Annual Report - Sarasota County Property Appraiser

Transcription

2011
Annual Report
A Message from Bill Furst
Welcome to the Sarasota County Property Appraiser’s 2011 Annual
Report.
We are pleased to offer you this summary of data from the property
appraiser’s records and the Sarasota County Assessment Roll.
The Annual Report is designed to provide both a current and
historical overview of the trends in the market and taxable values,
as well as other relevant statistics, including information on parcels
of property by classification and trends over the past 10 years.
We’ve also included data on how exemptions and portability benefit
our residents and affect taxable values.
As we have in the past, the Sarasota County Property Appraiser’s
office will contine to ensure that property values in Sarasota County
are fair, equitable, accurate and clearly communicated.
Thank you for your positive and constructive feedback throughout
the year. I hope you find this year’s Annual Report helpful and
informative.
Please feel free to contact me at [email protected] with your
questions and suggestions.
Sincerely,
Bill Furst
Sarasota County Property Appraiser
Serving Our Community with Pride and Accountability
Page 2
Table of Contents
I.
Message from Bill Furst…………………………………………………………………………
2
II.
2011 Year in Review………………………………………………………………………………
4
III.
Property Market (Just) Values………………………………………………………………..
5
IV.
Property Taxable Values………………………………………………………………………..
9
V.
Taxing Authorities – Millage Rates ……………………………….………………………
12
VI.
Tangible Personal Property…………………………………………………………………….
15
VII.
Property Parcels and Accounts……………………………………………………………….
17
VIII.
Property By Type……………………………………………………………………………………
19
IX.
Exemptions…………………………………………………………………………………………….
21
X.
Foreclosures…………………………………………………………………………………………..
25
XI.
New Construction…………………………………………………………………………………..
26
XII.
Agricultural Use.…………….……………………………………………………………………..
27
XIII.
Government Lands…………………………………………………………………………………
28
XIV.
Redevelopment Areas ..………………………………………………………………………..
29
XV.
Florida Counties Taxable Value Comparison………………………………………….
31
XVI.
Addendum A – Listing of Taxing Authorities…………………………………………..
32
XVII.
Addendum B - Listing of Mobile Home & RV Parks…….…………………..………
34
st
(Data based on 1 Certification of 2011 Assessment Roll on October 5, 2011)
Page 3
2011 in Review
The State of Florida and Sarasota County continue to experience the impact of the ongoing struggles in
the real estate and financial markets. The burdens of lowered revenues and incomes are creating a
difficult situation in many households and severe budget constraints in local governments, as everyone
struggles to adapt to these difficult times.
The Property Appraiser’s office has been able to meet these challenges through stringent budget
controls and the ongoing identification and adoption of strategies to reduce the cost of necessary
services. Our team of professionals has, thanks to technology and training, implemented these
strategies without diminishing our commitment to providing the highest level of service to the people of
Sarasota County.
In 2011 we were able to expand on the level of service we provide to our North Port residents. Starting
in October, the City of North Port generously provided the Property Appraiser’s office with dedicated
office space on the first floor of City Hall. This new location gives customers easy access and privacy
when they want to file for an exemption and get answers to their property value questions.
2011 saw the roll-out of our online homestead filing program. Customer feedback has been very positive
and we are investigating new ways to enhance the exemption options available to online filers. Our ENewsletter service was also launched in 2011. Using this tool we are able to communicate important
property appraisal and exemption news directly to your online mailbox.
Filers of Tangible Personal Property (TPP) returns are now able to use a fillable DR-405 form to submit
their TPP returns and supporting data electronically. Our IT and TPP departments have also created a
new and improved online extension request process to better serve you.
Our ongoing mission to eliminate Homestead fraud continues to return taxable value and recovered
revenue to the taxing authorities of Sarasota County. By the end of October, through the lien process,
this office had recovered over $300,000 in improperly exempted taxes, penalties and interest from prior
years. Our current year investigations and cancellations returned over $1,000,000 in revenue to the
2011 tax roll.
As we have worked to find solutions and adaptations to overcome the economic challenges presented in
2011, we have not lost sight of our dedication to providing the best possible service to the people of
Sarasota County. As mentioned last year, if we meet your expectations let us know. More importantly, if
we fall short in our efforts to serve you let us know.
We look forward to working for and with you as we move forward into 2012.
Page 4
Property Market (Just) Values
It is the responsibility of the Property Appraiser’s Office to
determine the value of all real property (real estate) and
tangible personal property (e.g. business equipment)
equipment as of
January 1 of each year. Market (Just) Value is established
through the appraisal process governed by Florida Law. When
determining the Market Value, eight factors are considered,
including the amount a willing buyer would pay a willing seller
for the property
property, the location and condition of the property, and
the income generated from the property
property. To view more information
n about the appraisal
process, go to the Appraisal Process under Quick Links on the www.SC-PA.com
PA.com website.
Foreclosure and distressed sales
sales, although considered, are not included as part of the analysis.
The Market Value is effective as of January 1st of the current tax year.
Page 5
Sarasota County Market (Just) Values
$90,000,000,000
$80,000,000,000
$70,000,000,000
$60,000,000,000
$50,000,000,000
$40,000,000,000
$30,000,000,000
$20,000,000,000
$10,000,000,000
$0
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
The Market Value for
properties in Sarasota County
continued to decline
dec
for the
fourth consecutive year.
year
Since the height of the real
estate
housing
bubble,
properties have decreased in
value by 47%.. This year, for
both the municipalities and
the county the decrease in
values were in single digit
percentages compared to the
last three years in which the
decreases were in double
digit percentages.
