Soaring Property Values Should Ensure Lower Tax Rates
Issued July 12, 2004
PRESS RELEASE
Property Appraiser Jim Ford has published results of the 2004 Preliminary Tax Rolls for Brevard County, the School Board, and all other Taxing Authorities and submitted the rolls to the Florida Department of Revenue for approval. Florida law requires that tax roll valuation reflect current market values in order to receive state approval.
Ford, said, "this year's tax roll has the highest annual percentage change in taxable value of any roll in the last decade. Taxable value for the County's General Fund has increased to 25 billion dollars or 13.97% over the final roll for 2003 (including new construction). As a percentage, new construction growth monies alone which passed the 1 billion dollar mark the first time in County history grew 4.74% over last year's final roll. The net change in taxable value for existing properties for 2004 compared to 2003 is $2,075,193,700. If the County Commissioners adopt last year's General Fund millage of 4.4344, over $9,000,000 in additional tax revenue would be generated this year.
In addition to this revenue increase, new construction taxable values of $1,040,159,441 will generate over $4,000,000 in additional revenues, at last year's millage rate, for a total of over $13,000,000. We have had back-to-back tax rolls in 2003 and 2004 with new construction assessments representing growth of approximately 4.8% per year. The growth in the tax base is the sign of an overall strong, viable local real estate market, but it is very important to understand that these numbers represent overall growth. There are some areas in the County that are still showing only moderate increases in value."
Ford further said, "while valuation is continuing to grow, taxing authorities should not make a windfall from these valuation events. By law, any tax rate over the rolled-back rate - the rate that would produce the same revenue as last year - is a tax increase." Ford also said, "taxing authorities should reduce the tax rates to lessen the burden on residents, businesses, and all taxpayers who own property in Brevard County. If the Board of County Commissioners adopts the estimated " rolled-back" millage of 4.0512 it would generate the same revenue received last year, plus the growth revenue from new construction."
Ford cautions taxpayers to closely monitor this year's budget proceedings. The dates and times for budget hearings are published in Truth in Millage (TRIM) notices, mailed to property owners in August. He says, "property owners should make taxing authorities aware of their concerns by attending budget hearings prior to final budget approval to prevent the levy and collection of windfall tax revenue increases. Even with increasing costs facing County Commissioners, a 13.97% revenue increase at last year's millage rate for the General Fund would be excessive."
Ford also said, "I would like to take this opportunity to commend my staff for their outstanding efforts in providing the highest level of customer service the taxpayers of Brevard deserve and that we strive to continuously deliver."
Copyright © 1997 Brevard County Property Appraiser. All rights reserved.
This page last modified on: 07/13/04