And if you own a business property or an apartment that you rent out -- anything that doesn't have a homestead exemption -- most of you will see a 10 percent tax increase from any government that says it's holding its tax rate at last year's level.
As a result of the rebounding real estate market, the vast majority of property in
To avoid a tax hike, the county and other taxing agencies would have to lower this year's tax rates enough to offset the rise in property values.
"If the city keeps the tax rate the same and you had an increase in value, then your taxes are going up,"
For people whose only property holding in
But most owners of second homes, rental units, commercial property and other non-homesteaded real estate in the county will be hit much harder. Fifty-three percent of the non-homesteaded properties rose so much in assessed value that a 10 percent cap had to be applied. Because those property owners saw the largest increases in their real estate's taxable value this year, they would see the steepest tax hikes if rates aren't reduced.
At the request of
The county has 630,701 property parcels, but the analysis looked only at the 563,990 parcels where taxes will be assessed for both 2013 and 2014. It did not include new construction, recently annexed real estate or properties that aren't taxed, such as churches and government-owned buildings.
Of the 563,990 parcels included in the analysis, 487,197, or 86.4 percent, will see their taxable value go up this year. Taxable values fell for 30,777, or 5.5 percent, and the remaining 46,016 properties, or 8.2 percent, will see no change in taxable value this year.
Meanwhile, a separate analysis showed the county has 325,185 homesteaded properties and 305,516 non-homesteaded properties.
Of the 305,516 non-homesteaded properties, 163,327, or 53 percent, will see their taxable value capped at 10 percent this year, according to the property appraiser's office.
A constitutional amendment approved by
This is the first year since the constitutional amendment was approved that a significant number of non-homesteaded properties have been protected from large value increases because of the assessment cap, Jacks said.
"There are significant savings," Jacks said. "For a number of years we were watching the market drop out. We are now seeing some steady (value) increases more like what we were seeing back in the early 2000s."
County officials said those assessments would have generated roughly
Instead the county's tax base grew to
Under County Administrator
The proposed rate includes
Budget watchdogs want some of the
"It is a pretty substantial increase," said
County commissioners will set the county's proposed tax rate on
Despite the rising property values, Weisman is not proposing a tax rate cut. He said increased pension costs for
At the end of each budget year, the sheriff's office usually turns over any fees it receives in excess of its annual budget to the county. The county had forecast a
"If we didn't have those three things we could have certainly reduced the tax rate," Weisman said. "There is no opportunity to do that this year without unacceptable impacts."
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