Page 6
Market (Just) Values for Municipalities
Market (Just) Value Change Over Prior Year
$18,000
Change in Billions
$16,000
City of North Port
$14,000
$12,000
Town of Longboat Key
$10,000
City of Sarasota
$8,000
City of Venice
$6,000
$4,000
$2,000
$0
Market (Just) Value Trend by County and Municipality
Sarasota County
Just
%
Value
Year ($Billions) Change
2002
$38.80 15.60%
2003
$45.58 17.48%
2004
$52.86 15.98%
2005
$64.11 21.28%
2006
$84.02 31.05%
2007
$86.07
2.44%
2008
$73.09 -15.08%
2009
$62.26 -14.81%
2010
$55.66 -10.60%
2011
$51.98
-6.61%
City of Sarasota
Just
%
Value
Change
($Billions)
$7.12 17.99%
$8.43 18.48%
$9.80 16.15%
$11.55 17.84%
$15.01 29.99%
$15.34
2.22%
$13.66 -10.99%
$12.00 -12.13%
$10.69 -10.93%
$9.99
-6.53%
City of Venice
Just
%
Value
Change
($Billions)
$2.27 14.18%
$2.81 23.48%
$3.32 18.30%
$4.14 24.48%
$5.57 34.58%
$5.67
1.83%
$4.79 -15.55%
$4.08 -14.76%
$3.67 -10.13%
$3.45
-6.07%
Town of
Longboat Key
Just
%
Value
Change
($Billions)
$3.43
22.77%
$3.92
14.36%
$4.28
9.04%
$4.90
14.48%
$5.66
15.48%
$5.49
-2.90%
2.90%
$4.82
-12.21%
12.21%
$4.27
-11.40%
11.40%
$3.83
-10.24
10.24%
$3.65
-4.77%
4.77%
City of North Port
Just
%
Value
Change
($Billions)
$1.48 17.02%
$1.80 21.82%
$2.45 35.49%
$3.97 62.34%
$6.49 63.21%
$7.02
8.24%
$5.22 -25.72%
$4.16 -20.28%
$3.61 -13.12%
$3.37
-6.61%
Page 7
Sarasota County
Single Family Residential Parcels
Average Market Value
Sarasota County
Residential Condominium Parcel
Parcels
Average Market Value
Year
Avg. Market Value
% Chg
2002
$194,322
27.8%
2003
$230,815
18.8%
2004
$256,681
11.2%
2005
$301,826
17.6%
2006
$359,882
19.2%
2007
$350,991
-2.5%
2008
$299,833
-14.6%
2009
$253,218
-15.5%*
2010
$225,781
-10.8%
2011
$211,327
-6.4%
Year
Avg. Market Value
% Chg
2002
$176,982
12.0%
2003
$206,565
16.7%
2004
$235,365
13.9%
2005
$271,017
15.1%
2006
$352,656
30.1%
2007
$342,104
-3.0%
2008
$282,357
-17.5%
2009
$224,342
-20.5%
2010
$201,294
201,294
-10.4%
2011
$186,085
-7.6%
*Note: 2009 Condominium totals reflect the removal of
approximately 4000 commercial condominium parcels reclassified
from Condominiums to Commercial/Industrial properties.
Page 8
Property Taxable Values
Taxable Value equals Assessed
ssessed Value less
exemptions.
Homestead and non-homestead
non
properties may have an Assessed
ssessed Value that is
lower than Market Value
alue due to the ‘Save Our
Homes’ benefit or the 10% cap for non-homestead
non
exempt properties. Both of these are explained in
more detail in the Exemptions
xemptions section of this
report. Refer to the example below for a valuation
summary of a homestead exempt property.
property
Example of Property Valuation for a
Homestead Exempt Parcel
Land Value
Improvement Value
Just (Market) Value
$25,000
$130,000
$155,000
‘Save Our Homes’ Cap
Assessed Value:
-
$30,000
$125,000
Homestead Exemption
-
$50,000
Taxable Value
$75,000
Page 9
The Taxable Value for all propert
properties
ies in Sarasota County continues to decline; 37%
37 since 2007.
The reduced taxable value availabl
available to the taxing authorities continues to significantly impact
their budgets and revenues.
