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