April 2024 Newsletter- Realtors Edition

Citrus County Property Appraiser

April 2024 | Issue No. 2 Newsletter

CCPA E-newsletter "Realtor Edition"

Today, April 1st is the deadline for all Tangible Personal Property Tax Returns & Commercial Income & Expense forms to be submitted to our office. Submit all documents to our Inverness or Crystal River office by 5:00PM.

Did you know?

We value properties based on the sales from the prior year.
What is the role of my county’s property appraiser? Our office does not increase or decrease taxes. The property appraiser determines the taxable value of each property in the county and provides the total taxable value to each taxing authority. Property appraisers approve and maintain records for exemptions and property classification. They are also responsible for preparing and mailing the TRIM Notice. Property appraisers do not set millage rates.
Who sets the millage rates? Taxing authorities. Taxing authorities are governed by the Florida Constitution and Statutes. They include county governments, school boards, water management districts, special districts and municipalities within a county. Taxing authorities adopt a budget and levy millage rates to fund that budget.
What is a millage? Millage is a tax rate defined as the dollars assessed for each $1,000 of value; one mill is one dollar per $1,000 of assessed value. Mathematically the equation is: Taxable value ÷ 1,000 × millage rate = Property Tax Owed.

Realtor Training Session

Have you joined in on one of our realtor training session? If not we have another class being held on May 2nd from 9am-12pm in our Meadowcrest office. We would love for you to join us! Sign up by clicking HERE.

Feedback & key takeaway's from previous attendees:

"Great info! Will definitely pass this on to other realtors to attend."

"Great class! Every realtor should take!"

"Learning how to navigate the website better and some new features. Good refresher on homestead exemption and portability."

"Great presentations, very informative and valuable use of my time. Thank you for doing these classes!"

"Usability of the website, exemptions and property values. Thank you for taking the time to share!"

"This is my second realtor session that I've had with Tropic Shores. I love both! Thanks for a refresher course."

"So many useful research tools. Such great information to use and pass along."

"Understanding portability better. Enjoyed it! Learned a few things even being a realtor for over 20 years."

"Value determination and how to use the map. Great presentation - very informative."

"Navigating the website better with the new features. Going to pass along information to our office manager to set up more classes."

"Great information - very informative. Better understanding of how the property appraiser office operates."

"More helpful tools to use on the website maps and different ways to search. Separations of powers and who is in charge of what."

"Great class, very informative, we appreciate your time and efforts to teach us and help us understand all the property appraiser's office does for us. Thank you!"

New & Improved!

New Tax Estimate on Citruspa.org!

Tax Estimate upon sale of the property (no assessment capping or exemptions): This is a new feature that we just recently added to our property record information. We know often times it is hard to estimate what someone's taxes would be once the home is sold, so we added this tax estimate in there for you. This is with no homestead exemption. Just based on the market value.

Buyer Beware: Property taxes may be affected with change in ownership. When buying real estate property, you should not assume that property taxes will remain the same. Whenever there is a change in ownership, the assessed value of the property may reset to full market value, which could result in higher property taxes. Please use our tax estimator to approximate your new property taxes. Homestead exemptions and agricultural classifications are not transferable to the new owner. You must apply for your own exemptions and agricultural classifications.

Listing a multiple lots in the near future?

Property Combines:

If you are listing property for sale and it has a vacant adjacent parcel selling with it, the property owner might want to request a combine. Most mortgage companies want the two parcels combined prior to approving the mortgage. If they wait until a week or two before closing, we can not guarantee that we will be able to fulfill the request.

All combine forms can be accessed on our public website or by clicking here.

Let your buyers know!

Sorry We Missed You!

Did we leave one of these orange tags on your front door? Reasons for a visit from one of our field appraisers would be:

Florida law requires that we physically inspect your property every five years.
You recently pulled a permit.
A sale has taken place or there was a change in your current ownership.

Homestead Exemption

As a property owner in Florida, homestead exemption is one way to reduce the amount of real estate taxes you pay on your residential property. In the State of Florida, if you own property and make the property your permanent residence as of January 1st of the tax year, you may qualify for homestead exemption and save hundreds of dollars. The deadline to file for the Homestead exemption is March 1st. Homestead exemption is $25,000 deducted from your assessed value before the taxes are calculated plus an additional homestead exemption up to $25,000 applied to the assessed value above $50,000. The additional exemption does not apply to school taxes. The year after you qualify for homestead exemption, your assessed value cannot increase more than 3% per year, or the increase in the consumer price index (CPI), whichever is lower. If you move, your homestead exemption does not automatically follow to your new residence, you would need to reapply. In Citrus County, most homeowners save on average $400-$600 each year. Want to save money on your tax bill? Below are additional exemptions that you might be eligible for:

$5,000 off your assessed value.

Widowed, Blind, Veteran disabled 10% or more, or Totally and Permanently disabled (FL Permanent Handicap Parking Placard/SSI disability).

Disabled (Total & Permanent):

Hemiplegic, Paraplegic, Wheelchair required, or Legally Blind. (Gross Income Based)
Quadriplegic

Disabled Veteran or First Responder Exemptions/Discounts:

Disabled veteran confined to wheelchair, service-connected.
Disabled veteran discount, 65 or older which carries over to the surviving spouse.
Service-connected totally and permanently disabled veteran or veteran’s surviving spouse.
Surviving spouse of veteran who died while on active duty.
First responder totally and permanently disabled in the line of duty or surviving spouse.
Surviving spouse of first responder who died in the line of duty.

Required documents needed to apply for homestead:

Proof of ownership (deed).
Social Security Card/Number.
Permanent Resident Card (if you are not a U.S. Citizen).
Proof of no exemptions/tax credits/ etc. on any property you own out of the State of Florida.

Reflecting the Homestead Address:

Florida Drivers License or Florida ID Card.
Florida Voter Registration Card (if you are a voter).
Florida Vehicle Registration (if you own a vehicle).

Special Notes:

If title to the property on which you are applying is held in a trust, a copy of the trust may be requested with the application.
If you are applying on a mobile home, proof of ownership is required for both the mobile home (if the title to the mobile home has not be retired) and the land. Please bring your Real Property Registration or title to our office when completing this application.