Sarasota County Taxable Value
$70,000,000,000
$60,000,000,000
$50,000,000,000
$40,000,000,000
$30,000,000,000
$20,000,000,000
$10,000,000,000
$0
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
Taxable Value by Municipality
$12,000
Value in Billions
$10,000
$8,000
City of Sarasota
$6,000
City of Venice
$4,000
$2,000
City of North Port
$0
Page 10
Taxable Value Trend by County and Municipality
Sarasota County
Taxable
%
Value
Year ($Billions) Change
2002
$29.89 13.62%
2003
$34.11 14.10%
2004
$38.77 13.67%
2005
$46.45 19.80%
2006
$58.91 26.83%
2007
$62.66
6.36%
2008
$53.15 -15.18%
2009
$46.53 -12.44%
City of Sarasota
Taxable
%
Value
Change
($Billions)
$4.88 15.83%
$5.58 14.53%
$6.46 15.71%
$7.59 17.44%
$9.71 27.93%
$10.33
6.37%
$9.21 -10.82%
10.82%
$8.17 -11.27%
11.27%
City of Venice
Taxable
%
Value
Change
($Billions)
$1.75
14.15%
$2.10
19.99%
$2.46
17.47%
$3.05
23.91%
$4.15
35.71%
$4.36
5.20%
$3.65
-16.35%
$3.16
-13.23%
Town of
Longboat Key
Taxable
%
Value
Change
($Billions)
$3.00
18.23%
$3.38
12.36%
$3.66
8.43%
$4.15
13.28%
$4.73
14.06%
$4.72
-0.19%
0.19%
$4.23
-10.45%
10.45%
$3.82
-9.75%
9.75%
City of North Port
Taxable
%
Value
Change
($Billions)
$1.07
15.91%
$1.31
23.06%
$1.79
35.81%
$2.95
65.14%
$4.93
66.81%
$5.62
14.11%
$3.81
-32.13%
$2.96
-22.44%
2010
$42.20
-9.31%
$7.34
-10.20
10.20%
$2.86
-9.73%
$3.50
-8.30
8.30%
$2.48
-16.06%
2011
$39.56
-6.26%
$6.84
-6.84%
6.84%
$2.71
-5.24%
$3.34
-4.51%
4.51%
$2.27
-8.37%
Page 11
Taxing Authorities and Millage Rates
There are more than 50 different taxing authorities within
Sarasota County. On an annual basis, each Taxing Authority
establishes a millage rate by dividing their proposed budget by the
taxable value less the value of new construction.. The millage rate is
then multiplied by the taxable value of each property located within
the taxing district. These taxes are referred to as Ad Valorem Taxes
and the revenues generated are used to support the operation and
services provided by each of the taxing authorities. Each year the
newly proposed millage rates are published on the Notice of Proposed Property Taxes (TRIM or Truth in
Millage) sent to property owners during the month of August. It is important to review the TRIM Notice
since it provides
ovides details about the proposed millage rates, the new appraised values, and exemption
information. The TRIM Notice provides the date, time and place of the taxing authority’s budget hearing
as well as contact information. Refer to Addendum A to view all the current taxing authorities.
authorities
2011 Millage Rates for County
County-Wide Services
Sarasota County Ad Valorem Taxes
Taxing Authority
Millage
Sarasota County General Revenue
3.0744
Sarasota County Debt Service
0.2363
Mosquito Control
0.0277
Public Hospital Board
1.0863
SW Florida
orida Water Mgmt District
0.3928
West Coast Inland Navigation District
0.0394
Sarasota County School Board
7.6350
Total
12.4919
Millage rates total does not include EMS services.
Page 12
Where Does My 2011 Tax Dollar Go?
CountyDebt
Service
1.89%
Sarasota County
General Revenue
24.61%
School Board
BoardDistrict Fund
61.12%
Mosquito Control
0.22%
Public Hospital
Board
8.70%
SW Florida Water
Mgmt District
3.14%
West Coast Inland
Navigation
0.32%
Distribution of 20
2011 Ad Valorem taxes levied for county-wide services
In addition to the county wide millage rates, there are ad valorem millage rates specific to each
municipality and certain neighborhood
neighborhoods.. Each of the taxing authorities serving the property is
listed on the TRIM Notice and on the Tax Bill.
2011 Additional Millage by Municipality
Taxing Authority
General Revenue
Debt Service
Total
City of
Sarasota
2.9249
0.4298
3.3547
City of
Venice
2.935
0.26
3.195
Town of
Longboat Key
1.8872
0.0677
1.9549
City of
North Port
3.5681
-3.5681
Note: One mill equals $1 per $1,000 (.001). For example, a tax rate of 15.5784 mills is 1.55784% of
Taxable Value. (Calculation: .0155784 is multiplied by the Taxable Value
alue of the property to determine
the Ad Valorem tax.)
Page 13
Top Ten 2011 Ad Valorem Taxpayers in Sarasota County
Taxable
Value
Principal Taxpayers*
1 Florida Power & Light Co
2 Verizon Florida Inc/GTE
Westfield/Southgate & Sarasota
3 Shoppingtown
Sarasota Doctor's Hospital Inc/Columbia
4 Healthcare, HCA, Midtown
5 Wal-Mart Stores/Sam’s East Inc
6 The Glenridge on Palmer Ranch
7 Venice HMA
8 Comcast/Storer Cable
9 Publix Supermarkets Inc
10 MHC – Mobile Home Communities
Total
% of Total
County
Taxable Value
$337,244,024
$226,251,215
0.85%
0.57%
$133,605,718
0.34%
$79,389,529
$77,829,514
$69,181,582
$67,816,072
$62,718,922
$56,388,588
$54,478,580
$1,164,903,744
0.20%
0.20%
0.17%
0.17%
0.16%
0.14%
0.14%
2.94%
*Sum of all properties/accounts for the principal taxpayer.
Page 14
Tangible Personal Property (TPP)
Real Property consists of land and any
permanent improvements such as homes and
other buildings. Tangible Personal Property
(TPP) is everything other than real estate
used in business. It includes furniture,
fixtures, tools, machinery, househ
household
appliances, signs, equipment, supplies, leased
equipment and any other equipment used in
a business or to earn income. Personal
household goods NOT used in a rental are
NOT subject to the personal property tax.
Attachments to mobile homes (carports,
screen
creen porches, etc.) in rental parks are also
considered tangible personal property.
Traditionally the top two taxpayers in
Sarasota are TPP utility accounts (FPL &
Verizon).
