CLAY COUNTY – Property Appraiser Roger A. Suggs submitted the Certification of Taxable Value to the Clay County taxing authorities and the Florida Department of Revenue last week, reporting the value of county properties increased by more than $853 million.

The 2020 preliminary taxable value is estimated at approximately $12.2 billion, Suggs said. The preliminary taxable value is slightly higher than the estimate reported on June 1. The statutory assessment date for the 2020 assessment roll is Jan. 1. Therefore, the overall increase in value is a reflection of the upward direction the real estate market has taken during 2019. Although market values have increased, the assessed values of properties with an existing homestead exemption will be limited (‘capped’) at a 2.3% increase (excluding any additions or improvements) and non-homestead residential and commercial properties will be limited (‘capped’) at a 10% increase due to constitutional amendments passed by voters in 1992 and 2008, respectively. Taxable value is based on the market value minus differentials (‘caps’) and exemptions.

The taxing authorities have until Aug. 4 to notify the property appraiser of the 2020 proposed maximum millage rates, and the date, time and place of their respective public budget hearings. This information will be used by the property appraiser to prepare the Notice of Proposed Property Tax forms (TRIM notices), which will be mailed to all property owners in mid-August.

The Property Appraiser’s office is closely monitoring Covid-19’s impact on our community and the real estate market. As previously stated, the preliminary assessments were determined and certified based on market-derived variables as of Jan. 1. Therefore, any negative impacts remaining as of Jan. 1, 2021, will be reflected on next year’s assessment roll.