Property Tax Calculator for Orlando Florida

							Honorable Bill Donegan, CFA
Orange County Property Appraiser




Property Tax Reform
      A Property Appraiser’s
           Perspective
The Property Appraiser’s Role

 Education


 Coordination


 Implementation / Administration
Education

 Legislators / Governor’s Office


 Civic Groups


 Property Owners
Coordination

 Media (education and coordination)


 All Taxing Authorities

   New DOR forms and worksheets
   All DOR bulletins and updates
Implementation/Administration



 Apply New Rolled Back Rates


 Program Systems for New Exemptions
  Property Tax Reform


     Rolled-Back Millage Rates

               and

Constitutional Amendment Proposals

  Is this going to save me money?
Property Tax Reform

              PHASE ONE
      For 2007 – 2008 fiscal year,
  Counties and Cities will be required to cut
taxes to the 2006 – 07 revenue levels by using
          a Rolled-Back millage rate.

  Plus, additional cuts of 3%, 5%, 7%, or 9%
               will be required.
Additional Millage Rate
Reductions
 Orange County………………        5%
 Orlando ..……………………………..    3%
 Winter Park …………………………     9%
 Winter Garden ……………………..   9%
 Maitland ……………………………..     3%
 Ocoee ………………………………….       5%
 Windermere ………………………..     9%
 Apopka ……………………………….       5%
 Belle Isle ……………………………..   9%
 Edgewood …………………………...     5%
 Eatonville …………………………….    0%
 Oakland ………………………………       9%
          What is a Rolled-Back Rate?
                      A rate that will:
     Provide the same Tax Revenue as in the previous year




          Using the current year TAXABLE VALUE:


Adjusted For:
New Construction:
Demolitions:
Annexations:
 Rolled-Back Millage Rate
 EXAMPLE

    ORANGE COUNTY GENERAL MILLAGE

 2006 MILLAGE                               5.1639

 2007 ROLLED BACK MILLAGE                   4.6684

 (minus) Additional 5% mandated reduction


EQUALS: 2007 PROPOSED MILLAGE               4.4347
                16.44 % change
Final Millage Rates received to date
Rolled-Back Savings Examples
           SAVINGS
            $65.59
Rolled-Back Savings Examples
           SAVINGS
            $167.42
Rolled-Back Savings Examples
           SAVINGS
            $343.53
Rolled-Back Savings Examples
           SAVINGS
           $2,258.10
Rolled-Back Savings Examples
           SAVINGS
            $71.77
Rolled-Back Savings Examples
           SAVINGS
            $225.38
Rolled-Back Savings Examples
           SAVINGS
            $118.46
Constitutional Amendment
Proposals
         PHASE TWO
   Will be a change to the existing Amendment 10
 “Save Our Homes” to the Florida Constitution and
 will be added to the January 29th 2008 Presidential
              Preferential Election ballot.

If adopted by the voters, homestead property owners
   will be allowed to make a “one-time” irrevocable
  election whether to keep their homestead property
 under the “Save Our Homes” 3% cap, or whether to
    move their home into a new “Super Exemption”
                       program.
NEWS UPDATE !!!!!
NEWS UPDATE !!!!!
NEWS UPDATE !!!!!
NEWS UPDATE !!!!!
NEWS UPDATE !!!!!
Super Exemption Program
 The new “Super Exemption” program will provide a
           “tier” exemption as follows:


Level 1:
75% exemption for the homestead’s first $200,000 of value.
               • The minimum exemption will be $50,000 per
               homestead.
Level 2:
In addition to Level 1, a 15% exemption for the homestead’s
next $300,000 of value.
           •This will increase each year by the % change in the Florida
           Per Capita Personal Income
           •The maximum first-year exemption will be $195,000
Who Benefits? Who Doesn't?
         Who Tends To Benefit From The
           New “Super Exemption” ?
• New Buyers
• Lower Value Properties (initially)
• Properties under SOH for shorter period (initially)



Who Tends To Benefit From Save Our Homes?
• Properties with initial Just Value $500K or higher
• Properties under SOH for a longer period
                                                       109,764

                                 100,000
                                            89,337
Number of Homestead Properties




                                  80,000


                                  60,000


                                  40,000


                                  20,000
                                                                      9,222
                                                                                 2,751    2,564
                                      0
                                           $1-200K   $201K-500K   $501K-750K   $751K-1M   >$1M

                                                         Just Market Value
Education/Community Outreach


  New On the OCPA Web Site
  Homestead Comparison Estimator

An Easy-to-Use calculator that will help each homeowner
 determine which plan will provide them the greatest tax
                    savings benefit.

     “Save Our Homes” or “Super Exemption”

                Visit www.ocpafl.org
Additional Exemptions

There will be additional amendments on the
January 29th 2008 Presidential Preferential
Election ballot.

• $25K TPP exemption per Tax Return

• Increase LIS exemption to $100K
A bit of History

   Let’s go back to 1992
       Prior to SOH.

 What Really Happened?
So:

    It’s not the values.
We have no control over the
    values – the market
  determines the values.

   It’s the SPENDING !
Honorable Bill Donegan, CFA
Orange County Property Appraiser




         Thank You

             Gracias