2011 Tangible Personal Property
Sarasota County
Year
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
Market Value
Taxable
Value
($Billions)
($Billions)
$2.03
$2.01
$2.07
$2.09
$2.32
$2.55
$2.52
$2.31
$2.19
$2.06
$1.66
$1.68
$1.69
$1.73
$1.95
$2.14
$1.87
$1.72
$1.59
$1.49
Page 15
2011 Tangible Personal Property By Municipality
Municipality
City of Sarasota
City of Venice
City of North Port
Total County
Taxable Value
($ Millions)
$270
$151
$22
$110
% Change
Prior Year
% of Total
-8.5%
0.0%
-4.3%
-6.8%
18.1%
18.1
10.1%
10.1
1.5%
1.5
7.4%
7.4
-6.9%
100.0%
$1,488
Anyone
nyone in possession of tangible personal property assets on January 1, who has a
proprietorship, partnership, a corporation or is a self
self-employed
employed agent or contractor, must file
each year by April 1, unless their filing requirement has been waived
waived.. Property owners, who
lease, lend or rent property must also file. Since the passage of a constitutional
onstitutional provision in
January 2008, up to $25,000 of Tangible Personal Property assets are exempt from ad valorem
taxes, provided an original return is filed on time. As a result, about 70%
0% of the filers, primarily
small businesses, owners of furnishings in rental units, and attachments to mobile homes in
rental parks are waived from paying tangible person
personal
al property taxes. However, Sec. 193.052
Florida Statute requires that an original Tangible Personal Property return be filed with the
Property Appraiser’s Office by the annual deadline in order to be eligible for the $25,000
exemption. The property appraiser will annually mail notification of the application waiver to
property owners who had filed on the prior year. Notwithstanding any previously granted
waivers, new acquisitions must be reported.
Page 16
Property Parcels and Accounts
Sarasota County Parcels and Accounts
Real Property
Year
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
# Parcels
245,200
247,670
249,643
254,127
261,252
264,901
267,763
268,125
267,950
268,077
% Change
0.7%
1.0%
0.8%
1.8%
2.8%
1.4%
1.1%
0.1%
0.0%
0.0%
Tangible Property
# Accounts
36,818
36,546
36,433
36,804
37,157
36,758
36,596
34,597
33,250
32,274
Total Parcels/Accounts
Total Parcels &
Accounts
282,158
284,335
286,200
291,039
298,505
301,755
304,443
302,833
301,200
300,351
% Change
-0.6%
-0.7%
-0.3%
1.0%
1.0%
-1.1%
-0.4%
-5.5%
-3.8%
-2.9%
% Change
0.6%
0.8%
0.7%
1.7%
2.6%
1.1%
0.9%
-0.5%
-0.5%
-0.3%
2011 Distribution of Total
Real Property Parcels
by Municipality
10%
6%
2%
City of Sarasota
City of Venice
55%
27%
City of North Port
Unincorporated
Page 17
Sarasota County
Single Family Residential
Parcel Count
Year
# Parcels
% Change
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
105,329
108,865
112,891
116,962
122,145
128,023
129,911
129,017
129,360
129,893
2.9%
3.4%
3.7%
3.6%
4.4%
4.8%
1.5%
-0.7%*
0.3%
0.4%
Sarasota County
Condominium
Parcel Count
Year
# Parcels
% Change
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
44,790
45,178
46,183
48,063
51,571
53,454
55,465
50,423
50,284
50,254
1.5%
0.9%
2.2%
4.1%
7.3%
3.7%
3.8%
-9.1%**
-0.3%
-0.1%
*Per
Per instructions from the Florida Department of Revenue,
beginning in 2009, single family residential parcels with a
second dwelling were reclassified to multi
multi-family use 10
units or less.
** Per instructions from the Florida Department of Revenue, in 2009 approximately 4000 commercial
condominium parcels were reclassified from Condominium use to Commercial/Industrial use. Beginning
in 2009 the condominium parcel count reflects only residential units.
Page 18
Property by Type
Sarasota County Real Property Parcels and Values
Property Type
Parcel Count
Market Value
Taxable Value
% of Total
Taxable
Value
Residential Properties
Vacant Residential
55,459
$1,000,728,300
$975,340,317
2.56%
129,893
$24,171,198,700
$18,814,176,479
49.41%
11,780
$627,602,400
$438,470,445
1.15%
4,081
$1,282,019,800
$1,078,629,028
2.83%
50,254
$10,620,011,370
$9,407,655,861
24.71%
365
$68,174,915
$64,336,584
0.17%
251,832
$37,769,735,485
$30,778,608,714
80.84%
188
$388,395,600
$304,659,244
0.80%
12
$296,259,200
$215,343,151
0.57%
788
$375,039,200
$364,047,601
0.96%
7,984
$5,152,264,423
$4,856,613,092
12.76%
310
$62,234,700
$59,536,352
0.16%
2,273
$852,325,500
$837,471,335
2.20%
Agricultural
944
$616,159,290
$55,107,595
0.14%
Institutional
753
$1,509,266,500
$466,671,551
1.23%
Government
784
$2,629,002,312
$2,778,804
0.01%
22
$10,975,300
$3,689,571
0.01%
1,977
$245,939,600
$72,455,921
0.19%
210
$59,287,211
$57,444,531
0.15%
16,245
$12,147,148,836
$7,295,818,748
19.16%
268,077 $49,916,884,321 $38,074,427,462
100.00%
Single Family Homes
Mobile Homes
Multi-Family <10 Units
Condominiums
Cooperatives
Residential Sub-Total
Non-Residential Properties
Multi-Family >10 Units
Retirement Homes & Misc. Res.
