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Guest Column

Proposed property tax notices going in mail Friday

By MELANIE J. HENSLEY
Published August 13, 2006

The annual TRIM or Proposed Notice of Property Tax will be mailed Friday, Aug. 18, 2006, to each person owning property in Citrus County:

On July 1 each year, I certify the preliminary tax roll to the Florida Department of Revenue, Citrus County tax collector and the taxing authorities within Citrus County. For the 2006 tax year, taxable values of property in Citrus County have increased overall $2.9-billion, or 33.38 percent since the tax roll was certified last October.

The county's taxable value for operating purposes is now $11.6-billion, of which new construction accounts for approximately $497-million. The change in value differs within each area of the county and for each property type.

The assessed value of properties homesteaded in 2005, by statute, are only allowed to rise 3 percent for the 2006 tax year. The homestead cap does not cap the amount of your tax; your tax may increase more than 3 percent. Only the assessed value is capped, providing of course the homestead exemption on your home was in effect for the 2005 or prior tax year and you did not add any new construction or add more land to your homesteaded parcel.

The market value of your property as of Jan. 1, 2006, will appear on the TRIM (Proposed) notice scheduled to be mailed Aug. 18. It is important to note that the market value that appears on the TRIM notice may not reflect current prices being paid in August 2006.

The market value for 2006 is determined by sales of property that took place during 2005 or the previous three years. Therefore, if you purchased your property in the early part of 2005, before prices increased, the market value that appears on your TRIM notice may exceed your purchase price.

The "market value" reflects the most likely selling price of your property; the "assessed value" reflects the amount under the homestead cap, if you have homestead on the property. If the property is commercial, vacant or without homestead exemption, the market and the assessed value will be the same.

My office has three approaches to use in determining the value of property for tax purposes. They are cost, income and the sales comparison approach. Residential property values are generally based on the sales comparison and cost approach. Commercial and industrial properties require consideration of all three approaches to value with emphasis on the most relevant approach based on property type.

The following percentage increases for the areas listed are an overall increase to taxable value, not an individual property value increase:

- City of Inverness: 30 percent

- City of Crystal River: 25 percent

- Beverly Hills area: 25 percent

- Sugarmill Woods: 45 percent

- Homosassa Water District: 29 percent

- Citrus Springs: 95 percent

The Citrus Springs area reflects the most intense increase in overall taxable value at 95 percent. The increase is due, for the most part, to rising prices brought on by strong demand for single family lots from buyers both in and out of Citrus County during 2005.

Land valuations for improved commercial, vacant commercial and acreage properties have seen substantial increases over prior year's assessments based on 2005 or in some cases the previous three years sales activity.

The purpose of mailing the "Notice of Proposed Property Tax" (TRIM) is for the property owner to verify the information we have on file, such as the name of the owner(s), address, legal description and to provide property owners with the market value (just value) my office has determined for your property.

The notice also provides property owners with the information regarding the budget hearing time and location for each taxing authority. You should notice this year that additional information is on the notice for each taxing authority. You will be provided with the tax dollars proposed to be collected under "county" for each fund such as "library, fire, general fund, transportation trust, and health department. Under schools you will be provided with the breakdown of tax dollars going into their three areas of the budget.

I encourage you to contact my office if you believe that the market (just) value of your property is not correct. Please note that there is a time limit, Sept. 11, 2006, on your ability to file a petition with the clerk of the Value Adjustment Board, which allows you to present your case before a "special magistrate" who is qualified to hear your case.

Prior to filing a petition, please contact my office using the phone number that appears on your TRIM notice, which will put you in contact with the appraiser for your area so you are able to have an informal discussion about your value. We are expecting a large volume of calls again this year due to the increase in values throughout Citrus County.

If you reach a voice mailbox when calling, we will be better able to serve you when returning your call if you leave a detailed message about your concern. Please provide your alternate key number, name, address, phone number and your question or concern. We will return your call as soon as we can; however, it may take up to a week depending on the volume of calls we receive. Your patience at this very busy time will be appreciated.

The Tangible Personal Property division has moved to our Crystal River office located in the Crystal Square Shopping Center behind Dillon's at 801 U.S. 19, Crystal River. Please go to that office to speak with anyone in the TPP division or you may contact them via phone using the numbers provided on your TRIM Notice.

[Last modified August 13, 2006, 05:49:37]