PROPERTY TAX PRESENTATION
Finance DepartmentChristopher M. Quinn, MACC, CPA, CFE, CGFO, CGMAFinance Director
Tuesday, July 2nd, 2013
Property Tax Terminology
Truth in Millage (TRIM) Just (Market) Value Assessed Value Exempt Value Taxable Value
Maximum Proposed
Rate
What Determines Property Taxes?
Property Appraiser Assessed Value of the Home Save our Homes Limitation Portability of Save our Homes 10% Limit on Non-
Homesteaded
Taxable Value of the HomeAssessed Value −Exemptions * =Taxable Value
*Exemptions (homestead, senior, widow/widower, military, tangible, etc.)
Property TaxesTaxable Value x Millage Rate =Property Tax
Each Taxing Authority Sets Their Millage Rate
Save Our Homes LimitationsFY 2009 - 2012
Property Appraiser Assessed Value of the Home Save our Homes
Limitation Portability of Save our
Homes 10% Limit on Non-
Homesteaded
Property Tax Bill
COPC Portion of Tax Bill
COPC portionis less than
21% of Total
Taxes is
Residential Property as a % of All Property
Market Value vs. Taxable ValueHypothetical Example
Market Value increases 50%
per year
Taxable Value on Homestead can only
increase lessor of 3% per year or CPI
Millage Rate HistoryFiscal Year Property Value Operating Millage Capital Millage Total Millage
Ad Valorem Receipts
2002 1,773,378,865 3.1500 0.3500 3.50000 5,981,827
2003 1,983,740,628 3.0500 0.3500 3.40000 6,539,567
2004 2,404,239,111 3.0500 0.3500 3.40000 7,855,523
2005 3,107,581,090 2.9000 0.5000 3.40000 10,207,899
2006 4,444,854,928 2.4000 1.0000 3.40000 14,632,296
2007 6,239,994,489 2.5000 0.7500 3.25000 19,603,806
2008 7,009,877,421 2.2123 0.7500 2.96234 20,184,340
2009 6,131,965,169 2.6123 0.3500 2.9623 17,602,781
2010 5,246,998,187 3.1500 0.3500 3.5000 17,828,406
2011 4,463,085,550 3.5000 - 3.5000 15,048,300
2012 3,891,594,126 3.5400 0.4500 3.9900 15,000,700
2013 3,646,122,021 4.1502 0.1456 4.29580 15,120,750
Change 2008-2013 (3,363,755,400) 1.94 (.60) 1.33 (5,063,590)
Percentage Change (48%) - - - (25%)
2013 Millage Rates
Survey of Cities between 60K-90K Population
18 Cities with Millage
• Lowest Rate 2.0000 Weston
• Second Lowest 3.4100 Boca Raton
• Third Lowest 4.2958 Palm Coast
2013 Millage RatesCity Millage Rate Taxable Value Tax Collected
Weston 2.0000 $6.5 Billion $13 Million
Boca Raton 3.4100 $16.6 Billion $50 Million
Palm Coast 4.2958 $3.6 Billion $15 Million
City Ad Valorem Tax HistoryFY 2008 - 2013
FY 2008 FY 2009 FY 2010 FY 2011 FY 2012 FY 2013$0
$5
$10
$15
$20
$25
$20.2
$17.6 $18.0$15.0 $15.0 $15.1
Year
$ (M
illio
ns)
Services Provided through Property TaxesFiscal Year 2013
Palm Coast Citizen’s Tax Bill
Including grants, the City receives$36.50/month or $438/year per city resident. Not including grants the City receives $30/month or $360/year per city resident.
TAX REVENUE: Ad Valorem, Sales, Gas, Communications, Local Business Tax, Solid Waste Franchise Fee, State Revenue Sharing, State & Federal Grants, etc.
Palm Coast Citizen’s Tax Bill$36.50/Month or $438/Year pays for:
Emergency ServicesAdditional Law EnforcementPublic Safety
Quality Neighborhoods
Code EnforcementHousing Programs
Streets (including Maintenance and Resurfacing)
Parks & TrailsParks, Paths and Trails
(including maintenance and construction)
Indirect Costs and Others
Tentative Budget Schedule July 9th
Budget Workshop - General Fund July 16th
Establish proposed Millage Rate (TRIM rate) July 30th
Budget Workshop - Proprietary Funds August 13th
Budget Workshop - Special Revenue & Capital Funds August 27th
Final Proposed budget presentation September 4th & 18th (Wednesdays at 5:05pm)
Public hearings to adopt millage rate resolution and budget resolution
QUESTIONS & DISCUSSION