Vacant Commercial
Improved Commercial
Vacant Industrial
Improved Industrial
Leasehold Interest
Miscellaneous
Non-Agricultural Acreage
Non-Residential Sub-Total
Totals
Page 19
Manufactured (Mobile) Homes
A manufactured home may be classified as either real property or as a motor vehicle.
vehicle If the
manufactured home owner owns or has beneficial interest to the land where the home is
located the home is considered real property and valued as an improvement to the land. In this
case, the resident owner may be eligible for a homestead exemption
exemption. Typically,
Typically manufactured
homes in Resident Owned Communities (ROC) are valued as real property when the owner of
the home becomes a stock member of the community and receives a 99-year
year proprietary lease.
If the land is rented, the manufactured home is considered a motor vehicle and the
attachments to the home (carports, screen porch, etc.) are classified and placed on the
assessment rolls as tangible personal property.
Manufactured Homes
Year
Real Property
Parcels
Tangible Personal
Property Parcels
Total
Parcels
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
10,783
11,058
11,270
11,471
11,557
11,605
11,651
11,647
11,656
11,780
9,127
8,827
8,602
8,428
8,281
7,953
7,867
7,819
7,779
7,625*
19,910
19,885
19,872
19,899
19,838
19,558
19,518
19,466
19,435
19,405
* Riverwalk
walk M.H.P changed from TPP to Real Property for 2011 Tax Roll.
Page 20
Exemptions
The Constitution of the State of
Florida provides for a number of
property exemptions that may reduce
the taxable value of a property. The
property must qualify for the
exemption as of January 1.
Exemptions usually require the filing
of an original application by March 1
of the year the exemption is first
requested. Some exemptions are
automatically renewed in subsequent
years while others require annual
application and confirmation.
2011 Exemptions & Classified Use Values
Sarasota County
Type
$25,000 Homestead Exemption
Save Our Homes Cap Differential
Additional $25,000 Homestead Exemption
Non-Homestead 10% Cap Differential
Seniors Exemption
Governmental Exemption (Real & Tangible)
Organizational Exemption (Real & Tangible)
Tangible Personal Property Exemption
Value
$2,800,129,009
$1,559,393,662
$2,376,122,524
$102,552,430
$7,443,400
$3,590,701,933
$1,089,807,724
$165,020,193
Agricultural Classification
Market Value
Assessed Value
Classified (Exempt) Value
$576,996,990
$14,433,245
$562,563,745
Page 21
Homestead Exemption
This is the most prevalent property exemption;
more than 40% of the parcels in Sarasota County
enjoy this benefit. Every person who owns and
resides on real property in Florida on January 1 and
makes the property their permanent residence is
eligible to receive a homestead exemption of up to
$50,000. The first $25,000 exemption applies to all
property taxes, including school district taxes. The
additional exemption of up to $25,000 applies to
the assessed value between $50,000 and $75,000
and only to non-school taxes.
Homestead Exemptions
Sarasota County
Year
Number of
Exemptions
% Change
2002
2003
104,529
106,960
3.20%
2.33%
2004
109,503
2.38%
2005
111,876
2.17%
2006
113,588
1.53%
2007
116,116
2.23%
2008
116,852
0.63%
2009
115,705
-0.98%
2010
113,981
-1.48%
2011
112,148
-1.61%
Save Our Homes Cap
As a result of a voter’s initiative, the Constitution of
the State of Florida was amended in 1992 to provide
a limitation in annual increases to the Assessed
Value of homestead exempt property.
This
provision is commonly known as “Save Our Homes”
(SOH). It works by limiting annual increases in
Assessed Value to no more than 3% or the amount
of the Consumer Price Index (CPI), whichever is less.
However, new construction is added at market
value on the year after the improvements are done.
On the first year the homestead exemption is
granted, the Market Value and Assessed Value are
equal. Thereafter, the increase in Assessed Value is
limited by the annual SOH percent increase. The
difference between Market Value and the capped
Assessed Value is often called the “Save Our
Homes” cap.
Save Our Homes (SOH)
Limitation (Cap) Rate History
Roll Year
Assessed Value
Increase Limit
2002
1.6%
2003
2.4%
2004
1.9%
2005
3.0%
2006
2007
2008
3.0%
2.5%
3.0%
2009
0.1%
2010
2.7%
2011
1.5%
Page 22
Homestead Assessment Differential
For Sarasota County
Year
Differential
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
$3,357,700,153
$5,373,024,267
$7,198,939,745
$9,722,327,409
$16,369,486,988
$14,262,191,478
$7,991,870,553
$3,896,478,359
$2,215,896,974
$1,559,393,662
Differential
% change
from prior
year
60%
34%
35%
68%
-13%
-44%
-51%
-43%
-30%
Parcels with
Differential
91,052
95,068
96,501
98,605
101,627
97,200
81,880
59,523
43,096
29,331
% Change from
Prior Year for
Parcels with
Differential
4%
2%
2%
3%
-4%
-16%
-27%
-27%
-32%
Average
Differential
Homestead
Parcels
% of HX
Parcels with
Differential
$36,877
$56,518
$74,600
$98,599
$161,074
$146,730
$97,605
$65,462
$51,417
$53,165
104,529
106,960
109,503
111,876
113,588
116,116
116,852
115,705
113,981
112,148
87%
89%
88%
88%
89%
84%
70%
51%
37%
26%
In 2011, the average amount of a Save Our Homes Cap for a homestead property in Sarasota
County was $53,165. Among the 112,148 homestead exempt parcels, 26% realized an added
savings from the Save Our Homes differential; an all time low since 2002.
