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{{tncms-inline alignment=”right” content=”<ul> <li>The just value denotes the estimated market value of all real estate throughout the county without taking into account any tax exemptions. The just value includes government-owned properties such as buildings and parks, as well as nonprofit, tax-exempt institutions such as churches, schools and hospitals.</li> <li>The tax exemptions may be total or partial. Total exemptions include those given to government-owned, religious and charitable properties. Partial exemptions are, for example, the tax breaks applied to agricultural lands, homesteads, widows, low-income elderly and disabled veterans.</li> <li>The 2019 taxable values, also known as the tax base or tax roll, now amount to $36.6 billion &mdash; up from the $33.7 billion total for last year. The pre-preliminary tax base is roughly equal to the county&rsquo;s 2007 tax base. The brisk business of buying and selling properties, both developed and undeveloped, means a recovery of values to their pre-recession highs.</li> <li>The tax roll is a subset within the just value. The just values, or market values, must be determined before tax exemptions are applied.</li> <li>The preliminary tax roll is the one used by officials of local governments and special taxing agencies, including the School Board and the hospital districts, in setting their tentative ad valorem rates for the next fiscal year. Ad valorem is a Latin phrase meaning &ldquo;according to value.&rdquo;</li> <li>The preliminary tax roll also will include the calculations for the rollback tax rates.</li> <li>Rollback denotes the millage, which, if adopted by the taxing authority, would yield property-tax revenues equal to those of the preceding year, without including new construction and, in the case of cities, annexations. In normal times, the rollback rate is lower than the tax rate then in effect. Thus, as property values rise because of inflation and increasing costs for labor, materials and energy, the rollback rate would generate an equal number of property-tax dollars on the existing land and improvements.</li> <li>If a city or county adopts an ad valorem levy higher than the rollback rate, the rate is a tax increase, as it will yield revenues greater than those of the then-current fiscal year. Thus, even if a taxing authority keeps its tax rate level in a time of rising property values, that level figure amounts to a tax increase, and state law requires local governments to notify taxpayers of a pending tax increase.</li> </ul>” id=”1d1096b6-8005-40fd-984b-ed63fb5f3662″ style-type=”info” title=”Property Tax 101″ type=”relcontent” width=”half”}}
Volusia County’s property-tax base has grown by 8.5 percent over the past year, and more additional increases may be forthcoming.
An increasing demand for a limited amount of land, houses and other buildings has pushed the overall value of those commodities to a near-record high of $59.3 billion, according to the pre-preliminary tax roll released by the Property Appraiser’s Office May 30.
“Just values are up 8 percent,” Property Appraiser Larry Bartlett said.
Such total values have not been posted in Volusia County in more than a decade — not since just before the long-running recession that began in 2007.
The 2019 taxable values, also known as the tax base or tax roll, now amount to $36.6 billion — up from the $33.7 billion total for last year. The pre-preliminary tax base is roughly equal to the county’s 2007 tax base.
The tax roll is a subset within the just value.
The tax values for localities are up markedly from last year.
“DeLand went up 12.6 percent. Deltona went up 11.5 percent. Surprisingly, Oak Hill went up 11.46 percent. We’re seeing a lot of vacant land selling down there,” Deputy Appraiser Jan Cornelius said.
State law requires county governments to release their pre-preliminary tax roll, just value and related information on or before June 1. Property owners, Realtors, bankers, investors, and state and local government officials are interested in the pre-preliminary report.
The figures in the document provide a glimpse of the health of the real estate market and the local economy as a whole.
The pre-preliminary tax roll details the values of each of the cities and special taxing agencies, including hospital districts and the St. Johns River Water Management District.
Deputy Appraiser Jan Cornelius said the values may change somewhat — upward — when the preliminary tax roll is released on or before July 1.
“Some of the utilities, like Duke Energy and FPL, may ask for an extension of [reporting] their personal property,” she added.
If a city or county adopts an ad valorem levy higher than the rollback rate, the rate is a tax increase, as it will yield revenues greater than those of the then-current fiscal year.
Thus, even if a taxing authority keeps its tax rate level in a time of rising property values, that level figure amounts to a tax increase, and state law requires local governments to notify taxpayers of a pending tax increase or tax reduction.
The public notice comes in the form of newspaper advertising and the preliminary tax notices, known as TRIM — which stands for Truth in Millage — notices mailed to each property owner in mid-August.
