Property Values Increase for Most of Nassau County
Nassau County, FL – The Nassau County Property Appraiser’s Office recently released the 2014 estimated preliminary tax roll and the initial numbers show an increase in the tax base for the first time since 2007.
According to Property Appraiser Mike Hickox, strong sales activity during the 2013 calendar year have helped stabilize the Real Estate market by reducing inventory levels. “The strong demand and lower inventory has caused values to increase as the market has shifted from a buyer’s market to a seller’s market in some price ranges,” said Hickox. “These are all signs of an improving economy.”
Hickox presented the 2014 estimated values to the taxing authorities on May 29th so they can begin their budget process and determine the tax rate for the property owners in Nassau County.
The 2014 market value estimates increased by almost 5 percent to $9.718 billion. The market value includes all property before any exemptions, classifications, or capped assessments.
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. The 2014 cap is based on the consumer price index (CPI) of 1.5%. Non-homesteaded properties are capped at 10%.
In 2014, Nassau County’s taxable value is estimated to be about $6.45 billion, compared to a little more than $6.20 billion in 2013, or about a 3.8% increase.
The City of Fernandina could see the taxable value rise to $1.6 billion, an increase of over 4 percent.
The Town of Callahan is estimated to have an increase in their taxable value to over $69 million, up by almost 2 percent from last year.
The Town of Hilliard is expected to see an increase of almost 2 percent, bringing their taxable value to over $74 million.
The official preliminary tax roll is expected to be released to the taxing authorities and the Department of Revenue by July 1st.
For more information, please contact the Property Appraiser’s Office at (904) 491-7300.