PAO_annualreport-08 by chrstphr

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									Annual Report
Duval County Office of the Property Appraiser 2008 Tax Roll

1

Our vision To earn the public’s trust.

Our Mission We will produce a fair, equitable and accurate tax roll as required by law. We will focus on our customers - the taxpayers. We will support the continuous personal and professional development of our employees.

Our Values We strive to be fair and accurate in everything we do. We are proactive and responsive public servants. We respect our customers and each other. We are accountable for our individual actions and our collective work. We remain flexible, willing to do the work that is needed, when it is needed and show personal initiative. We share our best ideas, data and analyses, and gladly accept those of others when better than our own. We think about and demonstrate ethical behavior always.

Contents
About Us Florida Property Values/Tax Reform The Value of Property Millage Rates Taxes: Where Your Money Goes Florida Comparisons Real Estate Sales and Property Changes Appraisal and Value County Snapshot Exemptions “Save Our Homes” Residential Property Commercial Property Tangible Personal Property Appendix Amendment 1 Impact Largest Combined Value Assessments Parcel Counts and Values Important Dates 1 2 4 5 6 8 10 10 11 12 14 15 16 18 20 22 22 23 24 25

Much of the data in this Annual Report is based on the 2008 Certified Tax Roll - certified October 20, 2008. Changes made after certification are not included in this report.

2

About Us
The primary role of the Property Appraiser’s Office (PAO) is to determine a fair market value for each property in the county for the purpose of taxation. Teams of appraisers use market data and computer modeling to assess all real and tangible property. The PAO also administers exemptions outlined in state and local law. The office maintains maps and an active database of all parcels within the county.

Employees: 128 full-time; 2 part-time Divisions: Residential Appraisal Commercial Appraisal Customer Service/Exemptions Field Operations Land Records Tangible Personal Property Administration 2008/09 Budget: $9,352,524

Standing: Kay Ehas, Chief of Administrative Services; Jim Ogburn, Chief of Field Operations; Don Wittmer, Chief of Commercial Appraisal; Jeremy Bromm, Chief of Land Records; Fran Beach, Chief of Tangible Personal Property Division; Keith Hicks, Chief of Residential Appraisal Seated: Jim Overton, Property Appraiser; Dana Clark, Chief of Customer Service/Exemptions Division; Lane Helms, Chief Appraiser

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2008 Florida Property Values and Tax Reform

Florida has seen great fluctuation in property values over the past decade – but particularly over the last several years. In much of the state, county Tax Rolls from 2005 and 2006 showed large increases in value. Today, many of those areas that experienced a boom are seeing numbers abruptly adjust downward. In fact, many counties that had increased real property values over 40% in 2006 saw negative numbers in 2008. For many, this decrease was the first in decades. Yet, even though value increases were slowing or declining in 2008, the overall value of real property in Florida remained above 2006 levels. (See chart on bottom of page 3.)

While Duval County’s overall operating taxable value as of January 1, 2008 decreased .18%, both the overall taxable and market values of real property rose slightly. Taxable values were also impacted by new property tax laws that took effect in 2008. Amendment 1, passed by Florida voters in January 2008, provided an additional homestead exemption for all homeowners with an assessed value over $50,000. This new exemption lowered the operating taxable value of property in Duval County by about $4 billion. (This exemption does not apply to the school millage.) A new $25,000 exemption on tangible property removed more than

$360 million from the Tax Roll and exempted about 20,000 accounts from paying any TPP taxes at all. Portability, the ability to transfer the savings on capped homesteaded property, also lowered the county’s taxable value by more than $100 million. (See page 22 for more details on Amendment 1.) The number of property sales dropped significantly across the state – and 31.5% in Duval County. While the decline in the annual number of sales is largely attributed to the slowing market, sales in previous years were inflated in Duval County due in part to a large number of condominium conversions.

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Tax Reform / Value Changes

Changes in Total Market Value of Real Property in Florida 2007 to 2008

-10 to -20 0 to -10%
ALABAMA

Holmes
Santa Rosa Okaloosa Walton Washington
Bay

Jackson

GEORGIA
n

0 to 10%
Nassau

Ca lho un

Jef fe

Leon

rso

Colu mbia

0 to 10% 10+ to 20% 20+ to 30% 30+ to 40%
Pinellas

Hernando Pasco Hillsborough Polk

Sum

0 to -10%

ter

Billions

683

96

723

97

769

98

824

99

889

00

01

1,116

991

02

1,264

03

1,453

04

1,770

The market value of real property in Florida increased dramatically in 2005 and 2006. While 2008 values decreased in much of the state, overall market value in Florida remained above the 2006 level.

2,529
07

05

2,306

06

Source: Florida Department of Revenue

2,427
08

mbia Esca

Gadsden

Madison Taylor

Hamilton Suwannee Baker
B

10+ to 20% 20+ to 30% 30+ to 40%
h St. Jo ns

Duval

Liberty Gulf
Fran klin

Wakulla

Lafayette

ion rd Un radfo Clay
Putnam

Alachua Dixie Gilchrist
Levy

Fla r gle

Marion
Volusia

-10 to -20%
Citrus

Lake

Seminole

Orange

Brevard

Osceola Indian River
Ok

Manatee

Hardee

Highlands Sarasota DeSoto Charlotte Lee Glades
Hendry

St. Lucie Martin

eec hob ee
nro e

Palm Beach

Collier

Broward

Mo

MiamiDade

Source: Florida Department of Revenue

Total Market Value of Real Property in Florida

3

The Value of Property

Duval County’s total millage rate in 2008 was the lowest it has been in more than two decades.

