Volusia County’s 2024 preliminary tax roll affirms a solid and strong demand for the land and the improvements upon it.
The county Property Appraiser’s Office released figures showing the market values and the tax base at record high levels and poised to go yet higher.
“We’re still a popular place,” Property Appraiser Larry Bartlett said, referring to Florida in general and Volusia County in particular.
The preliminary rolls came out June 27 — ahead of the state-mandated July 1 deadline for the release.
The preliminary tax roll puts the just value, the overall market worth of all real estate within the county, at $104.6 billion. That number includes properties owned by federal, state and local governments, as well as charitable, institutional and other nonprofit agencies, along with total or partial tax exemptions. The just value for 2024 is 6.9 percent higher than last year’s $97.8 billion.
The taxable value is the aggregate sum of properties within the county subject to ad valorem taxes, also known as millage, levied by local governments and state agencies. The taxable value, also known as the tax base, amounts to just under $61 billion.
Asked if there is a way to determine what is the real increase in value, versus the inflationary increases that push prices upward, Property Appraiser Larry Bartlett replied, “No.”
“We are market-driven, and the market takes all that into account,” he said.
The increases come amidst a real estate boom spurred by new settlers, especially from Northern states, buying new and existing homes in the third largest state in the union.
The just and taxable values include $1.7 billion worth of new construction, added to the rolls this year for the first time. The addition of the new homes, businesses, other improvements and amenities is not a factor in calculating the rollback tax rates.
“That’s the extra money that taxing authorities can use without moving into the rollback from last year’s tax rolls,” Bartlett said.
To be clear, the rollback rate — the millage that, if adopted, would generate property-tax revenues equal to those of the preceding year — applies to existing values of land and improvements. In normal times, the values of these things increase as the values of land itself, building materials and labor rise.
The current boom in real estate prices and values could be lessened by higher interest rates that could make property ownership out of reach for many buyers, Bartlett has warned. Yet, while more people from somewhere else seek out their place in the sum and sink their cash into it, the market shows no signs of softening.
In fact, Bartlett sees history repeating — or continuing — itself.
“John D. Rockefeller bought a house in Ormond Beach in 1918,” he said, “and the factors that convinced him to do that are the same ones now as they were then: great climate, 47 miles of beach, and no state income tax.”
The preliminary tax roll is especially noteworthy because the county and municipal governments, state agencies such as the School Board and the St. Johns River Water Management District, and hospital districts use it and the rollback numbers in making budgetary decisions and setting properly-tax rates.
More specific information on the just and taxable values of each of the cities and taxing agencies, along with the rollback tax rates, is supposed to be released later.
During July, the local governments and other taxing agencies will adopt tentative tax rates. Once the tentative rate is set, the taxing body may lower the rate before the final budget and ad valorem rate are set, but the local government or agency may not raise the rate so as to exceed that tentative ceiling number, or worst-case taxing scenario.
The millage of each of the taxing authorities claiming jurisdiction over a piece of property will be placed on the tentative tax notice, also known as the TRIM notice. TRIM is an acronym for “Truth in millage.” The TRIM notices will be mailed to property owners in mid-August. As well as listing all of the proposed ad valorem rates and any special assessments for such items as stormwater control or solid-waste pickup and disposal, the TRIM notices also show the times, dates and locations of public hearings on the proposed budgets and tax rates for the next fiscal year.
Until Hurricane (fill in the blank) pays a visit.