2008 Preliminary Tax Roll

2008 Tax Roll Values Decline
Issued April 28, 2008

PRESS RELEASE

Property Appraiser Jim Ford has released his preliminary estimates for the 2008 tax roll values. Brevard County’s real estate market continued to show mostly declining property values during 2007. Adding to this, Amendment One, approved by the voters January 29, 2008, exempted additional property values for owners of homestead property, tangible personal property and permitted the "portability" of the Save Our Homes savings to another homestead property. Amemdment One impact details

In light of this major impact on the tax roll, Ford said it is important this year to provide all of the taxing authorities with as much information as possible for budget planning purposes but cautioned that these roll figures are still very preliminary as value changes, exemption applications, tangible personal property returns and portability applications are still being processed.

The impact on specific property groups such as single family, multiple family and commercial properties has not yet been calculated for this preliminary release, as the focus was the impact on total taxable value for the various taxing authorities.

A significant amount of new construction was started and not completed by last year’s roll date of January 1, 2007, these improvements will be assessed for the first time this year. Therefore, revenue for most jurisdictions from new construction will “soften” the impact of less revenue from ad valorem taxes on existing properties.

The City of Palm Bay shows the largest decline in taxable value, falling from 5.84 billion in 2007 to the current preliminary figure of 5.01 billion, a 14.22% decline since 2007. Brevard County's General Fund decreased from 40.712 billion in 2007 to the current preliminary figure of 37.691 billion, constituting a reduction of 7.42% since 2007. Taxable value figures quoted above for the jurisdictions include new construction for the 2008 tax roll. Preliminary 2008 Value details

Jim Ford, CFA
Brevard County Property Appraiser