Taxing Authorities
The mission of the Duval County Property Appraiser’s Office is to produce a fair, equitable and accurate Tax Roll each year. The annual Tax Roll is a report of the combined value of all the property in the county as of January 1. Each property’s market value is adjusted with applicable value caps to determine assessed value. Exemptions are then deducted and a final taxable value is applied to millages set by taxing authorities to calculate a property’s taxes. In Duval County, each taxing authority adopts a tax rate (called “millage”) which is multiplied by the taxable value of taxable property to generate funds for local services. The taxing authorities are: • The City of Jacksonville • The Duval County School Board • The Cities of Jacksonville Beach, Neptune Beach, Atlantic Beach and the Town of Baldwin • The St. Johns River Water Management District • The Florida Inland Navigation District One mill equals $1 per $1,000 (.001). In other words, a tax rate of 16.4954 mills is .0164954.

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The Value of Property / Millage Rates

Operating Taxable Value of Duval County Property*
61.1
ROLL YEAR 2008 2007 2006 2005 2004 2003 2002 2001 2000
99 00 01 02 03 04 05 06 07 08
Source: 1999 - 2008 Certified Tax Rolls *Represents real estate, tangible personal property (business assets) and centrally assessed property (railroads).

TAXABLE VALUE 61,069,329,546 61,177,744,704 52,461,413,629 45,623,990,950 40,436,667,471 37,439,102,090 34,872,464,499 32,325,493,298 30,214,698,379 28,093,245,992

61.2

PERCENT INCREASE -0.18 16.61 14.99 12.83 8.01 7.36 7.88 6.99 7.55 5.80

Billions

28.1

30.2

32.3

34.9

37.4

40.4

45.6

52.5

1999

Total Millage (Jacksonville General Services District)
22.50

21.25

20.00

18.75

Final Millage

17.50

The taxable value of property for the purpose of county operating taxes decreased .18% in 2008. However, since the new additional homestead exemption law (see page 22) does not apply to school millages, the school taxable value increased 6.45% in 2008.

16.25
85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08

Source: 1985 - 2008 Certified Tax Rolls *The chart above represents the General Services District. Local millages vary slightly by districts within Duval County. See chart at bottom right for all local millage rates.

2008 Millages by Taxing Authority (General Services District)
MILLAGE 8.4841 7.5610 0.0345 0.4158 16.4954 TAXING AUTHORITY Duval County/City of Jacksonville Duval County School Board Florida Inland Navigation District St. Johns River Water Management District Total Millage

2008 Millages by District
DISTRICT General Services District Old Core City of Jacksonville Jacksonville Beach Atlantic Beach Neptune Beach Town of Baldwin MILLAGE 16.4954 mills 16.4954 mills 16.8987 mills 16.2021 mills 15.9201 mills 17.4869 mills

Source: Duval County Taxing Authorities

Source: Duval County Taxing Authorities

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The Value of Property / Taxes: Where Your Money Goes Projected Tax Levies for 2008
City of Jacksonville, General Government (excluding Beaches & Baldwin) Duval County Public Schools City of Jacksonville (General Government - Beaches and Baldwin) City of Jacksonville Beach City of Atlantic Beach City of Neptune Beach Town of Baldwin St. Johns River Water Management District Florida Inland Navigation District $472,499,463.72 494,730,523.19 28,160,934.35 11,820,422.58 4,231,852.17 2,034,677.36 117,742.64 25,509,290.93 2,116,572.89

Total Gross Taxes
Source: 2008 Certified Tax Roll

$1,041,221,479.83

Duval County Public Schools Budgeted Revenue FY 2008/2009, General Fund
The City of Jacksonville and Duval County Public Schools are the largest recipients of property tax dollars.

State Sources 49.4%

Federal Sources .1% Other Local Sources 2.1%

Fund Balances 10.9% Local Property Taxes* 34.3% Transfers & Other 3.1%

Source: Duval County Public Schools, Budget Services *Ad valorem taxes are also allocated to other school district funds.

The General Fund Budget for Duval County Schools was $1,047,136,340 for FY 2008/09.

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The Value of Property / Taxes: Where Your Money Goes

City of Jacksonville Budgeted Revenue FY 2008/2009, General Fund (General Services District)

Local Property Taxes 46.7%

Misc. Revenue 2.8%

Other 0.9%

Other Taxes** 17.1%

Intergovernmental Revenue* 24.8%

*Includes revenue from component units and independent authorities such as JEDC, Duval County Housing Finance Authority, JEA and others. **Includes Communications Services Tax, Utilities Service Tax There are additional ad valorem taxes for the City of Jacksonville which are collected and allocated to tax increment districts.

Licenses & Permits .9% Fines & Forfeitures 0.5% Charges for Services 6.3%
Source: City of Jacksonville, Budget Division

The General Fund Budget for the City of Jacksonville (General Services District) was $971,441,489 for FY 2008/2009. Almost half of the City’s General Fund comes from local property taxes.

City of Jacksonville Expenditures FY 2008/2009, General Fund (General Services District)
More than half of the City’s General Fund Budget goes to the public safety functions of the government - primarily police and fire services.

Public Safety 51.6%

Physical Environment 1.1% Economic Environment 1.3% Other Disbursements* 19.3% General Government 9.2%
*Largely comprised of funding for a number of independent authorities and constitutional offices including the JTA, JPA, JEA, JAA, Property Appraiser’s Office, Tax Collector, Duval County Housing Finance Authority, JEDC as well as funding for reserves and other disbursements.

