This year’s preliminary certification of taxable value have just been provided as prescribed by law to all Citrus County taxing authorities as of July 1.

Citrus County Property Appraiser Geoffrey Greene said, “As part of the certification of the preliminary tax roll process, this tax roll has also been submitted simultaneously to the Florida Department of Revenue (DOR) for review and approval.”

This preliminary certification of taxable value establishes the basis of budget preparations and 2011 tax levy proposals by local taxing authorities. This is the first of three certifications of value required of the Property Appraiser’s Office each tax year.

This year’s preliminary tax roll reflects a total county Taxable Value of $9.3 billion reflecting current market conditions. This represents a -2.6 percent decrease in values from 2010, as compared to a -4.1 percent last year. 2011 continues a downward trend from the peak of 2007, when values topped out at $12.3 billion. The 2011 Taxable Value for schools is $10.1 billion, down -2.7 percent compared to the 2010 decrease of of -3.9 percent. “These numbers suggest a slowing in the decline in values experienced over the last several years” stated Greene.

Greene said, “This is supported by additional analysis of the change in real property taxable values alone. Real property declined -5.9 percent in 2011 compared to -8.6 percent in 2010. Real property taxable values provide a more representative picture of our county’s values, by removing the contribution of tangible taxable values, the vast majority of which is attributable to Progress Energy.”

The 2011 declines in Citrus County’s real property values have been offset this year once again by significant new investments at Progress Energy’s Crystal River Power Generation Complex. Progress Energy’s local investments play a critical role for those taxing authorities affected. “Both my office and Progress Energy understand the critical role the company plays in our county’s revenue forecasts and budgeting process.

"Each year, company representatives voluntarily seek the earliest possible resolution to their valuation to avoid impacts to our citizens and budget process. I am pleased to confirm completion of this year’s process with the cooperation of representatives of the Progress Energy.

"This agreement will allow taxing authorities to move forward more confidently with their budget processes” reported Property Appraiser Geoffrey Greene.

Greene also reported on the two cities and one other smaller taxing authority here in Citrus County. Both cities of Crystal River and Inverness are seeing similar declines as the county this year. Crystal River is down -3.3 percent and Inverness is down -3.4 percent, while Homosassa Special Water District experienced a decline of -4.0 percent.

The $9.3 billion Taxable Value reported above for the county is also the base for the Citrus County Library District, Mosquito Control District, Hospital Board and Southwest Florida Water Management District (SWFWMD). Greene concluded his release of annual values with the observation that, “If there is something to be optimistic about, all values are down less this year, than last.”

New construction this year continued to languish at historically low levels, as reflected in only $55.9 Million of taxable value. This is a 40 percent drop from 2010 and far below pre-boom annual levels of a more typical $150-200 Million. Greene reports, “For the last 15 years, we have only seen one year when new construction fell below $100 Million, and that last happened in 1997. By comparison, the height took place in 2007, when new construction values peaked at $547 Million.”

Greene said, “Value refinement is virtually a year round process and values are not finalized any year until the completion of 25-day TRIM( Truth in Millage)process in August, when citizens are provided their estimates of value and proposed millage rates and taxes for this year.” This is the appointed time each year during TRIM, when everyone has the opportunity to challenge values. Even then, the Value Adjustment Board appeal period will continue to affect values."

Greene added, “I look forward to continuing my policy of resolving the majority of valuation questions or issues through direct informal discussions with my staff and any concerned resident.”

• Click to download the taxable values summary for 2011 (PDF format)