citrus county property appraiser budget presentation march 2011

CITRUS COUNTY PROPERTY APPRAISER

GEOFFREY GREENE, CFA

CITRUS COUNTY SCHOOL BOARD

SPECIAL BUDGET WORKSHOPMarch 2011

Appraisal and Taxing Process

Property Assessment By Property Appraiser

Millage RatesProposed by

Taxing Authorities

TRIM Notice

Tax Bill Issued byTax Collector

Millage Rates Adopted by

Taxing Authorities

Government Operations

Funded in part by

Ad Valorem Taxes

Start Here JANUARY

1

JULY

MID-AUGUST

NOVEMBER

SEPTEMBER 30

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

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.

Source: Citrus County Property Appraiser

January 26, 2011

NationalPerspective

Source: Federal Housing Finance Agency

NATIONAL ECONOMIC OVERVIEW Consumer Confidence Index

1Q83 - 3Q10

0102030405060708090

100110120130140150

4Q82

4Q83

4Q84

4Q85

4Q86

4Q87

4Q88

4Q89

4Q90

4Q91

4Q92

4Q93

4Q94

4Q95

4Q96

4Q97

4Q98

4Q99

4Q00

4Q01

4Q02

4Q03

4Q04

4Q05

4Q06

4Q07

4Q08

4Q09

4Q10

Source: Conference Board

GROWTH

STATIC

RECESSION

Source: www.metrostudy.com

3 DECADES

4th QUARTER 09 – 4th QUARTER 10 CUMULATIVE NATIONAL HOUSING PRICE CHANGE

FL -5.8%

Source: Federal Housing Finance Agency

State and Regional

Perspective

Source: The Florida Legislature Office of Economic and Demographic Research

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.


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.


Citrus


1.47 9.05 10.52


Citrus


$0

$50,000

$100,000

$150,000

$200,000

$250,000

$300,000Ja

n-9

3Ju

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3N

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3Apr-

94

Sep-9

4Feb-9

5Ju

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Dec-

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May-9

6O

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Aug-9

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Dec-

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Media

n R

esale

Pri

ce (

SF O

nly

)

Median Price

3.5% Annual Increase

Source: Florida Association of Realtors, Metrostudy

www.metrostudy.com

Historic MLS MedianRegional

Statewide


$133,100

December 2010

-48.4

Citrus County Perspective

-

100,000,000

200,000,000

300,000,000

400,000,000

500,000,000

600,000,000

-

500

1,000

1,500

2,000

2,500

3,000

3,500

165,842,555 170,133,189 204,080,342

294,019,015

465,847,079

540,536,938

357,829,823

146,846,629

84,300,000

37,000,000

1,184

1,714

2,457

3,309

1,625

1,024

337 171 149

Citrus County FloridaNew Construction Taxable Values

and Permit Counts from 2002 through 2011

New Construction Taxable Value Permit Counts

New

Co

nst

ruct

ion

Tax

able

Val

ue

in M

illi

on

Do

llar

s

Sin

gle

Fam

ily

Per

mit

Co

un

ts

2002 2003 2004 2005 2006 2007 2008 20092010

2011

**2011 New Construction Taxable Value is a projected estimate.

0

500

1000

1500

2000

2500

2003 2004 2005 2006 2007 2008 2009 2010

501 507 471 501 915 1640 2001 1490266 250 147 103 293 615 787 1054 585 744

1023 Lis Pendens Filed

Foreclosure Sales Back to Plaintiff (Bank)Source: Citrus County Property

Appraiser

Citrus County Foreclosures

-

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

18,000

5,541 5,751 5,687

7,342

12,574

16,734

6,797

4,180

2,991 2,157

2,070

Sale

s C

ounts


Citrus County Real Estate Sales CountsAll Qualified Sales from 2000 through

2010

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

2 Year S.F. Market Value Changes

Withlacoochee River Basin

-21%

Citrus Springs

-26%Beverly

Hills-34%

City of Inverness

-29%

Sugarmill Woods-19%

Homosassa Water

District-24%

Coastal Rivers-20%

City of Crystal River

-25%


Average Market Value Change 2008-2010 by Millage Areas

County Wide

-22%

$-

$20,000

$40,000

$60,000

$80,000

$100,000

$120,000

$140,000

$160,000

$85,000

$100,000

$139,000 $145,000

$140,000

$131,000

$110,000

$98,000

All of Citrus CountyMedian Sale Prices for Improved Residential Existing Houses on

Non-Premium Parcels

Me

dia

n S

ale

Pri

ce

s

2003 2004 2005 2006 2007 2008 2009 2010

Source: Citrus County Property Ap-praiser

$-

$5,000

$10,000

$15,000

$20,000

$25,000

$30,000

$35,000

$12,000

$14,000

$29,900

$32,000

$17,000

$12,500

$9,500 $8,550

All of Citrus CountyMedian Sale Prices for Vacant Residential Non-Premium Lots

Me

dia

n S

ale

Pri

ce

s

2003 2004 2005 2006 2007 2008 2009 2010

Source: Citrus County Property Ap-praiser

2004 School Taxable Value by Property Class

Prior to Amendment 1 School & Non-School Taxable Values were the same


Prior to Amendment 1 School & Non-School Taxable Values were the same Source: Citrus County Property Appraiser


