2017 Trends, Website Updates, Common Missteps, Portability, 3 rd $25k Homestead Exemption

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2017 Trends, Website Updates, Common Missteps, Portability, 3 rd $25k Homestead Exemption MIKE TWITTY, MAI Pinellas County Property Appraiser mike@pcpao.

1 2017 Trends, Website Updates, Common Missteps, Portability, 3 rd $25k Homestead Exemption MIKE TWITTY, MAI Pinellas County Property Appraiser mike@pcpao.org (727) Pinellas County Facts Population of approximately 950,000 (6 th highest in state) Land Mass of 280 Square Miles (2 nd smallest in state) Density of approximately 3,400 residents/square mile (highest in state) 24 Municipalities 588 Miles of Coastline 1

Handle customer service requests Maintain all parcel maps Responsible for submitting annual assessment roll to Department of Revenue (DOR) for approval Certifying roll

2 What Happens at the Property Appraiser s Office? Appraise over 450,000 parcels of RE & TPP annually Deliver credible and equitable valuations Administer the various exemptions and assessment caps per Florida Statutes Handle customer service requests Maintain all parcel maps Responsible for submitting annual assessment roll to Department of Revenue (DOR) for approval Certifying roll to all taxing authorities for their budget purposes Damage Assessment Manage 24 teams of 2 for field assessment duties Coordinate efforts from the EOC with the Building Dept, Risk Mgmt, Emergency Mgmt, etc Supply trained staff to the Citizens Information Center (CIC) both pre & post storm 2

Pinellas County PAO FY-16/17 Stats 4 Offices 130 Staff Members 4 Divisions with 9 Departments 450,000 Parcels of RE and Taxable TPP 30,246 Homestead Applications 88,908 Permits Processed 756

3 Pinellas County PAO FY-16/17 Stats 4 Offices 130 Staff Members 4 Divisions with 9 Departments 450,000 Parcels of RE and Taxable TPP 30,246 Homestead Applications 88,908 Permits Processed 756 Exemption Fraud Investigation Cases $8,563,565 of Value Returned to Roll $4,381,000 in Liens Placed after an Investigation Project 1,300 VAB Petitions Website Activity 1.3M Users / 4.8M Sessions / 51.5M Page Views New Tax Estimator Usage at Avg of 3,750/month 3

4 File for Homestead TRIM Notice Website Links Link to Deed Value History Tax Bill Additional Website Links New! Online Tax Estimator Compact Property Card Improvement Value and Portability Calculator 4

5 Tax Estimator Tax Estimator 5

6 Tax Estimator Heavy Users include Property Owners, Prospective Purchasers, Real Estate Professionals, Appraisers, Title & Insurance Agents, Contractors, Developers, Investors, Various County and City Governmental Departments, etc New site to add additional features/functionality: Increase New Buyer Awareness of Property Valuation & Taxation Process Additional GIS Data Layers Enhanced Search Tools & Report Options Data Visualization & Analytics Mobile Friendly New Website Enhanced Online Application Forms and Surveys 6

7 Website Question Let us know what you would like to see on our new website? MT6 Value Trends ( ) Source: 2017 Preliminary 7

8 Slide 19 MT6 consider adding median home price on right axis as an interactive slide annimation (use PRO data) Mike Twitty, 2/11/2017

9 MT6 Value Trends ( ) Source: 2017 Preliminary Taxable Value By Property Type 8

10 Slide 20 MT6 consider adding median home price on right axis as an interactive slide annimation (use PRO data) Mike Twitty, 2/11/2017

11 Sales By Property Type Assessment Caps 9

12 Constitutional Amendments on the Ballot in 2018 Removes the scheduled repeal language of the 10% non-homestead property cap (was set to sunset at end of 2018). 3 rd Homestead Exemption (Additional $25,000) Change Portability from 2 to 3 Years (Senate & House Bills Filed) Homestead Exemption 10

