Flagler County Appraiser Posts 2013 ‘’Working’’ Assessed Property Values
Some new owners will be introduced the concept of ‘’Capped’’ assessments and Portability. County values remain generally flat, but some properties show increases.
Palm Coast, FL – May 23, 2013 – The Flagler County Property Appraiser’s office has posted 2013 “Working” Assessed Values to its website, FlaglerPA.com. The numbers are not final. They are still being tweaked, but Jay Gardner’s office posts them to give property owners an early opportunity to bring any questions to their attention.
It appears that the county’s 2013 total assessment will be approximately equal to that of 2012, perhaps with a gain of less than one percent. That’s an overall statement however. Some properties will show gains while others values continue to decline. The assessed value of my condominium rose five percent, but some Palm Coast building lots (the typical 10,000 square foot lots within the original Palm Coast boundary developed by ITT) dropped year-over-year, depending on location. A lot near I-95 on Freneau Lane declined from $14,000 to $6,000 while most lots in the "F" section remained unchanged.
The differences are accounted for by the difference in the recovery rate between different market segments. While builders have begun snapping up building lots in response to the increased demand for new homes, they are differentiating between locations. The supply of distressed condominiums has mostly disappeared. With no new condominiums under construction, the condo market has become supply constrained, driving prices higher.
Newcomers from out of state will be introduced to the concept of capped values, now that properties values are generally headed higher. In Florida, annual increases in Assessed Value on homesteaded properties are limited to the lesser of the CPI increase or three percent. If the True (Market) Value increased more than the limit, the Assessed Value increase is capped. The cumulative difference becomes the Portability Amount. In some cases, the Portability Amount can be carried over to a new primary dwelling within Florida.
When checking out your new “Working” 2013 assessed value (or your neighbor’s), be sure to remember that assessed values lag by one year. 2013 values are reflective of sales that occurred during 2012. Sales after December 31, 2012 do not count until next year.
The steep decline in values after the bubble burst pretty much wiped out capped values in Flagler County. The county’s total capped value dropped 96.7 percent from $1.2 billion to only $40 million. Florida missed a good opportunity to change the way assessments are handled while everyone was “on a level playing field.” But as values increase, the assessment inequities between homesteaders and non-homesteaders will become more apparent, making attempts toward reform even more futile.
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