Posted on May 08, 2022 in: Guest Column
It's no hidden secret that the Citrus County real estate values are increasing more than we have seen in a long time, as they are all throughout the State of Florida. It feels like there is a “for sale” sign on every road and it's not for sale for long. That sign quickly gets changed to “sold”. Vacant lots are being sold quickly as well. From what we are seeing builders are buying them up and building new homes on them.
Residents that just purchased after January 1, 2022, could see quite the “sticker shock” when they receive their Trim Notice (Notice of Proposed Taxes) this coming August. Especially if the home is not their permanent and primary residence.
Most property owners, particularly those who have a homestead exemption, will be shielded from paying taxes on most of that increase because of the statutory limits on the annual increase in taxable value of property. A homesteaded property can increase by only 3 % a year, and non-homestead property by 10 %. Recent and prospective homebuyers will be hit hardest. Taxable values reset to the full market value when property changes hands. If you are a new home buyer or renter, you’re going to see the increase the most. If you purchased or moved into your new home after January 1, 2022, you will not benefit by your own homestead exemption for that first year. However, you may benefit from the prior owner’s exemptions, but as of January 1 2023, that will be removed and your value will reset to what the market is calling for. If you moved into a home with no homestead exemption after January 1, 2022, then be prepared to see quite a rise in property taxes.
By law the Property Appraiser's office must appraise property at full market value. The amount of tax owed is then determined by the millage set by taxing authorities - commissioners, school boards, city councils, and others. A mill is equal to $1 of tax per $1,000 of property value.
Per the Florida Realtors, their monthly market detail for February 2022 “Single-Family Homes” stated that their Median Sale Price was $260,000, whereas in February 2021 it was $195,000. That’s a 33.3% increase, over a one-year period. Their “Median Time to Contact” analysis was at 10 days verses 28 days in February 2021. The Florida Realtors stated they had 311 closed sales and of that 141 were paid in cash.
However, the March monthly market detail had slightly different amounts. For March 2022 “Single-Family Homes” stated the Median Sale Price was $280,000, whereas in March 2021 it was $215,750. That’s a 29.8% increase, over a one-year period. Their “Median Time to Contact” analysis was at 12 days verses 23 days in March 2021. The Florida Realtors stated they had 365 closed sales and of that 171 were paid in cash.
Per Lyndsee Philipps - Century 21 JW Morton realtor, she stated on her Facebook that the “new listing” to “sold” ratio tells her that there is still a very high demand and low supply of homes in Citrus County, but that it is still a very strong seller’s market.
The Citrus County Property Appraiser’s office continues to work on the 2022 tax roll and make preparations for the release of the estimated 2022 taxable property values to the Citrus County taxing authorities at the end of May. These preliminary estimates assist the county, municipalities, and other taxing authorities in projecting their budgets and tax rates and also provide a benchmark as to what revenue they can expect to receive from property taxes in the coming year.
Once the tax authorities have determined their budgets and proposed tax rates based on the preliminary estimates, our office will mail the property owners their Notice of Proposed taxes in mid-August. On that notice you can see your 2022 proposed property details, which will include the Just/Market value, assessed value, proposed tax rates, Save Our Homes amount/portability, exemptions applied for and an estimate of your tax bill. If you feel that your trim notice is incorrect, please contact our office prior to the 25-day statutory deadline that will be stated on the middle, right side of the trim notice. If you feel that your proposed values are too high or too low? You can speak with your appointed appraiser. Their phone number is listed above the exemption’s column on the trim notice. Did you apply for exemptions or portability and it's not listed? Please contact our Customer Service department at 352-341-6600