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Truth in millage notices for 2018

Clay Today
Posted 8/22/18

Clay County, Florida – Roger A. Suggs, CFA, AAS, CCF, Clay County Property Appraiser, announces that on August 20, 2018, the Notice of Proposed Property Tax forms, also known as Truth in Millage …

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Truth in millage notices for 2018


Posted

Clay County, Florida – Roger A. Suggs, CFA, AAS, CCF, Clay County Property Appraiser, announces that on August 20, 2018, the Notice of Proposed Property Tax forms, also known as Truth in Millage (TRIM) notices, will be mailed to all Clay County property owners. Florida law requires the TRIM notice to be prepared and mailed each year by the property appraiser on behalf of the taxing authorities. Although the TRIM notice is not a tax bill, it is intended to notify property owners of possible changes that may appear on the November tax bill. Therefore, property owners are encouraged to review the information carefully.
When reviewing the information on the notice that relates to the actual tax calculations, the most important figures are displayed in columns 2 & 3 (“Your Final Tax Rate and Taxes Last Year”) and columns 7 & 8 (“Your Tax Rate and Taxes This Year if Proposed Budget Change is Made”). A comparison of these columns will provide a good idea of the change in taxes property owners may realize on the actual tax bill.
The back of the TRIM notice displays public hearing dates and explanations of the various columns to assist property owners in understanding the notice. Additional information, including a TRIM Guide, property record cards, taxpayer’s bill of rights and answers to frequently asked questions are available on the property appraiser’s website at www.ccpao.com.
Ad valorem property taxes are calculated as follows: Taxable Value x Millage (tax) Rate = Property Taxes. The taxable value is estimated by the Property Appraiser and the millage rates are determined by the taxing authorities.
By law, each taxing authority such as the Board of County Commissioners, School Board, St. Johns River Water Management District, municipalities, and special voter-approved districts, must establish maximum millage rates necessary to fund their proposed budgets. The millage rates can be reduced prior to the mailing of the tax bills. Property owners who are concerned or have questions regarding proposed budgets, millage rates or resulting taxation levels, should contact the taxing authorities or attend the budget hearings listed on the notice.
The property appraiser is responsible for administering exemptions and estimating the value of all property as of January 1 each year. The notice displays three values: market value, assessed value, and taxable value. The market value is the most probable sale price (on January 1, 2018), and may increase or decrease as the market dictates. Due to the upward direction of the real estate market in 2017, the majority of properties in Clay County experienced an increase in market value. The assessed value is the market value less any benefit for the Save-Our-Homes (SOH) cap, or other assessment limitation. Although market 2 values increased, the assessed values of properties with an existing homestead exemption will be capped at 2.10% and non-homestead residential and commercial properties will be capped at 10% - with the exception of properties with new construction, additions and/or renovations. It is important to remember that while the assessed value of property may be capped, taxes are not. The taxable value is the assessed value minus any exemptions.
Property owners who have questions regarding an exemption status or a property’s value are encouraged to contact the property appraiser’s office for an informal review. This informal review can be handled in person, by telephone, by email, or by mail.
A property owner also has the option to file a formal appeal via petition with the Value Adjustment Board by the deadline listed on the bottom of the TRIM notice (September 14, 2018). This date is also the deadline for the property appraiser to accept late-filed applications for exemptions, assessment reductions and classifications.