Page 23
10% Assessment Limitation Cap for Non-Homestead Property
A 10% Assessment Limitation Cap on the Assessed Value of non-homestead residential and
non-residential properties became effective with the 2009 Assessment Roll. The limitation
remains with the property until a change of ownership or control of more than 50% occurs. The
Legislature adopted statutes to implement this constitutional provision.
Residential 9 units or less
(F.S. 193.1554)*
Year
Differential
Parcels
with
Differential
2009
2010
2011
$27,009,670
$37,960,089
$53,690,429
1,121
2,238
3,065
Residential 10 units or more &
Non-Residential (F.S. 193.1555)**
Average
Differential
Year
$24,094
$16,961
$17,517
2009
2010
2011
Differential
Parcels
with
Differential
Average
Differential
$99,228,340
$55,033,503
$48,862,001
862
762
731
$115,114
$72,222
$66,843
*Section 193.1554 applies to non-homestead residential property with no more than 9 dwelling units and to vacant property
zoned for residential uses. New construction is added at market value on the year after the improvements are done.
**Section 193.1555 applies to all residential properties with 10 units or more and all non-residential properties. It provides for
the reassessment of the property and resetting of the 10% cap when a qualifying improvement increases the market value of
the property by at least 25%.
Homestead Portability
Since 2009 property owners have been able to transfer or PORT their accumulated Save Our
Homes cap differential value from their prior homestead exempt property to their new homestead
exempt property anywhere in the State of Florida.
2011 Homestead Portability
Municipality
City of Sarasota
City of Venice
City of North Port
All Sarasota County
# Parcels
Total Portability
Value
57
15
6
35
394
$3,495,560
$301,861
$547,897
$617,935
$14,279,793
Page 24
Foreclosures
Foreclosures in Sarasota County show no signs of slowing down. In the first 10 months of this
year, 1,280 Certificates of Title transferred Sarasota County properties to lenders.
To provide easy access to foreclosure location and ownership information, our Geographic
Information System department has created an Interactive Foreclosure Map found on our web
site. This map shows foreclosed properties by Certificates of Title (the most common form of
property transfer to a foreclosing lender) beginning in 2007. You can find the link to the map on
our home page at www.SC-PA.com.
Recorded Lis Pendens*
1000
900
800
700
600
500
400
300
200
100
0
2000 Base Year
2007
2008
2009
2010
2011
Jan
Feb
Mar
Apr
May June July
Aug Sept
Oct
Nov
Dec
*Note: Recorded since 2007. Not all recorded Lis Pendens lead to a Foreclosure. Recorded Lis Pendens include
notices of withdrawn Lis Pendens and Governmental notices of condemnation proceedings. This data represents
trending of recorded Lis Pendens only.
Recorded Certificates of Title*
600
500
2000 Base Year
400
2007
300
2008
200
2009
100
2010
0
Jan
Feb
Mar
Apr
May June July
Aug Sept
Oct
Nov
Dec
*Note: Recorded since 2007. Not all recorded Certificate of Titles lead to a Foreclosure. This data represents
trending of recorded Certificate of Titles only.
Page 25
New Construction
New construction
ction declined
significantly
antly following the peak
in 2007. Taxable value
alue of new
construction in 2011 w
was $135
million, virtually remaining at
the same levels as last year
year.
Sarasota County Taxable Value
New Construction
$2,500,000,000
$2,000,000,000
$1,500,000,000
$1,000,000,000
$500,000,000
$0
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
Municipality Taxable Value
New Construction
$700,000,000
$600,000,000
$500,000,000
$400,000,000
$300,000,000
City of Sarasota
City of Venice
$200,000,000
Town of Longboat
Key
$100,000,000
City of North Port
$0
Page 26
Agricultural Use
There are 366,810 acres of
land in Sarasota County of
which 104,181 (or 28.4%)
28.4
were classified agricultural
agricultura
land use as of January 1,
2011.. Approximately 96% of
the acres are pasture land
and 4% are used for crops.
Agricultural Classified Land in Sarasota County
Year
Parcels
Acres
% of Total County
Lands
2003
2004
2005
2006
2007
2008
2009
2010
2011
859
842
870
810
837
866
901
911
944
125,690
121,591
117,726
115,370
115,114
108,201
107,768
108,130
104,181
34.3%
33.1%
32.1%
31.5%
31.4%
29.5%
29.4%
29.5%
28.4%
Acres Classified as Agricultural Land
Sarasota County
130,000
120,000
110,000
100,000
90,000
2003 2004 2005 2006 2007 2008 2009 2010 2011
Page 27
Government Lands
Sarasota County is 571.55
square
re miles in size. Of
this, 30% or roughly 172
square miles is
government owned
property (excluding public
right-of-ways and
river/waterway bottoms).
Government Authority
Acres
State of Florida*
50,919
Sarasota County
48,885
Municipal
5,297
Political Subdivision
2,290
School Board
1,925
Sarasota/Manatee Airport Authority
213
Public Hospital Board
368
Federal
348
*Includes West Coast Inland Navigation District and
SW Florida Water Management District
Page 28
Redevelopment Areas
The Community Redevelopment Act of 1969 was created by the State Legislature so that county
and municipal governments could address the deteriorating and adverse conditions of specific
communities and neighborhoods. It allows the local government to desig
designate
nate a Community
Redevelopment Area (CRA) if that area meets certain criteria such as the presence of
substandard or inadequate structures, a shortage of affordable housing, inadequate
infrastructure, or inadequate parking or roadways. The purpose of a CR
CRA
A is to allow a portion
of the tax dollars to be used specifically for redevelopment purposes in the designated area.
