INVERNESS, FL — In accordance with Florida Statute 200.065(8), the Citrus County Property Appraiser’s Office has today issued the June 1st estimates of 2025 taxable values to all taxing authorities across Citrus County. These early estimates serve as a foundational element in the annual budgeting process for local governments, municipalities, and special districts as they prepare their proposed millage rates and financial plans for the upcoming fiscal year.

Per statutory requirements, these values reflect market conditions as of January 1, 2025—the legally mandated date of assessment for all properties statewide.

Market-Driven Growth and Construction Activity Fuel Value Increase

This year’s preliminary estimates reflect an approximate 7% increase in countywide taxable value compared to the previous year. Key drivers of this growth include:

• Continued appreciation in real estate market prices throughout 2024
   
• Substantial completion of commercial and mixed-use development projects
   
• Ongoing strength in single-family residential construction and permitting

These patterns are consistent with broader valuation trends observed across Florida, where market conditions and population influx continue to impact local property rolls.

Refinement in Progress Ahead of July 1 Certification

While these estimates are an essential step in the Truth-in-Millage (TRIM) process, property valuation refinements are still underway. The final 2025 preliminary assessment roll will be completed and officially certified on July 1, 2025, at which point Certificates of Taxable Value will be issued to all taxing authorities.

These certificates will provide the final figures used by local governments during public budget hearings to determine proposed millage rates and tax levies for the 2025–2026 fiscal year.

Taxpayer Protections Remain in Effect

Despite upward market movement, Florida taxpayers continue to benefit from key constitutional protections:

• The "Save Our Homes" (SOH) cap, which limits the annual increase in assessed value for homesteaded properties
   
• The Amendment One cap, which limits increases for non-homestead residential and certain commercial properties

For 2025, the maximum increase in assessed value for qualifying homesteads will be limited to 2.9%, ensuring that rising market values do not result in equivalent increases in property tax burdens.

Looking Ahead

It is important to note that the current estimates remain preliminary. Several high-value business and industrial accounts are still under review and will be finalized prior to the July 1 certification. A comprehensive breakdown of the certified tax roll will be made publicly available at that time.

Citrus County’s ongoing growth is supported by a diverse economic base—including real estate, tourism, small business, construction, and agriculture—all of which contribute to a stable, sustainable tax roll. As the county continues to evolve, the Property Appraiser’s Office remains committed to accuracy, transparency, and service to both taxpayers and taxing authorities.

For the county, school board, and two cities, the 2025 estimated Taxable Values are: 

• Citrus County Board of County Commissioners $15,934,000,000
• Citrus County School Board $17,935,000,000
• Crystal River $713,000,000

Inverness    $712,000,000