Human Services 6.8% Transportation 4.3% Culture and Recreation 6.4%

Source: City of Jacksonville, Budget and Accounting Divisions

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The Value of Property / Florida Comparisons

Comparisons of Large Florida Counties
Taxes Levied
COUNTY Duval County Hillsborough County Miami-Dade County Orange County Pinellas County
Source: City of Jacksonville, Budget Division

SALES TAX 7% 7% 7% 6.5% 7%

GAS TAX $0.06 $0.06 $0.06 $0.06 $0.06

IMPACT FEES $0 $5,193 $4,806 $16,061 $1,529

GARBAGE FEE (MONTHLY) $4 $25 $37 $15 $22

Real Estate Transactions* for 2008 Tax Roll
COUNTY Duval County Hillsborough Co. Miami-Dade County Orange County Pinellas County TRANSACTIONS 50,498 51,363 82,564 28,458 53,417

2008 Millages
COUNTY Duval County Hillsborough County Miami-Dade County Orange County Pinellas County MILLAGE RATE 16.4954 mills 21.7565 mills 22.6735 mills 18.0253 mills 24.1131 mills

Sources: Property Appraiser’s Offices of Orange, Hillsborough, Pinellas, Miami-Dade and Duval Counties *Includes sales and transfers of ownership. For a 15-year history of Duval County’s real estate transactions, see page 12.

Source: City of Jacksonville, Budget Division

Real Estate Transactions* 2005-2008 Tax Rolls
150,000 Duval County Hillsborough County Miami/Dade County 120,000 Orange County Pinellas County

90,000

60,000

30,000

0

05

06

07

08

Sources: Property Appraiser’s Offices of Orange, Hillsborough, Pinellas, Miami-Dade and Duval Counties *Includes sales and transfers of ownership.

8

The Value of Property / Florida Comparisons

Duval County’s millage rate has ranked among the lowest of Florida’s larger counties for much of the past decade. Census data from 2007 shows the national median property tax paid by homeowners was $1,838. Florida’s median was close at $1,851, while Jacksonville ranked 466 with a property tax median of $1,395 on owner-occupied homes.

Sources: U.S. Census Bureau 2007 American Community Survey; Tax Foundation calculations

9

Real Estate
Sales and Property Changes
The division’s cadastralists adjust maps as The Property Appraiser’s Office Land changes are made to property composition Records Division maintains a record on including the joining or splitting of parcels. every parcel in Duval County. The division updates property maps and ownership Duval County Florida law requires that all properties information by monitoring all recorded Realin ownership status, within the county be inspected at least Estate Parcel Count documents for changes 10 of ownership. once every five years. (Florida Statutes, including sales and transfersYear History

Duval County’s 2008 Tax Roll included 349,016 real estate parcels.

Ch. 193.023) Field appraisers in the Field Operations Division canvas neighborhoods and also respond to customer requests and permits where work is under way or has been completed. These physical inspections help ensure that details in the Property Appraiser’s data base are updated and correct.

Real Estate Parcel Count
350,000

349,016

ROLL YEAR 2008 2007

PARCEL COUNT 349,016 343,699 329,917 314,463 306,918 299,952 294,524 289,105 285,490 281,793

PERCENT INCREASE 1.55% 4.18% 4.91% 2.46% 2.32% 1.84% 1.87% 1.27% 1.31%

325,000

2006 2005 2004 2003 2002

300,000

275,000 Parcel Count

2001 2000 1999

250,000 99 00 01 02 03 04 05 06 07 08

Source: 1999 - 2008 Certified Tax Rolls

10

Real Estate / Appraisal and Value Net New Construction* Market and Taxable Values
Though the market and taxable values of real estate declined in much of Florida in 2008, Duval County continued to increase, though slightly in taxable value.
2.51 2.90 2.71 2.29 .899 1.00 1.08 .845
02 03 07 08

Total Market Value Total Taxable Value

.844

.821

.646

Billions

.609

99

.785

00

.771

01

.916

1.00

04

1.30

1.44

05

06

Appraisal and Value
Each year, the Property Appraiser’s Office determines a fair market value for all real estate in Duval County. Fair market value is the most probable present cash value of the property and approximates the price a willing purchaser would likely pay a willing seller excluding reasonable costs of the sale. Since the assessment date for each Tax Roll is January 1, much of the comparable sales data used to determine fair market value is from the prior year and adjusted based on market trends. In August, a Notice of Proposed Property Taxes (also called a “Truth in Millage” or “TRIM” Notice) is mailed to property owners. The notice lists proposed millage rates, public hearing information and specific data regarding the value and exemptions associated with the property. The notice includes the assessed value which is typically the market value limited by the “Save Our Homes” cap for homesteaded property. It also lists taxable values on which your taxes are based. Taxable value is derived by subtracting applicable exemptions from the assessed value. Since some exemptions may apply only to certain taxing authorities, there may be multiple taxable values. A property owner who disagrees with the market value assigned by the Property Appraiser’s Office may petition to the Value Adjustment Board for a hearing to review the value. Tax bills are mailed by the Tax Collector on October 31.

Source: 1999 - 2008 Certified Tax Rolls *Net new construction is comprised of all new building construction, additions, and deletions in each respected tax roll year.

