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Tuesday, July 2 nd , 2013

Property Tax Presentation. Tuesday, July 2 nd , 2013. Finance Department Christopher M. Quinn , MACC, CPA, CFE, CGFO, CGMA Finance Director. Property Tax Terminology. Truth in Millage (TRIM) Just (Market) Value Assessed Value Exempt Value Taxable Value. Maximum Proposed Rate.

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Tuesday, July 2 nd , 2013

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  1. Property Tax Presentation Tuesday, July 2nd, 2013 Finance Department Christopher M. Quinn, MACC, CPA, CFE, CGFO, CGMA Finance Director

  2. Property Tax Terminology • Truth in Millage (TRIM) • Just (Market) Value • Assessed Value • Exempt Value • Taxable Value Maximum Proposed Rate

  3. What Determines Property Taxes? Property Appraiser Assessed Value of the Home • Save our Homes Limitation • Portability of Save our Homes • 10% Limit on Non-Homesteaded Property Taxes Taxable Value x Millage Rate =Property Tax Each Taxing Authority Sets Their Millage Rate Taxable Value of the Home Assessed Value −Exemptions * =Taxable Value *Exemptions (homestead, senior, widow/widower, military, tangible, etc.)

  4. Save Our Homes LimitationsFY 2009 - 2012 Property Appraiser Assessed Value of the Home • Save our Homes Limitation • Portability of Save our Homes • 10% Limit on Non-Homesteaded

  5. Property Tax Bill COPC Portion of Tax Bill COPC portion is less than 21% of Total Taxes is

  6. Residential Property as a % of All Property

  7. Market Value vs. Taxable ValueHypothetical Example Market Value increases 50% per year Taxable Value on Homestead canonly increase lessor of 3% per year or CPI

  8. Millage Rate History

  9. 2013 Millage Rates Survey of Cities between 60K-90K Population 18 Cities with Millage • Lowest Rate 2.0000 Weston • Second Lowest 3.4100 Boca Raton • Third Lowest 4.2958 Palm Coast

  10. 2013 Millage Rates

  11. City Ad Valorem Tax HistoryFY 2008 - 2013

  12. Services Provided through Property TaxesFiscal Year 2013

  13. Palm Coast Citizen’s Tax Bill TAX REVENUE: Ad Valorem, Sales, Gas, Communications, Local Business Tax, Solid Waste Franchise Fee, State Revenue Sharing, State & Federal Grants, etc. Including grants, the City receives $36.50/month or $438/year per city resident. Not including grants the City receives $30/month or $360/year per city resident.

  14. Palm Coast Citizen’s Tax Bill Emergency Services Additional Law Enforcement Public Safety Code Enforcement Housing Programs Streets (including Maintenance and Resurfacing) Quality Neighborhoods Parks, Paths and Trails (including maintenance and construction) Indirect Costs and Others Parks & Trails $36.50/Month or $438/Year pays for:

  15. Tentative Budget Schedule • July 9th • Budget Workshop - General Fund • July 16th • Establish proposed Millage Rate (TRIM rate) • July 30th • Budget Workshop - Proprietary Funds • August 13th • Budget Workshop - Special Revenue & Capital Funds • August 27th • Final Proposed budget presentation • September 4th & 18th (Wednesdays at 5:05pm) • Public hearings to adopt millage rate resolution and budget resolution

  16. Questions & Discussion

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