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Collier’s property values dipped lower than expected last month
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Attribute it to an ailing economy or a formerly inflated real estate market, but Collier County’s property value dipped a little lower than originally anticipated a month ago.
It is not all bad news: Declines in value likely mean lower taxes for property owners.
Dips were fairly consistent countywide, except for Everglades City and Immokalee.
Official numbers released by Property Appraiser Abe Skinner on Tuesday show that Collier’s market value — shown on his charts as “just” value — is $102,288,428,453, a 7.47 percent decrease from last year’s $107,935,862,503.
The market value number represents decreases, excluding new construction, for the period from Jan. 1, 2007, to Jan. 1, 2008.
However, the decrease in the county’s taxable value is pretty close to what Skinner predicted in June: a 4.08 percent decline from last year’s $82.5 billion to the current $79.17 billion.
Without new construction added into the equation, the numbers sagged by 6.61 percent.
“As far as its impact on the county, the (final) change in the taxable value is insignificant,” county spokesman John Torre said. “The change means a net increase in projected revenue for the county of $18,000,” he said noting that it represents a $37,000 increase in the general fund and a $19,000 decrease in the unincorporated area general fund.
Last year, or the period from Jan. 1, 2006, to Jan. 1, 2007, saw a 7.14 percent increase in taxable value; without new construction, a 3.38 percent increase.
Everglades City saw a 7.35 percent increase in its tax roll, from last year’s $138,563,025 to the current $148,745,833. New construction was responsible for most of that growth. (Without new construction, Everglades City’s tax roll declined by 3.54 percent.)
Despite the mostly dipping numbers, no one expressed extreme shock.
“No surprises,” said Ann Marie Ricardi, finance director for Naples, where taxable value dipped by 0.87 percent, or 2.04 percent without new construction.
Naples’ property market value is $21,694,065,398. Its taxable value is $17,304,561,891.
Last week, Naples City Manager Bill Moss released a memo stating that layoffs in the city’s 515-employee workforce was more than a possibility, citing between 5 percent and 8 percent in cutbacks.
The city already has frozen about 22 vacant positions.
Likewise, Marco Island Finance Director Bill Harrison wasn’t too shaken, and was somewhat optimistic, even though taxable value dipped from $11,549,407,049 to $10,482,682,788, a 9.24 percent decrease, or, a 9.81 percent decrease without new construction.
The reason? Marco’s contentious spending cap. Though both Collier County and Naples are in a hiring freeze, Marco doesn’t have to cut back on its workforce because the island-city has been limiting its expenses all along.
“Losing 10 percent of value is a shock,” Harrison said Tuesday.
However, worker cutbacks will not be necessary.
First off, Marco has very few vacancies, he said.
“We just don’t have a lot of turnover,” Harrison said, of the city’s some 200 employees.
But, more importantly, is the spending cap.
Harrison said it was probably some good news for proponents of the spending cap.
“It contained the growth of local government when (property) values were rapidly rising,” Harrison said.
Marco has a spending cap that prohibits city leaders from exceeding the previous year’s expenditures by more than 3 percent plus the cost of living index.
“Bottom line? It’s now probably working in our favor since we didn’t see the growth” experienced in the past, Harrison said.
Skinner has said the county is experiencing its first property value declines since 1955. Skinner has been working with the county since 1962.
He releases preliminary numbers on June 1, and final numbers on July 1.
By mid-July, every taxpayer in Collier should be able to go online, input an address and see his or her property’s value.
Governments are required by law to set maximum property tax rates by July 22.
Assessment Roll Analyst and Director of Homesteads Kevin Lilly said his office will send out Truth in Millage (TRIM) notices on Aug. 18.
It is tedious to break out and list smaller cities that aren’t incorporated, or large subdivisions, but if one looks at the taxable value for the independent fire districts, it is clear that Immokalee Fire Control & Rescue profited from the development in Ave Maria.
Though most fire districts — except Everglades City — saw decreases between Jan. 1, 2007, and Jan. 1, 2008, the Immokalee fire district picked up a 23.5 percent increase. Everglades’ increase wasn’t as dramatic, but still registered a solid 7.3 percent increase. Ochopee Fire saw a 2.1 percent increase.
The most dismal fire district decrease? Goodland/Horr’s, which declined by 25.7 percent from last year’s $143,234,019 to $106,392,379.
The changes occur at a time when governments have been ordered by state legislators — and voters — to rollback taxes and increase homestead exemptions.
County commissioners are basing their budget on a primary tax rate of $3.1469 per $1,000 worth of property value and secondary tax rate of about 69 to 70 cents per $1,000 worth of property. Both rates are paid by all who own property in unincorporated Collier County, a majority of Collier owners.
Comments
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At least it's going in the right direction, but still has quite a way to go. Ya think the county government can survive on an "average" non-inflated budget? We'll see. Just hang onto your wallet.
#1 Posted by almasonlybar on July 1, 2008 at 10:52 p.m. (Suggest removal)
i believe this is the bottom line: "Governments are required by law to set MAXIMUM property tax rates...".
at this point with my "new" neighbors, and the forclosed wrecks , i don't think i could give my house to my daughter. she already said she wouldn't live in the Golden Getto. for sale signs everywhere.
i'm so relieved that the value of my property only fell 2.04 percent. lmfao, then fell down. cant' get up.
whats the phone number for 911?
#2 Posted by mimibuck on July 1, 2008 at 10:56 p.m. (Suggest removal)
Boy oh boy, I have one heck of a deal for Collier County Government. Since my property only dropped 7%. I will sale it to them at 80% of the assessed value.