School Total Taxable Values for Citrus County

2000-2010

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 20100123456789

10111213

5.2 5.65.9

6.57.1

8.7

11.612.4

11.710.8

10.4

Taxa

ble

Valu

e i

n B

illi

on

Doll

ars

-.9-.7

-.4

(-$2 Billion)


52%48%

Citrus County Res-ident School Taxable Value

Non-Resident School Taxable Value

School Taxable Value Comparison

0

1

2

3

4

5

6

7

8

9

10

11

12

13

Taxable

Valu

es

in B

illio

n

Dolla

rs

Citrus County’s total taxable values had the 10% cap been in effect in 2005 as the base

year

2005

2006

2007

2008

2009

2010

7.9 8.7 9.4 9.9 10.0 9.68.7 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

.8 Billion

2.9 Billion

3 Billion1 Billion

7.7 Billion

Significant future tax roll growth will come from ?

New Quality Planned Development

New Commercial and Industrial Development

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.

0

500,000

1,000,000

1,500,000

2,000,000

2,500,000

3,000,000

3,500,000

4,000,000

4,500,000

1985

1987

1989

1991

1993

1995

1997

1999

2001

2003

2005

2007

2009

2011

2013

2015

65 Yr Lag

www.metrostudy.com

Persons Turning 65 Yrs. Old

Quality Planned Development


Commercial New Construction vs. Residential Construction

1 =2010 Average Non-School Taxable Value of $111,600

62$6.9 Million


Commercial New Construction vs. Residential Construction

1 = 40$4.5 Million

2010 Average Non-School Taxable Value of $111,600


Diversification

Technology

Green Businesses

2010 Property Tax on Average Single Family Home

Assessed Value of $111,600 before applicable Homestead Exemption.Total Tax Bill $1,150.41

BOCC

$400.20

School

$678.94

Other$71.27

7.8400 Public Schools – School Board’s levy includes 5.3420 local effort required by the state; 0.9980 discretionary millages and 1.5000 mills for local capital improvements;

6.4967 General Government – The county’s levy for the Sheriff, courts and judicial systems, health department, parks, road, library services and fire protection.

0.2500 Hospital – Levy for the Citrus Memorial Hospital;

0.6078 Water Management – Levy by the Southwest Florida Water Management District (Withlacoochee Basin).

0.2992 Mosquito Control – Levy by the Mosquito Control District

Total Millage 15.4937

AD VALOREM TAX BILL COMPONENTS:MILLAGE RATE TAXING AUTHORITY LEVIES

HospitalSWFWMD (Withlacoochee)Mosquito Control

15.4037.4418.43

Source: Citrus County BOCC Final Budget Summary

2004/05 2005/06 2006/07 2007/08 2008/09 2009/10 2010/110

500,000 1,000,000 1,500,000 2,000,000 2,500,000 3,000,000 3,500,000 4,000,000 4,500,000 5,000,000

Property Appraiser’s Budget General Fund

Property Appraiser Historical Prospective

-20.27%

Year PA Positions PA Funds Returned2004/05 56 $82,8462005/06 61 $115,4922006/07 71 $27,5562007/08 69 $238,9312008/09 68 $154,4542009/10 57 $269,2172010/11 55


2011 CITRUS COUNTY SCHOOL

BOARDEstimate of Value

Change

Factors Affecting Accuracy of March Taxable Value Estimates

Source: Property Appraiser

Progress Energy (PGN) representing 21% of Citrus County taxable value can greatly alter final County taxable value results.

Other high value properties often file tax returns after April 1st (Florida Gas, Century Link, Bright House, AT&T, WREC, etc).

Valuation of properties, granting and removing of exemptions and classifications is a process that continues well into June.

Potential impact of July 1st analysis and approval of Tax Roll by Department of Revenue.

Potential for Legislative changes

-3% to -6%

2011 Taxable Value Range

2011 CITRUS COUNTY SCHOOL

BOARDEstimate of Value

Change

Source : Citrus County Property Appraiser


GROSS TAXABLE VALUE ESTIMATES

Reduction Percent

TAX LEVY CURRENT MILLAGE

2011 REVENUE GAIN/LOSS

CURRENT MILLAGE

$10,382,158,375 0% $81,396,122 NC

$10,278,336,791 -1% $80,582,160 ($813,961)

$10,174,515,208 -2% $79,768,199 ($1,627,922)

$10,070,693,624 -3% $78,954,238 ($2,441,884)

$9,966,872,040 -4% $78,140,277 ($3,255,845)

$9,863,050,456 -5% $77,326,316 ($4,069,806)

$9,759,228,873 -6% $76,512,354 ($4,883,767)

$9,655,407,289 -7% $75,698,393 ($5,697,729)

$9,551,585,705 -8% $74,884,432 ($6,511,690)

2011 School Taxable Value Estimate

THANK YOU!

citrus county property appraiser budget presentation march 2011

Documents

citrus county perspective

property classprior

property assessment

tangible property

demographic research

citrus springs

county wide

school total taxable