Funding of these projects begins with Tax Increment Financing (TIF), which is a method for
leveraging public dollars to stimulate private investment in the CRA district. The dollar value of
all property in the CRA is determined as of a given date and “frozen”. All tax revenues
generated from any increases in real property values (over the frozen value) are used for
redevelopment efforts in
n the CRA district. 1
1
SCOPE,, Community Changes Redevelopment & Infill Study Group Report, Spring 2004.
Page 29
There are over 130 CRAs in Florida. Three are located in Sarasota County: Newtown (started
in 2008), Englewood (started in 1999), and the downtown core of the City of Sarasota (started
in 1986). By design, CRAs are long
long-term tools and may be in place for up to 30 years. Only the
value of Real Estate property is reported for these areas; Personal Property is not included.
Redevelopment Areas in Sarasota County
Community Redevelopment
Areas
2011 Taxable
Value
Base Year Taxable
Value
City of Sarasota (City Value)*
$1,648,494,976
$411,676,160 (1986)
City of Sarasota (County Value)*
$1,646,895,181
$411,676,160 (1986)
Englewood (County Value)
$884,160,150
$538,174,830 (1999)
Newtown (City Value Only)
$96,920,347
$176,044,120 (2008)
*Note: The current difference between City and County taxable value is due
to the availability of different tax exemptions for City and County.
Page 30
Florida Counties – Taxable Value Comparison
The twenty counties with the highest Taxable Value represent over 81% of the statewide
Taxable Value.
Top 20 Florida Counties - Taxable Value
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
County
Dade (Miami)
Broward (Ft. Lauderdale)
Palm Beach (W. Palm Beach)
Orange (Orlando)
Hillsborough (Tampa)
Collier (Naples)
Pinellas (Clearwater)
Lee (Ft. Myers)
Duval (Jacksonville)
Sarasota
Brevard (Titusville)
Polk (Lakeland)
Volusia (Daytona Beach)
Seminole (Sanford)
Manatee (Bradenton)
Pasco (Dade City)
Monroe (Key West)
Saint Johns (St. Augustine)
Martin (Stuart)
Osceola (Kissimmee)
2011 Total Taxable
Value*
$186,962,023,337
$126,414,014,099
$124,519,237,190
$81,565,444,961
$62,100,870,943
$58,399,698,901
$55,602,604,228
$53,601,523,403
$50,879,387,281
$39,575,831,502
$24,924,865,070
$24,440,706,317
$24,090,219,707
$23,994,202,192
$23,756,729,326
$20,323,341,802
$18,690,561,551
$17,458,649,070
$17,142,845,280
$16,720,207,326
% Change
-2.63%
-2.32%
-2.17%
-2.92%
-4.36%
-4.95%
-4.60%
-3.82%
-6.28%
-6.23%
-14.32%
-6.30%
-7.99%
-5.57%
-4.03%
-2.00%
-4.82%
-4.93%
-2.00%
-7.37%
Statewide
$1,287,710,063,574
-4.27%
*DOR data for 2011 is preliminary only and may not reflect the final values.
Page 31
Addendum A – Ad Valorem Taxing Authorities
Code Description
0100
0120
0130
0140
0150
0161
0200
0300
0400
0500
0600
0700
0800
0900
1000
1100
1200
1300
1410
1500
1800
2000
2110
2300
2700
2800
2900
3000
3100
3200
3300
3400
3600
3700
3800
4000
4200
4300
Sarasota County
County Msqt
County Hosp
SWFWMD-Dist
WCIND
SB State Law
City Sarasota
Venice
Longboat
North Port
CC Sarasota
Villge Green
Kensngton Pk
Nokomis East
Col Terr/Gld
Glf Gate Wds
Englewood Wt
South Gate
LBK A Debt
Englwood Lt
Siesta Ky Lt
Gulf Gate Lt
LBK B Debt
Ven Gardens
Warm Min Spr
River Forest
Denham Acres
Oyster Bay
Rdgwd Estate
Shadow Lakes
So Gate Rdge
Rvervew Man
Southpointe
Forest Lakes
East Park
Overbrook Gd
Nrthgate Ctr
Ctr Gate Wd
Full Description
Sarasota County
Sarasota County Mosquito Control
Sarasota County Public Hospital Board
Southwest Fl. Water Management Dist.
