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Contact Information 860 W. 11 th Street Panama City, FL 32401 (850)248-8401 baypa.net. Dan Sowell, CFA Property Appraiser. WHAT WE DO…. Responsibilities of the Property Appraiser To locate, identify, and accurately appraise all properties subject to ad valorem taxes.
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Contact Information 860 W. 11th Street Panama City, FL 32401 (850)248-8401 baypa.net Dan Sowell, CFA Property Appraiser
Responsibilities of the Property Appraiser • To locate, identify, and accurately appraise all • properties subject to ad valorem taxes. • To maintain property value roll equity and • fairness. • To process allowable exemptions.
WE MEET OUR RESPONSIBILITIES BY: • Conducting Frequent Reappraisals. • Hiring and Retaining a Professional Staff. • Making Market Data Available. • Keeping Property Owners Informed.
WHAT WE DON’T DO… The Property Appraiser has NO jurisdiction or responsibility for district budgets, tax rates, special assessments, or determining the amount of taxes you pay. These matters are handled by the various taxing authorities; i.e. the county government, city government, school board and other taxing districts.
BAY COUNTY TAXING AUTHORITIES 2011 MILLAGE RATES/ TAXES…
ESTIMATING PROPERTY TAXES Basic Formula Taxable value/1000*millage rate=taxes Example of house located in Lynn Haven with taxable value of $100,000 $100,000/1000=100 X 14.0492(Lynn Haven 2011 millage rate)= $1404.92
REAL PROPERTY VALUES$ IN BILLIONS ASSESSED EXEMPT TAXABLE $17.6 $4.3 $13.3
Bay County New Construction $ in Millions 1200 1,085 1000 860 800 600 510 400 65 200 0 2007 2008 2009 2010
Home Sales and Homestead Exemption When a homesteaded property sells, the exemption (any exemption) stays with the property for the year in which the sale took place. The new owner must file for the homestead in their name by March 1st of the year following the sale. The value goes to market value for the new buyer as the previous owner’s cap no longer applies. This increase can be lessened if the buyer is able to port their cap from a previously homesteaded property.
Deployed Military Property Tax Exemption – New Constitutional Amendment CS/HJR 833 (Adopted). The legislature passed a resolution providing that deployed military personnel receiving homestead exemption will receive an additional percentage exemption equal to the number of days that they are deployed during a calendar year divided by 365. The measure appeared on the ballot in 2010 and passed. The exemption will be effective for the 2011 tax year. Must be in support of the following operations: --Iraqi Freedom --Enduring Freedom --New Dawn
BP OIL SPILL(DEEP HORIZONS) NO DISCERNABLE IMPACT ON PROPERTY VALUES
Bay County Property Appraiser’sAchievements for 2010 Sponsored Roundtables With Area Business, Governmental and Educational Leaders Increased Community Awareness of Available Exemptions and made Exemption Filing Even Easier A concerted effort to reduce petitions filed with the Value Adjustment Board (VAB) resulted in a significant savings to the county. Consolidated the Lynn Haven Branch with the main office Continued to Assess Property at the lowest value possible Continued Aggressive Homestead Exemption Fraud Program, which and added $10.9 million of taxable value to tax roll
2011 Objectives Seek Additional Property Tax Relief for the Widowed and Disabled Enhance Our Website with More Features and Information Seek approval to e-mail TRIM notices beginning in 2012 Close PCB office for cost savings
JOINT ISSUES Estimated Taxes on New Sales Identifying Incentives With New Sales