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Real Estate and Government
As I mentioned during my introduction, I am always interested in hearing from all of you about any things of interest that you would like to share. I’m going to kick it off with something that affects most of us – real estate property taxes. As a real estate professional, I monitor property taxes quite closely as it can in some cases affect the sale ability of a property.
In an article cited by Flaglerlive.com, it talks about how Flagler Beach’s mill rate looks like the biggest jump among all local taxing authorities, going from $5.36 to $6.5 per $1000 in taxable value. But they go on to say that that figure is all ready out of date and ate there last budget hearing on July 27th, Flagler Beach commissioners lowered the rate to $5.26, which could go yet lower. Last year’s rate was $5.36. They go on to say that there are many things that come into play resulting in our final tax bill.
All local governments will be approving next years permanent property tax rates at public hearings scheduled in the first two weeks of September. On a side not it is my understanding these typically have poor turn out. I recommend we all try to attend these hearings.
Flaglerlive.com goes on to say:
“The most useful way to look at your tax bill is through its bottom line. Taking appreciation out of the picture, most residential tax bills in the median range (homes valued at $175,000) will see either small tax increases or small tax decreases, except in Bunnell, where the decrease will be steeper.” “In Palm Coast, a house valued at $175,000 and with a $50,000 homestead exemption will see an overall decrease of $8 when only tax rates are applied, but an increase of around $68 when a 3 percent increase in home value is included. All homesteaded properties’ appreciated value is capped at 3 percent a year with regards to tax assessments. In other words, politicians who set the tax rate are responsible for the $8 decrease.” Appreciation is doing the rest.
They go on to say, “That’s in the aggregate. It doesn’t mean that, to say, Palm Coast and Flagler County politicians are decreasing taxes. They’re not: they’re increasing tax rates, if only marginally. But when those rates are combined with the school tax rate, which is going down, with the county’s capital improvement rate, which is also going down, the Water Management District tax rate, Mosquito Control and Inland Navigation, the sum total is less burdensome than it would otherwise have been.”