Wishful thinking on my part :)
!!! Vote Out All Encumbents !!!
Anyone running on the platform of I am not an Encumbent has my vote!
#3 Posted by RainMan on July 2, 2008 at 6:07 a.m. (Suggest removal)
Good for you Marco. Having the foresight and political will to set spendng caps says something for your leadership.
#4 Posted by naplesregular on July 2, 2008 at 8:09 a.m. (Suggest removal)
No wonder they can't seem to get anything right. Their math does not even add up. A 7.47% decrease from $107,935,862,503 would be $99,873,053,574, not $102,288,428,453. Even a 3rd grader could tell you that if property values were $100 billion even that a 7% decrease would be $7 billion. They are saying that is was more than 7% on more than $100 billion, but still come up with a net decrease of $5 billion and change.
The math on their taxable values is off too. A 4.08% decline from $82.5 would be $78.54 billion, not $79.17 billion.
Now let's get to the reality of what really occurred in 2007. In most areas, properties were selling for about 20% less than similar properties sold for in 2006. In spite of their rhetoric 2006 was less than 2005.
#5 Posted by POC on July 2, 2008 at 8:29 a.m. (Suggest removal)
Next to this article on the left is another article about how the Real Estate market was going up. Can the NDN decide?
http://www.naplesnews.com/news/2008/j...
#6 Posted by time on July 2, 2008 at 8:37 a.m. (Suggest removal)
Good, ...cut off the cash...go back to 2002 values and cpi fwd, not govt 400% briefcase theft of property equities..it may be 2 decades before govt property tax equity theft is recovered...other than having a roof over your head, try to use property as loan collateral..big surprise for the most part...
#7 Posted by Trexler on July 2, 2008 at 10:26 a.m. (Suggest removal)
I don't know where they are getting their numbers?? Ask your local realtor to pull the MLS history on 711 18th St NE, assessed for $169,260 on the market since April for $25,000, no offers, and 1500 Delmar, sold 9/05 for $309,000, now on MLS as Active with Contract at $130,000.
See this link http://www.collierappraiser.com/MainP...
Straight from the Property Appraiser's website reads:
The economy of the community affects the appraised value. Each year the county is re-appraised in order to reflect the proper market value and comply with Florida Statutes. If the economy is strong, it may result in increased property values. Conversely, if the economy is weak, those real estate values may decrease.
The Property Appraiser does not create market value. It is created by supply and demand for property through buying and selling transactions. The Property Appraiser has the responsibility to discover this value as it exists and appraise the property accordingly.
We are in a weak economy and have a massive oversuppy, why cant the county discover this and appraise our properties accordingly??????????????
#8 Posted by kira5189 on July 2, 2008 at 11:06 a.m. (Suggest removal)
I am afraid that the high taxes are here to stay. No matter how much you would like to see it go down you are not.
Between the taxes and the insurance it will be a big chunck of money.If you really like the area you will just have to bite the bullet.
I know I could not so I sold my place and moved away.It was a smart move on my part. I can remember the first time I lived in Naples it was in 1962.But in 2007 I gave up. Being close to retirement years I moved up north.And to answer to something I read on one of the other news articles, the grass is greener on the other side of the fence.
But I do feel for you that are stuck down there having to pay the high prices. Keep fighting and try and get some releaf from the taxes and the insurance.
#9 Posted by chincieone on July 2, 2008 at 12:50 p.m. (Suggest removal)
#12 Posted by chincieone . The taxes may appear here to say, but if we dispute our tax bills NOW and file the paperwork they may actually get the picture we won't tolerate the BS any longer.
Some numbers I've been researching.
My 2006 Collier Tax appraisal on my homesteaded home in Golden Gate Estates.
2006 330K, 2006 property taxes $3650
2007 317K, 2007 property taxes $3200
2008 INDEPENDENT tax appraisal done one week ago today. 229K ( 88K less). Taxes this year ??????
Stopped by Collier County Property Appraisers Office a few days ago and got the paperwork to dispute the taxes. Interestingly the very friendly woman told me to put it off,don't worry about it, that the taxes were coming down, but wouldn't say how much. She mentioned the TRIM will lessen the taxes and she said to wait until August. BUT the more people that go ahead and file now will prove to the county that our taxes need to go down drastically not just a little bit.
I've read in several places that Collier County has stated that values have ONLY gone down approximately 4%.
Guess my property is different it went down ONLY 26%-28% .
#10 Posted by Jadip811 on July 2, 2008 at 3:02 p.m. (Suggest removal)
Japip811, You need to make sure your appraisal done a week ago was dated 1/1/08 using 07 sales otherwise it is useless. The County won't give you any help or assistance at all and maybe tell you that, you can submit all of your paperwork, that appraisal done last week, they will let you get to the VAB hearing and your case gets dismissed since your value is dated after 1/1/08. They like to get a good laugh out of that trick, not only do they like wasting your tax dollar, but wasting you time is even better. It is good that you are fighting this, most people just for some reason don't seem to care!!!!!
#11 Posted by kira5189 on July 2, 2008 at 3:38 p.m. (Suggest removal)
Jadip811;;you did the right thing with the independent appraisal of your property.Look and see what your insurance company says your replacement value of your home is also.Thats how they figure how much they charge for your insurance.That was what I was doing so I could try and continue living in Naples. But by all means keep fighting the county.
#12 Posted by chincieone on July 2, 2008 at 3:42 p.m. (Suggest removal)
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