Pinellas County residents received word this week about what many already knew: The value of their property is decreasing.
Despite that, about 189,000 homeowners will see their assessed values go up. Why? Blame Save Our Homes.
The tax cap limits the yearly increase in assessed value to 3 percent. Over time, in a rising market, that creates a disparity between the market value and assessed value. At a time when property values are flat or decline, state law requires that assessed values continue to increase to close that gap.
"Because of that, some homeowners will find that the value of their homes decreased while their assessed value increased," said Erin Moore of the Property Appraiser's Office.
Countywide, the taxable value of homes, commercial businesses and apartment complexes decreased 8.4 percent from a year ago, according to the Property Appraiser's Office. Kenneth City and South Pasadena saw the biggest decrease at 14 percent and 13.7 percent, respectively.
"We really had to work on that budget," said Muriel Whitman, Kenneth City's mayor. "We went from a $180-million to a $156-million budget. We are just not giving many benefits to the residents anymore. It's been chop off here and chop off there, but we have still retained all our employees, which we are thankful for."
The property appraiser sent 423,470 truth in millage notices Monday to property owners.
On the notices are the taxing authorities, including the county, the municipality the property is in, public schools, water management districts and the Juvenile Welfare Board, among others. The notices also give the property tax paid this year and the proposed amount for next year.
Residents have until Sept. 12 to file an appeal if they believe the assessment, which is as of Jan. 1, 2008, is incorrect or if an expected exemption was not given.
Actual tax bills will be distributed Nov. 1.
Demorris A. Lee can be reached at 445-4174 or demoalee@sptimes.com.
>>By the numbers
TRIM notices
423,470 Number of truth in millage notices mailed Monday.
189,000 Number of property owners who saw the value of their homes decrease while the assessed value increased.
8.4 percent decrease in property market value from a year ago.
Sept. 12
Deadline to file an appeal.
•For questions about property values, call the number on the left bottom side of the TRIM notice.
•For questions about exemptions, call the number at the right bottom of the notice.
•For more information, go to the property appraiser's Web site at www.pcpao.org.
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