Submitted by Suanne Z. Thamm
Reporter – News Analyst
June 12, 2014 4:55 p.m.
While new construction is slowly recovering from the Great Recession in both Nassau County and Fernandina Beach, information from the Nassau County Property Appraiser’s website shows that both just value and taxable value of county and city property remain mostly stagnant. This means that local government revenue from ad valorem taxes will remain fairly constant for the next fiscal year, unless millage rates are increased.
The just value of of all Nassau County property rose in 2013 to $9,250,344,958, a 7.26% increase over 2012. This was the first recorded increase in just values since 2008. Even so, the 2013 figure does not reflect a return to values to those of the heady boom days. According to the information provided in the chart below, just values in 2013 were slightly ahead of the 2011 numbers. Total taxable value for all property in Nassau County for 2013 is $6,208,642,378, down only 0.15% from 2012. The county has managed to remain fairly constant due to an almost 32% increase in the taxable value of new construction during the same period. In 2013 the county appeared to finally stop losing ground in the area of new construction reversing a downward trend that had existed since at least 2009. Nassau County is opening up new tracts for development, meaning that with an improving economy, building will undoubtedly pick up even more in the county.
Figures for the City of Fernandina Beach follow a similar track. Just value of city property increased by 0.07% in 2013 to $2,203,527,041. While moving in a positive direction, those figures are slowly returning to the last positive growth year of 2011. New construction just values in the city dropped off more than 50% in 2011, from approximately $21M to $10M. While the city has regained lost ground to stand at $14M today, that is a fraction of the $51M of new construction just value recorded in 2008. Total taxable value of Fernandina Beach property for 2013 has dropped 1.08% from 2012 values. Today that figure stands at $1,543,492,332. The good news is that taxable value of new construction for the same period is up 14.17%, helping to offset what would otherwise been a drop of 1.94%. Unlike Nassau County, the city is already mostly built out, meaning that new construction will continue on a more modest scale.
For complete information on property values and appraisals, consult the Nassau County Property Appraiser’s website, www.nassauflpa.com.
Editor’s Note: Suanne Z. Thamm is a native of Chautauqua County, NY, who moved to Fernandina Beach from Alexandria,VA, in 1994. As a long time city resident and city watcher, she provides interesting insight into the many issues that impact our city. We are grateful for Suanne’s many contributions to the Fernandina Observer.