Citrus County Property Appraiser Geoffrey Greene announces the issuance of the 2011 Truth-In-Millage (TRIM) Notices.

“The annual mailing of TRIM notices to the public took place through my office on Thursday, August 11, 2011," Greene said, "and this TRIM notice of values is also now available on our website.“

The TRIM Notice contains important information including two proposed tax scenarios for this year compared to last year’s actual taxes, proposed millage rates by taxing authorities, dates and time of budget public hearings where the final millage rates are set, certain non-ad valorem assessments and on the reverse side the breakdown of value information.

This is the second year for a two page format for the TRIM notice. “Page one presents 3 tax scenarios to our residents, while page two provides a complete explanation of values, exemptions, classifications and other factors affecting value under the provisions of state law. Many people focus only on page one, the bottom line, their taxes, and go no further provided they like what they see. ” Greene said.

The public needs to know that property taxes are computed by two factors, the taxable value multiplied times the applicable millage rates for the given location. The Property Appraiser’s office only controls the “market value”, and state law dictates the assessed and taxable values in that equation.

With the number of variables available under Florida law affecting assessed and taxable values today such as caps, exemptions, classifications, and portability transfers, values for similar properties can vary significantly. This makes the explanation of values all the more complicated.

Florida’s “recapture rule” affects those homeowners whose assessed value has been capped under Save Our Homes and that assessed value is lower than the market value. For such properties, the assessed value will increase by 1.5 percent this year as required by state law.

This happens even though their market value may be dropping. The public is often frustrated by recapture, but it only happens in a down market. Property Appraiser Greene states “This remains the single most common question we receive in my office.”

Greene further advises that, “The voters will have an opportunity to weigh in on this practice of recapture, when a constitutional amendment appears on the 2012 ballot. They will get to decide whether or not to continue recapture. Only the voters can stop the practice of recapture – it will all depend on the outcome of the constitutional amendment next year.”

This does not alter or effect the cap protection of 3 percent under “Save Our Homes”. In 2011, almost 19,000 homesteaded properties are still subject to recapture, where the capped assessed value is lower than the market value. Over 28,000 properties are no longer seeing the effects of recapture.

The majority of homesteads in Citrus County now have values dictated directly by the market, so this provides the opportunity to see tax relief based upon the value side of the tax equation.

The property appraiser’s staff stands ready to answer the public’s questions on values. Please remember that millage rates are the responsibility of each of the taxing authorities. Detailed value questions can be answered by the appraiser for the location in question by calling the phone number located midway on page two of the TRIM Notice.

For 25 days from the issuance of the TRIM notice, values can be discussed and any issues resolved informally. On or before September 6, 2011, if one still has a difference of opinion, a resident may file a petition to Value Adjustment Board.

“My philosophy and approach is to encourage people to get in early and work with us to resolve questions before it becomes necessary to pursue a formal application. We won’t agree in every case, but at least let us take the time to try to work things out,” Greene said.

Property Appraiser Greene also said, “My office is here to serve the public, and we do our very best to establish fair and equitable values based on current market conditions. I commit to nothing less.”