2008 Real Estate Total Taxable Value

Commercial 37.94%

Governmental .05% Institutional .51% Agricultural .21% Other .25%

Residential 61.05%

Source: 2008 Certified Tax Roll

Real Estate Total Market and Taxable Values
ROLL YEAR 2008 2007
61.2 61.1

84.0

87.4

MARKET VALUE 87,363,797,070 83,997,280,652 70,096,836,631 60,428,124,115 53,188,556,283 48,561,408,229 43,869,820,831 40,382,387,235 36,710,017,734 34,193,390,421

TAXABLE VALUE 55,888,445,720 55,769,128,234 47,111,707,822 40,684,503,277 35,538,696,963 32,326,925,203 29,516,278,383 27,189,174,314 24,933,577,546 23,006,704,560

60.4

Total Taxable Value

70.1

Total Market Value

48.6

53.2

2006 2005 2004 2003 2002 2001 2000

52.5 55.8

40.4

43.9

36.7

Billions

23.0

99

24.9

00

27.2

01

29.5

02

32.3

03

35.5

04

40.4 40.7 45.6 47.1

34.2

05

06

07

55.9

08

1999

Source: 1999 - 2008 Certified Tax Rolls

11

1.88

2.14

Real Estate / County Snapshot

Duval County Snapshot 918.24 849,758 1,321,013 6.1% $53,792 35.8 New Parcels by Planning District*
PLANNING DISTRICT 1 - Urban Core 2 - Greater Arlington/Beaches 3 - Southeast 4 - Southwest 5 - Northwest 6 - North 7 - Atlantic Beach Neptune Beach Jacksonville Beach Baldwin NEW PARCELS 370 183 1,955 1,157 600 1,340 22 6 285 0

Total Area in square miles Duval County Population Jacksonville MSA Population (Baker, Clay, Duval, Nassau and St. Johns) 2008 Average Unemployment Rate Median Household Income (Jacksonville MSA) Median Age (Jacksonville MSA)

Like other counties throughout the state, Duval County saw a slowing in sales of real property - particularly residential property. The number of 2007 sales processed for the 2008 Tax Roll was down 31.5% from the previous year.

Sources: US Census, Decision Data Resources 2008, Florida Agency for Workforce Innovation

Source: 2008 Certified Tax Roll * Added to 2008 Tax Roll; does not include deletions when parcels were reconfigured.

Real Estate Transactions*
ROLL YEAR 2008 2007 2006 2005 TRANSACTIONS PROCESSED PERCENT INCREASE -31.481%

73,289

2004 2003 2002 2001

44,286

44,080

50,082

2000 1999 1998 1997 1996 1995 1994 1993

92

93

94

95

96

97

98

99

00

01

02

03

04

05

06

07

08

1992

50,498 73,699 73,289 66,695 61,700 58,641 54,383 50,082 44,080 44,286 42,852 39,354 36,122 35,250 38,342 37,247 31,110

Transactions Processed

0.559% 9.887% 8.096% 5.216% 7.830% 8.588% 13.616% -0.465% 3.347% 8.889% 8.947% 2.474% -8.064% 2.940% 19.727%

54,383

58,641

61,700

66,695

73,699 50,498

37,247

38,342

Source: 2008 Certified Tax Roll *Includes sales and changes in ownership

12

31,110

35,250

36,122

39,354

42,852

Real Estate / County Snapshot

Parcels by City Council Districts
SINGLE FAMILY HOMES 17,168 18,149 16,482 15,420 14,018 23,276 13,301 18,707 17,241 16,844 17,181 19,984 17,935 19,045 244,751

DISTRICT
1 2 3 4 5 6 7 8 9 10 11 12 13 14 TOTALS

PARCEL #
20,644 22,398 21,495 25,163 20,964 28,340 21,007 26,252 26,260 22,421 32,431 26,636 31,146 23,859 349,016

HOMESTEADS* 14,960 14,842 14,710 13,763 13,414 20,283 8,708 13,108 10,396 12,655 16,100 17,199 17,815 15,521 203,474

SENIOR
HOMESTEADS** 667 526 283 881 573 531 490 920 851 1,110 579 657 623 593 9,284

INDUSTRIAL
w/ STRUCTURES

COMMERCIAL
w/ STRUCTURES

GREENBELT*** 5 11 22 12 10 42 9 216 2 42 947 143 100 23 1,584

28 120 58 233 377 39 499 152 939 270 218 99 297 51 3,380

418 587 313 1,902 899 492 1,811 955 2,071 768 656 514 1,216 819 13,421

Source: 2008 Certified Tax Roll *homes with a Homestead Exemption **homes with an income-based Sr. Additional Homestead Exemption ***number of parcels with an agricultural classification

City Council Districts

District 11

District 8 District 10 District 7 District 9 District 1 District 2

District 12 District 4 District 14 District 5

District 3

District 13

District 6

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Real Estate / Exemptions EXEMPTIONS
State law provides a number of exemptions that can lower a property’s value and its taxes. These exemptions are administered through the Customer Service/Exemptions Division of the Property Appraiser’s Office.

“Save Our Homes”
The homestead exemption not only lowers the property’s taxable value, but triggers the “Save our Homes” cap on future assessments. Once a homestead exemption is established, the assessed value cannot increase more that 3% annually provided the property or ownership does not change and the homestead is not removed. If the property owner lives in the home a while, the home’s assessed value will likely be lower than the market value in a few years due to this cap.

