Tuesday june 24 th 2014
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Property Tax Presentation. Tuesday, June 24 th 2014. Christopher M. Quinn , MACC, CPA, CFE, CGFO, CGMA Finance Director Lina Williams Budget & Financial Analyst. Budget Preparation Timeline. January First Quarter Review February Financial Audit March

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Tuesday, June 24 th 2014

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Tuesday june 24 th 2014

Property Tax Presentation

Tuesday, June 24th 2014

Christopher M. Quinn, MACC, CPA, CFE, CGFO, CGMA

Finance Director

Lina Williams

Budget & Financial Analyst


Tuesday june 24 th 2014

Budget Preparation Timeline

  • January

    • First Quarter Review

  • February

    • Financial Audit

  • March

    • Presentation of Annual Progress Report and Citizen Survey Results

    • Revise 10 Year Infrastructure Plan

  • April

    • Presentation of the Year to Date Budget

    • Second Quarter Review

    • Budget Input Begins for Departments

  • May

    • Annual Update of the Strategic Action Plan

    • Fund Accounting Presentation

    • Long Term Financial Planning Presentation

  • June

    • Revenue Source Presentation

    • Property Tax Presentation


Tuesday june 24 th 2014

Budget Preparation Timeline

  • July

    • General Fund Budget Workshop

    • Adopt Proposed Maximum Millage Rate

    • Proprietary Funds Budget Workshop

    • Third Quarter Review

  • August

    • Special Revenue & Capital Fund Budget Workshop

    • Final Proposed Budget Presentation

  • September

    • Public Hearing to Tentatively Adopt Millage Rate & Budget

    • Public Hearing to Adopt Final Millage Rate & Budget


Property tax terminology

Property Tax Terminology

  • Truth in Millage (TRIM)

  • Just (Market) Value

  • Assessed Value

  • Exempt Value

  • Taxable Value

Maximum Proposed Rate


What determines property taxes

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

Property Taxes

Taxable Value

x Millage Rate

=Property Tax

Each Taxing Authority Sets Their Millage Rate

Taxable Value of the Home

Assessed Value −Exemptions *

=Taxable Value

*Exemptions (homestead, senior, widow/widower, military, tangible, etc.)


Save our homes limitations fy 2010 2014

Save Our Homes LimitationsFY 2010 - 2014

Property Appraiser Assessed Value of the Home

  • Save our Homes Limitation

  • Portability of Save our Homes

  • 10% Limit on Non-Homesteaded


Property tax bill

Property Tax Bill

COPC Portion of Tax Bill

COPC portion

is less than 21% of Total Taxes


Residential property as a of all property

Residential Property as a % of All Property


Market value vs taxable value hypothetical example

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 history

Millage Rate History


Adopted millage rate vs rolled back rate fiscal year 2008 2014

Adopted Millage Rate vs. Rolled-Back RateFiscal Year 2008-2014


City ad valorem tax history fy 2008 2014

City Ad Valorem Tax HistoryFY 2008 - 2014


2014 millage rates

2014 Millage Rates

Survey of Cities between 60K-90K Population

18 Cities with Millage


Services provided through property taxes fiscal year 2014

Services Provided through Property TaxesFiscal Year 2014

$15.2 Million

Ad Valorem Taxes


Palm coast citizen s tax bill

Palm Coast Citizen’s Tax Bill

TAX REVENUE: Ad Valorem, Sales, Gas, Communications, Local Business Tax, Solid Waste Franchise Fee, State Revenue Sharing, State & Federal Grants, etc.

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.


Palm coast citizen s tax bill1

Palm Coast Citizen’s Tax Bill

Emergency Services

Additional Law Enforcement

Public Safety

Code Enforcement

Housing Programs

Streets

(including Maintenance and Resurfacing)

Quality Neighborhoods

Parks, Paths and Trails

(including maintenance and construction)

Indirect Costs and Others

Parks & Trails

$36.50/Month or $438/Year pays for:


Tuesday june 24 th 2014

Tentative Budget Schedule

  • July

    • 8th- Budget Workshop - General Fund

    • 15th - Business Meeting - Adopt Proposed Maximum Millage Rate

    • 29th- Budget Workshop - Proprietary Funds

  • August

    • 12th Budget Workshop – Special Revenue Funds & Capital Funds

    • 26th- Final Proposed Budget Presentation

  • September

    • 3rd - Public Hearing to tentatively adopt millage rate and budget

    • 17th - Final Public Hearing to adopt final millage and budget


Tuesday june 24 th 2014

Questions & Discussion


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