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Property Tax Budget Presentation Overview and Timeline: June 24, 2014

Join Finance Director Christopher M. Quinn and Budget Analyst Lina Williams as they present the comprehensive timeline for property tax budget preparation. This session covers key milestones from January through September, including financial reviews, audits, annual progress reports, and strategic planning updates. Key topics include the Truth in Millage (TRIM) process, millage rates, assessed values, and the impacts of exemptions and limitations on property taxes. Participants will gain insights into the property tax implications for citizens and the overall budget strategy for fiscal year 2014.

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Property Tax Budget Presentation Overview and Timeline: June 24, 2014

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Presentation Transcript

  1. Property Tax Presentation Tuesday, June 24th 2014 Christopher M. Quinn, MACC, CPA, CFE, CGFO, CGMA Finance Director Lina Williams Budget & Financial Analyst

  2. Budget Preparation Timeline • January • First Quarter Review • February • Financial Audit • March • Presentation of Annual Progress Report and Citizen Survey Results • Revise 10 Year Infrastructure Plan • April • Presentation of the Year to Date Budget • Second Quarter Review • Budget Input Begins for Departments • May • Annual Update of the Strategic Action Plan • Fund Accounting Presentation • Long Term Financial Planning Presentation • June • Revenue Source Presentation • Property Tax Presentation

  3. Budget Preparation Timeline • July • General Fund Budget Workshop • Adopt Proposed Maximum Millage Rate • Proprietary Funds Budget Workshop • Third Quarter Review • August • Special Revenue & Capital Fund Budget Workshop • Final Proposed Budget Presentation • September • Public Hearing to Tentatively Adopt Millage Rate & Budget • Public Hearing to Adopt Final Millage Rate & Budget

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

  5. 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.)

  6. Save Our Homes LimitationsFY 2010 - 2014 Property Appraiser Assessed Value of the Home • Save our Homes Limitation • Portability of Save our Homes • 10% Limit on Non-Homesteaded

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

  8. Residential Property as a % of All Property

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

  10. Millage Rate History

  11. Adopted Millage Rate vs. Rolled-Back RateFiscal Year 2008-2014

  12. City Ad Valorem Tax HistoryFY 2008 - 2014

  13. 2014 Millage Rates Survey of Cities between 60K-90K Population 18 Cities with Millage

  14. Services Provided through Property TaxesFiscal Year 2014 $15.2 Million Ad Valorem Taxes

  15. 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.

  16. 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:

  17. Tentative Budget Schedule • July • 8th- Budget Workshop - General Fund • 15th - Business Meeting - Adopt Proposed Maximum Millage Rate • 29th- Budget Workshop - Proprietary Funds • August • 12th Budget Workshop – Special Revenue Funds & Capital Funds • 26th- Final Proposed Budget Presentation • September • 3rd - Public Hearing to tentatively adopt millage rate and budget • 17th - Final Public Hearing to adopt final millage and budget

  18. Questions & Discussion

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