Citrus County Property Appraiser Geoff Green says the preliminary estimates of taxable value were provided to the Citrus County taxing authorities on July 1, as prescribed by law.

At the same time, as part of the certification of the preliminary tax roll process, this tax roll is submitted to the Florida Department of Revenue (DOR) for its review and approval.

These preliminary estimates of taxable value are used by local taxing authorities to develop their respective budgets. These taxable values are the primary engine of revenue considered in the development of proposed millage rates for 2010, and together determine the ad valorem revenues available to fund government.

The Form 420 Data just released today to taxing authorities is summarized in the table “Gross Taxable Values – July 1, 2010” for all Taxing Authorities on the page following this release. The roll reflected a -4.1% decrease in values for the Board of County Commissioners, Library District, Mosquito Control District, and SWFWMD’s general county district.

SWFWMD two basin boards, each of which have their own respective taxable values, the Coastal Rivers Basin saw a 0.7% increase, while the Withlacoochee River Basin saw the single largest decrease -9.7% in taxable values in Citrus County. The School Board saw a -3.9% decrease.

On the other hand, Crystal River this year enjoyed a modest increase of 0.3%, primarily due to annexations valued at approximately $34 M. dollars. Both the City of Inverness and Homosassa Special Water District experienced a -7.0%.

The biggest factor affecting taxing districts is whether their district was affected by the Progress Energy complex north of Crystal River. Those that did, received a considerable boost this year due to Progress Energy investments.

Greene also said, “New construction for most of the county was not there to help offset dropping values this year. New construction in 2010 was only one-half what it was in 2009, and approximately one-quarter(¼) of what it was in 2008. The only bright spot in values this year was Progress Energy due to their investments during 2009.”

Another factor affecting this year’s picture was that Citrus County’s values were under greater scrutiny by Florida’s Department of Revenue (DOR), because 2010 was an “in-depth audit” year. This occurs every two years, and the state’s influence is heightened during such audit years.

“Due to low sales activity in the commercial sector, the DOR itself actually conducted approximately 41 independent appraisals of commercial businesses’ real property, which drove their opinion of our commercial values. Until our appraisers knew the result of these DOR commercial appraisals, we could have been facing widespread review of all our commercial values. We were only informed this past week that our commercial values were within the acceptable ranges to pass.” Greene said.

On June 1, taxing authorities had been advised of the provisional estimates of taxable value for early budget preparation purposes as provided by law. These July 1st figures showed a very slight improvement over the figures provided one month ago to the taxing authorities as the value refinement process continues.

Greene said everyone that value refinement is virtually a year round process and values are not finalized any year until the completion of TRIM and Value Adjustment Board appeal period. “For the third year in a row, the days of ever increasing taxable values are over. Virtually all of our governments in Citrus County will have no choice but to do more with less.” Greene said. He concluded by saying, “My budget certainly reflects and recognizes the reduced revenues coming from values.”

• Click here to download a copy of the Summary of Gross Taxable Value (PDF format)