Property Tax Reform

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Honorable Bill Donegan, CFA Orange County
Property Appraiser

Property Tax Reform A Property Appraisers
Perspective
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The Property Appraisers Role

• Education
• Coordination
• Implementation / Administration

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Education

• Legislators / Governors Office
• Civic Groups
• Property Owners

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Coordination

• Media (education and coordination)
• All Taxing Authorities
• New DOR forms and worksheets
• All DOR bulletins and updates

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Implementation/Administration

• Apply New Rolled Back Rates
• Program Systems for New Exemptions

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Property Tax Reform
Rolled-Back Millage Rates and Constitutional
Amendment Proposals Is this going to save me
money?
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Property Tax Reform
PHASE ONE For 2007 2008 fiscal year, Counties
and Cities will be required to cut taxes to the
2006 07 revenue levels by using a Rolled-Back
millage rate. Plus, additional cuts of 3, 5,
7, or 9 will be required.

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Additional Millage Rate Reductions

• Orange County 5
• Orlando .... 3
• Winter Park 9
• Winter Garden .. 9
• Maitland .. 3
• Ocoee . 5
• Windermere .. 9
• Apopka . 5
• Belle Isle .. 9
• Edgewood ... 5
• Eatonville . 0
• Oakland 9

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What is a Rolled-Back Rate?

• A rate that will

Provide the same Tax Revenue as in the previous
year
Using the current year TAXABLE VALUE
Adjusted For
New Construction
Demolitions
Annexations
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Rolled-Back Millage Rate EXAMPLE

• ORANGE COUNTY GENERAL MILLAGE

2006 MILLAGE 5.1639
2007 ROLLED BACK MILLAGE 4.6684
(minus) Additional 5 mandated reduction
EQUALS 2007 PROPOSED MILLAGE 4.4347 16.44
change
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Final Millage Rates received to date
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Rolled-Back Savings Examples
SAVINGS 65.59
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Rolled-Back Savings Examples
SAVINGS 167.42
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Rolled-Back Savings Examples
SAVINGS 343.53
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Rolled-Back Savings Examples
SAVINGS 2,258.10
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Rolled-Back Savings Examples
SAVINGS 71.77
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Rolled-Back Savings Examples
SAVINGS 225.38
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Rolled-Back Savings Examples
SAVINGS 118.46
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Constitutional Amendment Proposals
PHASE TWO Will be a change to the existing
Amendment 10 Save Our Homes to the Florida
Constitution and will be added to the January
29th 2008 Presidential Preferential Election
ballot.

If adopted by the voters, homestead property
owners will be allowed to make a one-time
irrevocable election whether to keep their
homestead property under the Save Our Homes 3
cap, or whether to move their home into a new
Super Exemption program.
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NEWS UPDATE !!!!!
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NEWS UPDATE !!!!!
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NEWS UPDATE !!!!!
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NEWS UPDATE !!!!!
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NEWS UPDATE !!!!!
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Super Exemption Program
The new Super Exemption program will provide a
tier exemption as follows

• Level 1
• 75 exemption for the homesteads first 200,000
  of value.
• The minimum exemption will be 50,000 per
  homestead.

• Level 2
• In addition to Level 1, a 15 exemption for the
  homesteads next 300,000 of value.
• This will increase each year by the change in
  the Florida Per Capita Personal Income
• The maximum first-year exemption will be 195,000

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Who Benefits? Who Doesn't?

• Who Tends To Benefit From The
• New Super Exemption ?
• New Buyers
• Lower Value Properties (initially)
• Properties under SOH for shorter period
  (initially)

• Who Tends To Benefit From Save Our Homes?
• Properties with initial Just Value 500K or
  higher
• Properties under SOH for a longer period

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Number of Homestead Properties
Just Market Value
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Education/Community Outreach

New On the OCPA Web Site Homestead Comparison
Estimator An Easy-to-Use calculator that will
help each homeowner determine which plan will
provide them the greatest tax savings benefit.
Save Our Homes or Super Exemption Visit
www.ocpafl.org
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Additional Exemptions

• There will be additional amendments on the
  January 29th 2008 Presidential Preferential
  Election ballot.
• 25K TPP exemption per Tax Return
  
• Increase LIS exemption to 100K

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A bit of History
Lets go back to 1992
Prior to SOH. What Really Happened?
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So
Its not the values. We have no control over the
values the market determines the values. Its
the SPENDING !
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Honorable Bill Donegan, CFA Orange County
Property Appraiser

• Thank You
• Gracias