Homestead Exemption
The most common exemption is the homestead exemption. Florida residents who own and live in their homes, condominiums, coop apartments and certain mobile homes may be eligible for a homestead exemption. The exemption can provide up to $50,000 off the assessed value of a property. The homestead exemption was increased in 2008. The new additional $25,000 applies to the property’s assessed value above $50,000. The additional exemption does not apply to the school tax levy.

To be eligible for a homestead exemption, a property owner must own and live in the home. The Property Appraiser’s Office investigates exemption fraud, and in 2008 processed liens for nearly $670,000. Of that, $239,290 has already been returned to city coffers.

Portability
In 2008, a new law took effect allowing homesteaded property owners in Florida to transfer the “Save Our Homes” difference/ savings to a new homestead. The savings is subtracted from the property appraiser’s market value on the new home to create a new assessed value on which the property’s taxes are based. If the market value of the new home is lower than that of the previous home, the reduction is calculated and transferred as a percentage.

Other Exemptions
There are a number of other exemptions and tax discounts that can provide further benefits for persons with disabilities, widow/ widowers, seniors with a limited income, property owners who renovate space for elderly relatives and others. There is also a historic exemption for those who renovate a historic structure or property in a historic neighborhood.

Homestead Exemptions
ROLL YEAR 2008 2007 2006 2005 2004 2003 2002 2001 2000 1999 HOMESTEAD COUNT* 203,474 199,218 197,597 190,910 189,692 186,422 182,935 179,499 176,263 173,001 PERCENT OF INCREASE 2.14 0.82 3.50 0.64 1.74 1.92 1.91 1.84 1.89

Senior Homestead Exemptions
ROLL YEAR 2008 2007 2006 2005 2004 2003 2002 2001 2000* SR HOMESTEAD COUNT 9,284 9,737 10,560 10,503 10,175 9,871 9,579 9,365 9,074 PERCENT OF INCREASE -4.65 -7.79 0.54 3.22 3.08 3.05 2.29 3.21

Source: 1999-2008 Certified Tax Rolls *Not all single family dwellings are eligible for a homestead exemption. Only primary residences are eligible.

Source: 2000-2008 Certified Tax Rolls *State law providing for the senior exemption took effect in 2000.

14

Real Estate / Exemptions

In 2008, portability lowered the taxable value of real property in Duval County more than $112 million. (See Amendment 1 chart on page 22.)

The Recapture Rule
State codes governing “Save Our Homes” require the assessed value to continue to rise until the market value falls to meet it. In other words, even if the market value decreased, the assessed value still goes up. (The increase is based on the CPI, and it can’t rise more than 3% each year.) It’s called “recapture” since the difference between the market and assessed values was legally deferred during the rising market, but still exists. Most homeowners in 2008, however, still saw their taxes decrease as a result of new property tax laws. Less than 2% of Duval homesteaders had a lower market but increased taxable value.

“Save Our Homes”* Cap Rate History
ROLL YEAR 2008 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995
Source: Florida Department of Revenue *As provided in section 193.155(1), Florida Statutes, beginning in 1995, or the year after the property receives homestead exemption, annual reassessment shall not exceed the lower of the following: (a) Three percent of the assessed value of the property for the prior year: or (b) The percentage change in the Consumer Price Index (CPI) for all urban consumers, U.S. city average, all items 1967 = 100 for the preceding calendar year as initially reported by the U.S. Department of Labor Statistics.

“Save Our Homes” Annual Deferred* Value

“SAVE OUR HOMES” CAP 3.00% 2.50% 3.00% 3.00% 1.90% 2.40% 1.60% 3.00% 2.70% 1.60% 1.70% 3.00% 2.50% 2.70% As some market values of homesteaded property decreased in 2008, the assessed (capped) value continued to rise as a result of the state’s “Recapture Rule.” This led to the first annual decline in overall SOH deferred value.

13.39 5.63 7.19 9.66 11.70

15000 12000 9000 6000
Deferred Value in Billions

3.36

4.56

0

.170

.545

.553

.948

1.25

1.48

2.61

3000

95

96

97

98

99

00

01

02

03

04

05

06

07

08

Source: 1995 - 2008 Certified Tax Rolls *The annual deferred amount of assessed value that is exempted from being taxed.

15

28.1

Real Estate / Residential Property

Residential Property
Appraisers in the Residential Appraisal Division are responsible for assessing all residential property in the county including single family homes, multifamily properties up to nine units, mobile homes and condominiums as well as vacant residential land and agricultural land. The division’s appraisers determine a fair market value for these properties using computer modeling and standardized ap- The median market value of a single praisal techniques that consider market family home on the 2008 Tax Roll trends and other factors such as property was $157,909. features and conditions.

Single Family Homes Parcel Count

Single Family Homes Market and Taxable Values
47.4
239,424 244,751

220,125

225,944

232,620

Total Taxable Value

202,583

206,205

208,878

211,076

215,026

20.6

22.6

25.7

28.8

33.1

39.3

Total Market Value

29.6
07

16.7

18.1

99

00

01

02

03

04

05

06

07

08

Billions

Parcels

11.5

99

00

12.4

13.8

01

02

14.9

16.7

03

18.7

04

21.6

05

25.2

06

Source: 1999 - 2008 Certified Tax Rolls

Source: 1999 - 2008 Certified Tax Rolls

16

27.6
08

47.6

Real Estate / Residential Property

New Single Family Homes*

Average Single Family Home Market Value
ROLL YEAR AVERAGE MKT VALUE $194,381 197,958 168,952 146,678 130,943 119,290 106,980 98,685 87,589 82,577

7,327

7,032

2008 2007 2006 2005

4,929

5,326

6,020

4,551

4,016

2004 2003 2002 2001 2000

3,900

Parcel Count

3,551

3,815

99

00

01

02

03

04

05

06

07

08

1999
Source: 1999- 2008 Certified Tax Rolls

Source: PAO Real Estate Data Base *Includes new homes built after final tax rolls were completed in Oct. of each year.

