value $275,000 Assessed Value ($275,000 / $400,000 = 68.7% x $250,000) $171,875

Amendment 2 (2012)

Veterans Disabled Due to Combat Injury – Homestead Property Tax Discount

This Amendment expands the availability of the property tax discount on the homesteads of veterans who become disabled as the result of a combat injury. The amendment deletes the requirement that a veteran had to be a Florida resident at the time he or she entered military service to receive a veteran's homestead property tax discount. The amendment takes effect January 1, 2013, and applies to the 2013 tax year and every subsequent year. Veterans who were previously denied this discount because they were not Florida residents at the time of enlistment are encouraged to reapply. • For the 2013 Tax Year: 137 applications taken • 19 were Florida residents at the time of enlistment • 118 benefitted from the amendment – non-Florida residents

at the time of enlistment

Amendment 9 (2012)

Homestead Property Tax Exemption for Surviving Spouse of Military Veteran or First Responder

This amendment provides homestead property tax relief to the surviving spouse of a military veteran or a first responder who died in the line of duty. These constitutional changes:

1. Define the terms "first responder" and "in the line of duty";

2. Grant a total exemption to the homestead of the surviving spouse;

3. Specify that, for the surviving spouse to qualify for this exemption: • The military veteran must have died from service-connected causes while on active duty; or, • The first responder must have died in the line of duty. • For the 2013 Tax Year: 1 application taken

Amendment 11 (2012) Additional Homestead Tax Exemption for Seniors

This amendment allows counties or municipalities to grant either or both of the following: An exemption not exceeding $50,000 dollars to any person who has the legal or equitable title to real estate, maintains their permanent residence on the property, is 65 or older, and whose household income does not exceed the household income limitation; or An additional exemption equal to the assessed value of the property to an owner who has title to real estate in Florida with a just value less than $250,000, has maintained permanent residence on the property for not less than 25 years, is 65 or older and whose household income does not exceed the household income limitation.

The household income limit is adjusted each year on January 1, according to changes in the consumer price index (CPI).

• For the 2013 Tax Year: NONE – No local option adopted

Electronic TRIM - eTRIM eTRIM is the Department of

Revenue’s Internet-based system for completing and submitting documents for Florida’s Truth-In-Millage (TRIM) and maximum millage oversight process

Electronic TRIM – eTRIM User Guide http://dor.myflorida.com/dor/property/trim/pdf/etriminstructions.pdf

BCPA Tax Roll Manager: Sarah.Altman@BCPAO.us

Electronic TRIM - eTRIM

Market Trends (Tax Year 2013 – FY 13/14)

Brevard County

Residential Market Values - Estimated increase 6%

Commercial Market Values are flat – (1% - 2% maximum increase)

Cocoa Beach Residential Market Values – Estimated increase 8%

Commercial Market Values are flat – (1% - 2% maximum increase)

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Imp Resid Sales (All) Imp Resid Sales (Qualif) Imp Resid Sales (All) Imp Resid Sales (Qualif)

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Downtown Cocoa Beach Community Redevelopment Agency

Downtown Cocoa Beach Community Redevelopment Agency

Life of the District – 25 Years

Base Year = 2011

Tax Year 2012 – Year 1

Tax Year 2036 – Year 25

No. of Parcels within the District = Approximately 985

Taxable Value – Base Year (2011) = $119,086,930

Taxable Value – Tax Year 2012 = $118,036,310

Important Dates • January 1 – Legal Assessment Date

• March 1 – Deadline to apply for most exemptions

• June 1 – Provide NAL file to each local government using the

uniform method to collect non-ad valorem assessments

• June 1 – Deliver an estimate of total assessed value of non-

exempt property for the current year to each taxing authority for

budget planning

• July 1 – Certify the taxable value to each taxing authority

• August 4 – Advise the Property Appraiser of the proposed

millage rate, rolled-back rate, and public budget hearing

• September 3 through 18 – Hold taxing authority public hearings

• October ? – Certify compliance with ss. 200.065 and 200.068 to

FDOR – (TRIM Compliance Package)

Visit the FDOR Web at: http://dor.myflorida.com/dor/property

Questions?

Dana Blickley, CFA

Thank You!

Dana Blickley, CFA