Posted on July 07, 2022 in: General News
Citrus County Property Appraiser Cregg Dalton announced today, “The 2022 preliminary certification of taxable value was issued to all Citrus County taxing authorities effective July 1, 2022. These are preliminary values only and are subject to change through informal and formal appeal processes. Additional certification of 2022 values are required of the Property Appraiser in October and at the conclusion of the Value Adjustment Board (VAB) appeal hearings.”
This preliminary certification of taxable value establishes the basis of budget preparations and 2022 tax levy proposals by local and state taxing authorities. The taxing authority officials will hold advertised public hearings to approve the tax rate required to levy taxes in support of their respective approved budgets. As part of the certification of the preliminary assessment roll process, this roll has also been submitted simultaneously to the Florida Department of Revenue (DOR) for review and approval.
The 2022 preliminary assessment roll reflects a total non-school taxable value for Citrus County of $12.18 billion representing an increase of roughly $1 billion or 9.0% over the final 2021 post VAB taxable values. The school taxable values have increased by $1.69 billion or 13.7% over last year to reach $13.95 billion.
The City of Inverness preliminary taxable value is $566 million representing an increase of 8.0% over the final 2021 post VAB taxable values. Net new construction (additions minus deletions) is approximately $1.8 million.
The City of Crystal River preliminary taxable value is $594 million representing an increase of 10.1% over final 2021 post VAB taxable values. Net new construction (additions minus deletions) is approximately $5.3 million.
This year’s net new construction (additions minus deletions) of $230 million in taxable value represents an increase of 39.1% over 2021. This increase was driven by continued building activity in the residential and commercial sectors.
The certified values being released today continue to show an upward trend being driven primarily by increases in residential new construction and higher sales prices occurring in the prior year. The average county-wide single-family home’s just value increased $48,909 or 28.1% from $173,994 in 2021 to $222,903 this year. We continued to see a robust market coupled with lower-than-normal interest rates in 2021. We also saw out-of-state buyers looking to relocate to Florida and more specifically, Citrus County.
As market values continue to increase significantly, the constitutional protections under “Save our Homes” will offer owners of homesteaded properties protection from higher assessed values. For 2022 the assessed value of your homestead property may not increase more than 3% from last year’s assessed value, unless you have made changes, additions or improvements to the property or the ownership of the property has changed. Non-homesteaded properties are capped at 10% for non-school assessed values only.
Property Appraiser Dalton reminds the public and taxing authorities that, “These are preliminary values and are subject to change. They will be certified to the Tax Collector for collection after the completion of the 25-day TRIM (Truth in Millage) period which begins with the mailing of trim notices in mid-August. That is the time when citizens are mailed their estimates of property just value, proposed millage rates and estimated taxes for the year. Taxpayers are provided, by Florida statute, the opportunity for informal conferences to meet and discuss their values. My staff and I stand ready to work with the public through this time. Our goal is to resolve the majority of valuation questions or issues that arise through direct informal discussions.”