Understanding Your Property Assessment Numbers
What do all the different assessment numbers mean and how do they affect my property taxes?
Palm Coast, FL – June 10, 2010 – Did you know that you can access your property’s assessment numbers on-line at the Flagler County Property Appraiser’s website [https://www.flaglerpa.com/]? You can check out your neighbors’ and friends’ assessments too, and more. Preliminary 2010 assessments have been posted. But what do all the different assessment numbers mean and how do they affect my property taxes?
The assessment breaks out Building Value, Extra Features Value (pool, summer kitchen), and Land Value. Assessed values are always a year behind the sales data on which they are based. The final 2010 assessments will be based on qualifying sales of comparable property occurring during 2009, with emphasis on sales later in the year. The goal is to have assessments reflect the relative value of all property as of January 1st.
Assessed values do not reflect the individual selling prices. In other words, if you bought a house in 2009, your 2010 assessed value is not based solely on what you paid. A sort of averaging scheme is used where the purchase prices of similar houses are blended. Then the assessed value is adjusted downward to allow for appliances (which are not real property) and transaction costs. That’s why assessed values are typically 10% to 20% less than the property’s selling price.
That final adjusted number is listed on the website as Just (Market) Value. A footnote explains, "Just (Market) Value is established by the Property Appraiser for ad valorem tax purposes. It does not represent anticipated selling price."
Next is Assessed Value. It’s tied to the Save Our Homes Amendment which stipulates that Assessed Value cannot rise more than 3% OR the Consumer Price Index (CPI), whichever is less. Example: Your established Just Value was $200,000 when you homesteaded. The following year, the Just Value had risen to $225,000. Your Assessed Value could not rise more than 3%. The maximum Assessed Value increase would be $6,000. (If the CPI increased less than 3%, your assessed value would have risen less.) Your property taxes would be based on $206,000 (minus exemptions).
Exempt Value represents a reduction from Assessed Value due to any exemption for which you qualify. [Read about exemptions.] For instance, the Homstead Exemption is $50,000. In the above example, the Taxable Value would be $156,000 after taking into account the $50,000 Homestead Exemption.
Assessed Value – Exempt Value = Taxable Value
Your property tax is calculated by multiplying Taxable Value by the Millage Rate. Remember – The Property Appraiser’s job is to make sure your assessed value is fair when compared to like properties. The Property Appraiser (PA) does not set the millage rate. Millage is set by our elected and appointed officials. Nor does Save Our Homes protect against tax increases. Only Assessed Value increases are capped by Save Our Homes. It does not cap millage rate increases.
As the housing market appears to be preparing itself for gradually higher prices in the future, homesteading will become increasingly important. When buying a home that had been homesteaded for several years, be aware that the change in ownership triggers a reset of True Value. Your homesteaded Assessed Value going forward will start at the reset value. Ownership changes trigger revaluations. Something as simple as adding or removing the name of a joint owner can trigger a reset. So if you are saving a lot of tax money by having a low taxable value due to Save Our Homes, think twice before making a name change on your title.
By clicking on "Historical Values" above the assessed value box, you can see Historical Assessed Values. You can track the rise and decline of your home’s value over tha past several years.
Sales information can also be found on the PA’s property webpage. You can see what your friends or neighbors paid for their home. You can learn more about sales trends in your neighborhood, or research a property that you might want to buy. Each sale line indicates whether the sale was "Qualified" or "Unqualified." Typically lender-owned or short sales are considered unqualified. The same is true for non-arms length transactions. Only qualified sales are used by the PA when determining assessed values.
Detailed instructions:
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Click on Agree statement
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Click on Search by Owner Name
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Enter your last name, then search
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You should be able to select your property from the search results page. Click on your tax-id number (the blue numbers in the left column).
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Your property record will appear
PLEASE TAKE THIS POLL
ASSESSMENT SITE
Hi Toby – yes it’s Jackie – I have been trying to go on this site for months now and it just keeps telling me no search results – for my property and my sons – I’m at 21 Shinnecock Drive – don’t know what the problem is
protected value?
what does it mean if a house has a protected value of $3450?