Nassau County Property Values Projected to Increase
FOR IMMEDIATE RELEASE
Contact: Kevin Lily, 904-491-7302
Nassau County, FL – The Nassau County Property Appraiser’s Office released the 2016 estimated preliminary values this week showing an increase for most taxing authorities.
According to Property Appraiser Mike Hickox, this value increase continues to be a steady trend for Nassau County, reflecting the rebound of the local real estate market.
New construction added over $149 million to the county wide value, bringing the total market value for Nassau County to over $10.8 billion, up almost 4% from the previous year. The market value includes all property before any exemptions, classifications, or capped assessments.
Hickox presented the 2016 estimated values to the taxing authorities on May 31st so they can begin their budget process. They will use the values to help determine their tax rate for the property owners in Nassau County.
Taxable values have increased as well; however, property owners are protected by the Save Our Homes amendment which caps the amount the assessed value can increase. “Homestead properties can increase no more than 3%, or the consumer price index (CPI), whichever is lower,” said Hickox. “Based on the CPI used for 2016, previously homesteaded properties will increase no more than 0.7%.” Non-homesteaded properties are capped at 10%.
In 2016, Nassau County’s taxable value is estimated to be about $7.1 billion, up over 5% compared to last year.
The City of Fernandina is projected to see an increase of over 4%, bringing their taxable value to almost 1.8 billion.
The Town of Callahan is estimated to have an increase in their taxable value to over $75 million, up by over 4 percent from last year.
The Town of Hilliard is expected to see a slight taxable increase of less than 1 percent, bringing their taxable value to $78 million.
The official preliminary tax roll is expected to be released to the taxing authorities and the Department of Revenue by July 1st. Property owners are encouraged to visit the property appraisers website, www.nassauflpa.com, to view their values in mid-July.
For more information, please contact the Property Appraiser’s Office at (904) 491-7300.