Here is some good economic good news to start the summer: Brevard County’s total taxable property values are expected to jump 5.9 percent from 2014.
The figures come from the Brevard County Property Appraiser’s Office, and they show significant gains in residential and commercial taxable property values in each of the county’s municipalities and in the unincorporated parts of the county. It’s the third straight year of increases, and they come as Brevard is enjoying a brisk residential real estate market and a busy time in commercial construction.
“Overall, Brevard County’s just value — the value derived from qualified sales — was up almost 9 percent,” Brevard County Property Appraiser Dana Blickley said. “Taxable value, reflecting homestead capped values and other exemptions, grew approximately 6 percent. Following six straight years of declining values, Brevard County, in the last three years, has experienced positive growth in both market value and number of sales.”
The current estimated taxable value of properties in Brevard is $29.6 billion. That’s up from the $27.9 billion last year.
To give you an example of what the peak years looked like — more than a few people would say it was overly inflated property values — the total value of taxable property in Brevard was $40.7 billion in 2007.
It’s important to note there are key differences between “appraised value” and “market value.” The market value is simply what the majority of potential buyers looking at a home would be willing to pay for it.
The appraised value for taxing purposes is lower than the market value because it deducts such things as the cost of selling a home. Florida law also limits how much the appraised value of property can increase each year. Certain exemptions, such as the homestead exemption, lower the taxable value of properties below their appraised value.
A higher taxable value doesn’t necessarily mean a higher tax bill next year. That also will depend on the tax rates set by local governments, such as the county, school board and cities.
Taxing authorities have several options:
•They can adopt the same property tax rate currently in effect. Under current conditions, that would, in many cases, raise a property owner’s tax bill because of rising property values, thus allowing the taxing body to collect more taxes to pay for services.
•They can roll back the tax rate to a point at which they would collect the same amount of property taxes, because of the rising property values.
•They can set the property tax rate somewhere in between, so the rate is lower, but property tax money collected is higher.
•They can raise the property tax rate above the current level, which will allow them to collect even more revenue, both from the higher tax rate and from rising property values.
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TAXABLE VALUE GAINS
There was an overall 5.9 percent gain in the estimated taxable value of property in Brevard County, as it relates to the county’s general fund, raising the estimated taxable value to $29.63 billion. The biggest increases were in unincorporated Brevard. But all 16 Brevard cities and towns also showed gains. Here are the figures for individual municipalities, their estimated 2015 taxable value, and percent gains from 2014 taxable value:
•Indian Harbour Beach
Source: Brevard County Property Appraiser Dana Blickley
Article Source: http://www.floridatoday.com/story/news/local/2015/06/08/taxable-property-value-rises-brevard/28565625/