The affordability index below measures the ratio between median family income and the average costs of a single family home (both adjusted for inflation). The median income is based on US Census data for a family of four living in the Jacksonville Metropolitan Statistical Area. The lower the ratio, the more affordable the home becomes.*

Affordability of a single-family home in Duval County (all home sales)

Affordability of a Single Family Home (All Home Sales) Affordability =
3.5

Cost of Home Family Income

3.21

3.0

Cost/income ratio (all home sales)

2.5

2.0

93

94

95

96

97

98

99

00

01

02

03

04

05

06

07

Source: Jacksonville Community Council Inc. (JCCI), Quality of Life Study * The National Homebuilders Association considers a ratio of 2.8 or less acceptable. (The ratio is equal to the number of years of income that a family would invest in the purchase of a home.)

17

Source: JCCI, Quality of Life Study

Real Estate / Commercial Property

Commercial Property

Commercial Property
with business, retail, office, multi-family The Commercial Appraisal Division of the and industrial structures. To determine Property Appraiser’s Office is responsible value, commercial appraisers use three for appraising all commercial property in Commercial Real Estatestandard appraisal methods – the market, Duval County including industrial land, Parcel Count cost and income approaches. Market data vacant commercial property and property is used to develop parameters for like groups of properties which are applied uniformly and equitably throughout the county.

10 Year History
Commercial Real Estate Market and Taxable Values
22.2 17.8 19.3
Total Market Value Total Taxable Value

Commercial Real Estate Parcel Count
25
244,751 32,187 32,546 32,617 32,077 32,053 31,429 31,459

239,424

30,364

29,145

15.2

15.9

28,020

12.3

11.3

5
Parcels

99

00

01

02

03

04

05

06

07

08

0

Billions

9.8

10.7

11.4

12.3

10

13.0

13.7

15.3

16.6

15

13.1

14.2

19.3
05 06 07

99

00

01

02

03

04

Source: 1999 - 2008 Certified Tax Rolls

Source: 1999 - 2008 Certified Tax Rolls

18

21.4
08

20

22.6

Real Estate / Commercial Property

Though commercial properties make up only about 7% of the real estate parcels in Duval County, they account for about 38% of the total taxable value on real estate.

Largest Grouped* Real Estate Assessments in Duval County Top 25 on 2008 Tax Roll
COMPANY NAME 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 FDG Properties/Flagler Development Lands Co. St Johns Town Center LLC Wal-Mart Properties/Stores Liberty Property Limited Partnership Blue Cross & Blue Shield Mid America Apartment Communities DRA CRT Acquisition Corporation (Office Bldgs.) First States Investors AIMCO/Shelter Properties Foo Trust II & III (Modis Bldg & Others) Winn Dixie Stores/ZSF WD Jacksonville Regency Square Mall Jacksonville Avenues LTD (Mall @ The Avenues) EL AD Florida LLC (Bellsouth Tower & Garage). VCP Properties LTD Anheuser-Busch/Metal Container Corp. Equity One Inc. (Community Shopping Centers) Gate Petroleum/Gate Land Co. Memorial Healthcare Group Inc. Jacksonville Tower Associates (Barnett Center) Ramco Jacksonville LLC (River City Market Place) Fidelity National Financial Inc. Park Avenues Rental Community Merrill Lynch Citicorp/CCSI USA (Citicorp Card Services) REAL ESTATE TAXABLE VALUE $383,318,457 228,064,811 204,006,634 197,595,369 180,057,281 165,721,354 150,554,471 148,353,718 133,577,100 121,096,700 116,475,390 114,641,649 114,160,600 107,036,000 99,138,566 99,006,076 93,596,369 90,556,619 85,189,889 83,423,600 76,821,201 75,929,589 74,852,444 74,663,392 74,085,391

Source: 2008 Certified Tax Roll *Includes multiple properties grouped together by property owner.

19

Tangible personal property includes everything from computers and office furniture to highly specialized industrial equipment.

Tangible Personal Property

Tangible personal property is all property, other than real estate, that is used for income-producing purposes. This includes furniture, office supplies, tools, machinery, leased equipment, and anything used in the operation of the business. Florida law requires that these items be reported, assessed and taxed. Owners of rental property must also report assets such as furniture and appliances, and owners of mobile homes on rented land must report attachments. The Tangible Personal Property (TPP) Division of the Property Appraiser’s Office is responsible for assessing tangible property. The

division mails annual returns to businesses and determines value based on costs of assets and state guidelines which utilize depreciation factors. A new state law, Amendment 1, which took effect in 2008, provides a $25,000 exemption off tangible property. Businesses with less than $25,000 in value must file initially and are not required to file again until the value exceeds $25,000. In 2008, there were 20,174 TPP accounts with values equal or less than $25,000 and were therefore exempt from property taxes. This is almost two-thirds of the 31,900 TPP accounts in the county.

A new state law implemented in 2008 exempts $25,000 in value from all TPP accounts. In 2008, almost 2/3 of those filing tangible property returns had property values equal or less than $25,000. These accounts were completely exempt from tangible personal property taxes. (See page 22 for more details.)

