Nassau County Property Appraiser's Office released this week the 2015 estimated preliminary tax roll with the initial numbers showing an increase.
According to Property Appraiser Mike Hickox, this is great news as it points to a steady recovery from the economic downturn experienced the past several years. “The county-wide market value is slowly starting to get back to the values of 2009,” said Hickox.
New construction played a role in the increase as over 500 new homes were added to this year’s tax roll with a total value of over $141 million. That brings the total market value for Nassau County to over $10.3 billion, up almost 6% from the previous year. The market value includes all property before any exemptions, classifications, or capped assessments.
Hickox presented the 2015 estimated values to the taxing authorities on May 29th so they can begin their budget process. They will use the values to help determine the 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 Chief Deputy Kevin Lilly. “Based on the CPI used for 2015, homesteaded properties will increase no more than 0.8%.” Non-homesteaded properties are capped at 10%.
In 2015, Nassau County’s taxable value is estimated to be about $6.8 billion, up over 5% compared to last year.
The City of Fernandina is projected to see an increase of over 5%, bringing their taxable value to almost 1.7 billion.
The Town of Callahan is estimated to have an increase in their taxable value to over $71 million, up by almost 3 percent from last year.
The Town of Hilliard is expected to see an increase of over 3 percent, bringing their taxable value to $76 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.