Nassau County property values show solid increase

Nassau County Property Appraiser
A. Michael Hickox, CFA
Press Release
Contact: Kevin Lilly, 904‐491‐7302
May 29, 2018

The Nassau County Property Appraiser’s Office released the 2018 estimated preliminary market values showing an increase once again for all taxing authorities.

According to Property Appraiser Mike Hickox, the real estate market continued another year of property value increase for Nassau County, reflecting a solid year for the local real estate market. Hickox said, “The total market value for the County is now at a new record high and the taxable value is also at a new record for Nassau County. This reflects what we have seen as a sign that more people, business and construction is flowing into our County and the demand for real estate is still strong.”

The increase is due to a significant amount of new construction completed last year, at its highest level in over a decade, adding over $220 million to the countywide taxable value. The 2018 total market value for Nassau County is now a record $12.5 billion, up over 7% from the previous year. The market value includes all property before any exemptions, classification reductions, or capped assessments.

Hickox presented the 2018 estimated values to the taxing authorities on May 29th, so they can begin their budget process using actual values in place of the less accurate State Revenue Estimating Conference figures. They will use the values to help determine their tax rate for the property owners in Nassau County later this summer. If taxing authorities do not roll‐back their millage rate from last year, property owners will be paying higher taxes.

Although taxable values have increased countywide, property owners are protected by the Save Our Homes (SOH) 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 2018, previously homesteaded properties will increase no more than 2.1% again this year.” Non‐homesteaded properties are capped at 10%.

In 2018, Nassau County’s taxable value is estimated to be about $8.4 billion, up over 8.25% compared to last year.

The City of Fernandina is projected to see an increase of over 7.5%, bringing their taxable value to almost $2.2 billion.

The Town of Callahan is estimated to have an increase in their taxable value to over $93 million, up by over 11.3% from last year.

The Town of Hilliard is expected to see about a 6% increase in taxable value, bringing their taxable value to slightly over $91 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.

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