20

Photo courtesy of the First Coast Manufacturers Association.

Tangible Personal Property / Top 25 Tangible Personal Property Accounts Tangible Personal Property (TPP) Market and Taxable Values*
Total Market Value Total Taxable Value

31,205

31,271

31,900

8.9

9.2

29,644

8.9

8.8

27,546

28,154

8.5

8.5

8.2

26,212

26,133

26,164

26,740

8.2

8.6 5.4
07

5.3

5.1

5.4

5.1

5.1

No. of Accounts

99

00

01

02

03

04

05

06

07

08

Billions

99

00

01

02

03

04

4.9

4.9

05

5.3

06

Source: 1999 - 2008 Certified Tax Rolls

The significant increase in market value of tangible property in 2008 was largely due to the reassessment of two large exempt accounts. Source: 1999 - 2008 Certified Tax Rolls *The value difference between market and taxable values in a given year is due to exemptions.

Largest Grouped* TPP Assessments Top 25 on 2008 Tax Roll
COMPANY NAME
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25

TPP $406,400,010 205,071,531 196,622,874 137,582,113 110,134,576 109,986,405 90,990,573 64,582,148 63,858,001 55,377,611 54,074,088 52,030,010 51,352,413 45,264,286 41,166,168 40,479,857 39,627,510 39,434,949 38,556,974 37,746,759 37,319,452 36,151,411 35,268,497 33,999,003 33,848,014

AT&T/Bellsouth Communications Anheuser Busch/Metal Container Corp. Vistakon/Johnson & Johnson Vision Cedar Bay Generating Co. CSX Railroad Comcast Cable Florida Power & Light Co. Gerdau Ameristeel US Inc. Florida East Coast Railway Swisher International Inc. Citicorp Credit Services Fidelity National Financial Inc. Sprintcom Inc./Nextel South Tampa Electric Co./Peoples Gas System Publix Super Markets, Inc. Verizon Wireless Anchor Glass Container/Acquisition Corp. Blue Cross & Blue Shield General Electric Company Memorial Healthcare Group Inc. Kraft Foods/Maxwell House Bacardi Bottling/J H M Corp. Wal-Mart Properties/Stores Winn Dixie Stores/ZSF WD Jacksonville Smurfit Stone Container Enterprises Inc.
Source: 2008 Certified Tax Roll *Includes multiple properties grouped together by property owner.

5.2
08

11.9

21

APPENDIX

Amendment 1: Property Tax Exemptions; Limitations on Property Tax Assessments
(approved by voters January 29, 2008)

• Additional Homestead Exemption - Provides an additional exemption up to $25,000 off the assessed value of property valued above $50,000. This additional exemption applies to all tax levies except school districts. • Portability - Allows homesteaded property owners to transfer the “Save Our Homes” benefit (deferral) to a new home. This is the difference between the market and assessed values on the previous homestead. • Limit on Non-Homesteaded Assessments - Provides a 10 percent cap on the annual increase in the assessed value of non-homesteaded property. This also applies to all tax levies except school districts and will effect the 2009 Tax Roll. • TPP Exemption - Provides a $25,000 exemption on Tangible Personal Property for businesses and landlords. New accounts must file a TPP return by April 1 to be eligible.

Amendment 1 Impact to 2008 Tax Roll Duval County
TAXING AUTHORITY General Gov’t Exc. Beach & Baldwin General Gov’t Beaches General Gov’t Baldwin School Board St John’s River Water Mgt Dist. Florida Inland Navigation Dist. Jacksonville Beach Atlantic Beach Neptune Beach Town of Baldwin
Source: 2008 Certified Final Tax Roll

PORTABILITY VALUE $99,457,027 12,579,993 0 112,037,020 112,037,020 112,037,020 7,010,248 3,080,785 2,488,960 0

ADDITIONAL HOMESTEAD EXEMPT VALUE $3,848,495,132 10,804,021 4,097,022 0 4,117,884,528 4,117,884,528 137,514,668 80,891,629 46,886,077 4,097,022

TPP A1 EXEMPTION VALUE $335,905,907 23,758,204 650,234 360,314,345 360,314,345 360,314,345 16,195,129 4,649,034 2,914,041 650,234

TOTAL A1 IMPACT $4,283,858,066 47,142,218 4,747,256 472,351,365 4,590,235,893 4,590,235,893 160,720,045 88,621,448 52,289,078 4,747,256

2008 MILLAGE 8.4841 5.1934 6.9206 7.5610 0.4158 0.0345 3.6940 2.9974 2.7154 2.5550

TAX REDUCTION $36,344,680 244,828 32,854 3,571,449 1,908,620 158,363 593,700 265,634 141,986 12,129

22

APPENDIX

Largest Combined* Value Assessments in Duval County Top 25 on 2008 Tax Roll
COMPANY NAME 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 AT&T/Bellsouth Communications FDG Properties/Flagler Development Lands Co. Anheuser Busch/Metal Container Corp. Vistakon/Johnson & Johnson Vision Wal-Mart Properties/Stores St Johns Town Center LLC Blue Cross & Blue Shield Liberty Property Limited Partnership Mid America Apartment Communities Cedar Bay Generating Co. First States Investors DRA CRT LLC (Office Bldgs) Winn Dixie Stores/ZSF WD Jacksonville AIMCO/Shelter Properties Citicorp Credit Services Fidelity National Financial Inc. CSX Railroad Memorial Healthcare Group Inc. Foo Trust II & III (Modis Bldg & Others) Comcast Cable Jacksonville Avenues LTD (Mall @ The Avenues) Regency Square Mall Publix Super Markets, Inc. Florida Power & Light Co. El Ad Florida LLC (Bellsouth Tower, Garage)
REAL ESTATE TPP TOTAL TAXABLE VALUE

