June 1st Taxable Value Estimates Issued To Taxing Authorities

Posted on June 01, 2023 in: General News

June 1st Taxable Value Estimates Issued To Taxing Authorities

“The June 1st estimates of taxable values required by Florida Statute 200.065(8), have been issued today to all taxing authorities for Citrus County.  These estimates are based upon market conditions as of January 1, 2023, as required by law and provide taxing authorities with a vital element for the process of developing their budgets. 

These estimated increases to taxable value over the last year are a result of increased valuations due to market prices paid in 2022, completion of commercial projects as well as continued gains in 2022 single family construction. 

Refinement of 2022 property values is ongoing to meet the July 1st deadline for completing the 2023 preliminary assessment roll. Following assessment roll completion our office will submit “Official Certificates of Taxable Values” to all taxing authorities for their use in determining tax levies and rates through the public hearing process.  

Once again, taxable values continue to move upward, as they have over the last several years.  Residential permit activity, price movement and increased sales volume in many areas of the county are the main contributing factors to the overall estimated county taxable increase of 10.58%.  This has been the trend all over the state of Florida. 

It’s important to note that while market values continue to increase significantly in many areas of the county, the “Save Our Homes” cap and “Florida Amendment One” caps will continue to moderate the impact to taxpayers assessed values from rising market values. For 2023, assessed values of most continuous homesteads established in 2022 or earlier without changes, additions or improvement to the property will be capped at 3%.

These gross sum estimates provided below do not present final numbers.  Many high value business accounts are still being processed and reviewed.  Additional details on 2023 tax roll values will be provided on the July 1st certification.  The real estate and construction industry together with tourism, small business and agriculture, all play a vital role in the recovery of our local economy and the future growth of our tax base. 

For the county, school board, and two cities, the 2023 estimated Taxable Values are: 

  • Citrus County Board of County Commissioners $13,450,000,000
  • Citrus County School Board $15,590,000,000
  • Crystal River $652,300,000
  • Inverness    $619,700,000

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