13 1 st, 2 nd & 3 rd Homestead Exemption Homestead Exemption is the primary personal exemption in Florida 1 st & 2 nd Homestead Exemption Provides a $50,000 reduction in the property s Assessed Value The first $25,000 applies to all millage rates assessed against your property The second $25,000 applies to all millage rates except for school millages, and only to assessed value between $50,000 and $75,000. Pro rated if assessed value is less than $75,000. The combined 1st and 2nd exemptions reduce a Pinellas property tax bill by approx. $500 $800 Proposed 3 rd Homestead Exemption Applies to Assessed Value between $100,000 and $125,000. Pro rated if assessed value is less than $125,000. Applies to all millage rates except for school millages This proposed exemption would reduce a property tax bill in Pinellas by approximately $300 $400. Homestead Banding by Assessed Value Proposed 3 rd HX* $ K $75 100K (No Exemption) 2 nd HX* $50 75K $25 50K (No Exemption) 1 st HX $0 25K Full Exemption * Applies to All Millages Except Schools 11

14 Homesteaded Households Homestead Exemption Eligibility 12

15 Countywide Tax Impact of 3 rd HX Source: Estimate based on 2017 Interim Assessment Roll & 2017 Millage Rates Impact of 3 rd $25k Homestead Source: Estimate based on 2017 Interim Assessment Roll & 2017 Millage Rates 13

16 Impact of 3 rd $25k Homestead Source: Estimate based on 2017 Interim Assessment Roll & 2017 Millage Rates Will You Benefit? 14

17 Example: 100% Full Benefit Example: Partial Benefit 15

18 Example: Assessed Value $100K Example: Non-Homestead 16

Only one tax year with no homestead exemption is permitted in order to transfer your cap benefit.

19 Current Portability Timeframe Time limit to port the SOH cap benefit to a new property is 2 years from Jan 1 of the last qualified HX exemption. The 2 tax year limit is not calculated from the specific sale date of the property. Effective port window of 1 to 2 years depending on month of sale. Only one tax year with no homestead exemption is permitted in order to transfer your cap benefit. Proposed Portability Timeframe Time limit to port the SOH cap benefit to a new property would be 3 years from Jan 1 of the last qualified HX exemption. Effective port window of 2 to 3 years depending on month of sale. This would allow two tax years with no homestead exemption prior to qualifying for homestead in order to transfer your cap benefit. 17

Common Missteps Cap Reset Issues New homebuyers relying on taxes paid by prior owner rather than taxes with seller s Save-Our-Homes (SOH) cap removed.

20 Common Missteps Cap Reset Issues New homebuyers relying on taxes paid by prior owner rather than taxes with seller s Save-Our-Homes (SOH) cap removed. Homeowners transferring their homestead into an LLC triggers a reset of their assessment cap. Not realizing that when downsizing, SOH cap portability is only a percentage of, not the full amount. Common Missteps Homestead A married couple is only eligible for one Homestead Exemption, whether out of state or in state. Must own and occupy the residence on January 1 st even though the deadline to file isn t until March 1 st. 18

Portability and Divorce Often divorcing couples don t consider the value of the portability benefit on the martial home in their dissolution of marriage agreement.

21 Portability and Divorce Often divorcing couples don t consider the value of the portability benefit on the martial home in their dissolution of marriage agreement. Flood Insurance Need for Long-Term Reauthorization of NFIP for Market Stability Affordability 69% of Single-Family Homes in AE & VE Zones are Non-Waterfront Had a 2016 Median Just/Market Value of $170k Privatization Handful writing, many already fully-subscribed for risk No rate controls Cannot move back to NFIP without loss of grandfathering 19

22 Florida Carries the Load Thank you for your Time and Attention MIKE TWITTY, MAI Pinellas County Property Appraiser (727)

2017 Trends, Website Updates, Common Missteps, Portability, 3 rd $25k Homestead Exemption

2017 Trends, Website Updates, Common Missteps, Portability, 3 rd $25k Homestead Exemption MIKE TWITTY, MAI Pinellas County Property Appraiser mike@pcpao.org www.pcpao.org (727) 464-3207 Pinellas County