Nassau County Property Appraiser
A. Michael Hickox, CFA
www.nassauflpa.com
Contact: Kevin Lilly, 904‐491‐7302
May 30, 2017 1:00 a.m.
The Nassau County Property Appraiser’s Office released the 2017 estimated preliminary market values showing an increase for all taxing authorities.
According to Property Appraiser Mike Hickox, the real estate market continued a fourth year of property value increases for Nassau County, reflecting the steady rebound of the local real estate market. Hickox said, “The total market value for the County is higher than it was 10 years ago and the taxable value is getting close to where it was before the downturn in the market and six years of declining property values.” This is good news for property owners who purchased at the peak of the market and lost equity in the decline.
The increase is partly due to new construction, at its highest level in almost 10 years, adding about $190 million to the countywide taxable value. The 2017 total market value for Nassau County is now over $11.6 billion, up over 6% from the previous year. The market value includes all property before any exemptions, classification reductions, or capped assessments.
Hickox presented the 2017 estimated values to the taxing authorities on May 26th so they can begin their budget process using more accurate figures. They will use the values to help determine their tax rate for the property owners in Nassau County later this summer.
Although taxable values have increased countywide, property owners are protected by the Save Our Homes amendment which caps the amount the assessed value can increase. “Homestead properties can increase no more than 3%, or the consumer price index (CPI), whichever is lower,” said Hickox. “Based on the CPI used for 2017, previously homesteaded properties will increase no more than 2.1%.” Non‐homesteaded properties are capped at 10%.
In 2017, Nassau County’s taxable value is estimated to be about $7.7 billion, up over 7.8% compared to last year.
The City of Fernandina is projected to see an increase of over 10%, bringing their taxable value to almost $2 billion.
The Town of Callahan is estimated to have an increase in their taxable value to over $83 million, up by over 9.5% from last year.
The Town of Hilliard is expected to see about a 7.4% increase in taxable value, bringing their taxable value to slightly over $86 million.
The official preliminary tax roll is expected to be released to the taxing authorities and the Department of Revenue by July 1st. Property owners are encouraged to visit the property appraiser’s website, www.nassauflpa.com, in mid‐July to view their property values.
For more information, please contact the Property Appraiser’s Office at (904) 491‐7300.