$49,101,326 383,318,457 99,006,076 50,007,749 204,006,634 228,064,811 180,057,281 197,595,369 165,721,354 21,017,000 148,353,718 150,554,471 116,475,390 133,577,100 74,085,391 75,929,589 13,422,054 85,189,889 121,096,700 7,150,144 114,160,600 114,641,649 71,107,025 19,974,226 107,036,000

$406,400,010 1,201,847 205,071,531 196,622,874 35,268,497 323,945 39,434,949 30,161 1,747,402 137,582,113 3,124,700 0 33,999,003 1,295,453 54,074,088 52,030,010 110,134,576 37,746,759 0 109,986,405 1,355,165 441,750 41,166,168 90,990,573 27,539

$455,501,336 384,520,304 304,077,607 246,630,623 239,275,131 228,388,756 219,492,230 197,625,530 167,468,756 158,599,113 151,478,418 150,554,471 150,474,393 134,872,553 128,159,479 127,959,599 123,556,630 122,936,648 121,096,700 117,136,549 115,515,765 115,083,399 112,273,193 110,964,799 107,063,539

Source: 2008 Certified Tax Roll *Includes multiple properties grouped together by property owner. Total number includes the taxable values for real estate and tangible personal property.

23

APPENDIX

Duval County Real Estate 2008 Parcel Counts and Values

CATEGORY TYPE

PARCEL COUNT

MARKET VALUE

TAXABLE VALUE

% OF TOTAL TAXABLE 49.399%

Single Family Homes

244,751

$47,574,992,716

$27,608,536,056

Improved Commercial

14,952

12,787,455,052

12,353,763,370

22.104%

Improved Industrial Multi-Family 10 Units or More Condominiums

3,380

3,952,146,006

3,937,932,742

7.046%

534

3,702,263,646

3,598,579,298

6.439%

25,148

4,279,055,313

3,484,719,232

6.235%

Vacant Residential Multi-Family Less than 10 Units Vacant Commercial

25,399

1,524,285,818

1,502,192,920

2.688%

4,419

933,326,290

843,307,831

1.509%

3,414

924,089,030

880,019,146

1.575%

Mobile Homes

9,896

669,618,395

362,288,980

0.648%

Institutional

3,202

2,526,795,391

285,594,263

0.511%

Vacant Industrial Retirement Homes & Misc. Residential Agricultural

1,628

464,912,412

431,236,604

0.772%

172

285,988,599

242,147,096

0.433%

1,584

2,108,213,986

115,957,753

0.207%

Miscellaneous

4,450

324,241,445

97,022,940

0.174%

Non-Agricultural Acreage

1,358

88,372,522

76,136,407

0.136%

Leasehold Interest

129

398,077,885

42,697,619

0.076%

Government

4,479

4,816,877,064

25,576,263

0.046%

Cooperatives

121

3,055,500

737,200

0.001%

TOTALS:

349,016

$87,363,797,070

$55,888,445,720

100.000%

Source: 2008 Certified Tax Roll

24

MORE INFORMATION
The Property Appraiser’s Office is located in the Yates Building, 231 East Forsyth Street, on the second and third floors. The office is open from 7 a.m. to 6 p.m., Mon. – Fri. Information is also available online at www.coj.net/pa or by calling the numbers to the right: Customer Service/Exemptions Division 630-2020 Residential Appraisal Division 630-2037 Commercial Appraisal Division 630-2600 Land Records Division 630-2019 Tangible Personal Property Division 630-1964 Greenbelt Classifications 630-2594 Field Operations Division 630-5996 General Information 630-2011 Administration 630-2014

IMPORTANT DATES January 1
The date which determines property ownership, value, classification, and any exemptions (including homestead exemptions). Tangible Personal Property returns mailed to taxpayers.

January 1 – March 1
Applications accepted for portability and exemptions including: homestead senior citizen widows/widowers disability charitable organizations “granny flats” Applications accepted for greenbelt classifications.

April 1
Filing deadline for Tangible Personal Property returns.

Visit our Web Site at www.coj.net/pa
The Duval County Property Appraiser’s Web site is the most visited site of all local government departments and agencies. The property search function was recently expanded to provide users with more information and more ways to search for properties. The site includes: • A property search featuring detailed information and maps • Homebuyer alerts • A Tax Estimator • Timelines and services information • Mapping options including maps of recent sales in your neighborhood • Advanced search capabilities with downloadable data

August
Notice of Proposed Property Taxes, also called Truth in Millage (TRIM) notices, are mailed to property owners mid-month. The notice outlines how taxes are broken down, the locations and times of budget hearings and the deadline for filing petitions with the Value Adjustment Board.

September
Budgets of taxing authorities approved. Deadline for Value Adjustment Board petitions.

October
Value Adjustment Board (VAB) hearings begin. Tax Collector mails tax bills for current year on October 31.

25

Jim Overton Duval County Property Appraiser Office of the Property Appraiser 231 E. Forsyth Street, Suite 270 • Jacksonville, FL 32202 www.coj.net/pa 26


								
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