West Coast Inland Navigation District
School Board
City of Sarasota
City of Venice
City of North Port
Country Club of Sarasota Lighting
Village Green Lighting
Kensington Park Lighting
Nokomis East Lighting
Colonial Terrace/Golden Acres Lighting
Gulf Gate Woods Lighting
Englewood Water
South Gate Lighting
Longboat Key Erosion Control District A
Englewood Lighting
Siesta Key Lighting
Gulf Gate Lighting
Longboat Key Erosion Control District B
Venice Gardens Lighting
Warm Mineral Springs Lighting
River Forest Lighting
Denham Acres Lighting
Oyster Bay Lighting
Ridgewood Estates Lighting
Shadow Lakes Lighting
South Gate Ridge Lighting
Riverview Manor Lighting
Southpointe Shores Lighting
Forest Lakes Lighting
East Park Lighting
Overbrook Gardens Lighting
Northgate Center Lighting
Center Gate Woods Lighting
Page 32
4400
4500
4700
4800
4900
5000
5100
5200
5400
5500
5600
5900
9000
9100
9200
9300
9400
9500
Bay Vista Bv
Clark Rd Ind
Bay Point
Phillippi Gd
So Venice Lt
Jacaranda W
Uplands
Sunrise Golf
Venetian Gdn
North Casey
Center Gate Est
Aqualane Est
SCEMS
St Armands
Waterwy MSTU
Goldgate
Siesta VilPID
Downtown Imp
Bay Vista Blvd Lighting
Clark Road Industrial Lighting
Bay Point Lighting
Phillippi Gardens Lighting
South Venice Lighting
Jacaranda West Lighting
Uplands Lighting
Sunrise Golf Club Lighting
Venetian Gardens Lighting
North Casey Key Public Improvement
Center Gate Estates Lighting
Aqualane Estates Lighting
Sarasota County Emergency Medical Services
St Armands Special Business Neighborhood Imp
Sarasota County Navigable Waterways Maint
Golden Gate Point Streetscape Special District
Siesta Key Village Public Improvement District
Downtown Improvement District
Page 33
Addendum B – Mobile Home Parks
Resident Owned Mobile Home Parks
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
Arbors
Alameda Isles
Brook To Bay
Colonial Manor
Country Club Estates
DeSoto Place Park
Gulf Shore of LBK
Harbor Cove
Harbor Isles
Harbor Lights
Hatchett Creek (Sec. of Venice Bay)
Holiday Park
Japanese Gardens
Kings Gate Club
Kings Gate I (Res. owned RV Park)
La Casa
Lazy River
Mobile Estates
Oak Grove Mobile Home Park
Oakwood Manor
Polynesian Village
Riverwalk M.H.P
Sandalwood
South Winds
Stickney Point MHP
Tangerine Woods
Terra Cove
Trailer Acres (Sec. of Harbor Cove)
Tri Par
Twin Shores MHP
Venetian Estates
Venice Bay Adult
Venice Isle Mobile Estates
Windward Isle
515 S. Tamiami Trail, Osprey, FL
1 Alameda Grand, Englewood, FL
1891 Englewood Rd., Englewood, FL
1200 Ridgewood Ave., Venice, FL
700 Waterway, Venice, FL
1100 University Pkwy., Sarasota, FL
3710 Gulf of Mexico Dr, LBK, FL
499 Imperial Dr., North Port, FL
100 Palm Harbor Dr., Venice, FL
617 N. Tamiami Trail, Sarasota, FL
N. Tamiami Trail, Venice, FL
5401 Holiday Park Bv., N. Port, FL
6181 Teahouse Rd., Venice, FL
1 Castle Dr., Nokomis, FL
1 Brookshire Dr., Nokomis, FL
300 El Prado, North Port, FL
10500 S. Tamiami Tr. N. Port, FL
6741 S. Tamiami Tr., Sarasota, FL
3330 Fruitville Rd., Sarasota, FL
1495 Alamander Ave., Englewood, FL
101 Riverwalk Dr., North Port, FL
300 Piper Dr., Venice, FL
6103 S. Tamiami Trail, Sarasota, FL
5802 Richard Pl., Sarasota, FL
706 Watersedge St., Sarasota, FL
1060 Laurel Rd. E., Nokomis, FL
499 Imperial Dr., North Port, FL
1616 Presidio St., Sarasota, FL
3740 Gulf of Mexico Dr, Longboat Key, FL
8885 S. Tamiami Tr., Sarasota, FL
600 N. Tamiami Trl., Venice, FL
600 Cortina Blvd., Venice, Fl
1 Catamaran Dr., Sarasota, FL
Page 34
Rental Mobile Home Parks, Sarasota County
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
Aloha M.H.P.
Alston Trailer Park
Aristocrat M.H.P.
Bahia Vista Estates
Bay Front M.H.P.
Bay Indies M.H.P.
Bay Lake Estates
Buckingham Club
Camelot East
Camelot Lakes
Cedar Cove
Circus City M.H.P.
Deer Creek M.H.P.
Englewood Greens
Estrada M.H.P.
Florida Pines
Friendship Village
Happy Haven
Haveners M.H.P.
Hostetlers M.H.P.
L and L M.H.P.
Lake Village M.H.P.
Laurel M.H.P.
Meadows (Motel & Trailer Pk)
Myakka M.H. Court
Orange Acres M.H.P.
Orange Avenue Trailer Park
Palm and Pines M.H.P.
Palm Terrace M.H.P.
Park East Club M.H.P.
Pine Ridge M.H.P.
Pine Shores Trailer Park
Ridgewood M.H.P.
Ringling Oaks M.H.P.
Royal Palms M.H.P.
Rusty’s M.H.P.
Sara Bay M.H.P.
Saralake Estates
Sarasota Bay M.H.P.
Schmitt’s M.H.P.
Shady Haven M.H.P.
100 Hawthorne St., Sarasota, FL
2179 Englewood Rd., Venice, FL (off US 41)
677 N. Tamiami Trail, Nokomis, FL
33901 Bahia Vista, Sarasota, FL (E. of Beneva)
922 Sarabay Dr., Osprey, FL
950 Ridgewood Ave., Venice, FL
1200 E. Colonial Lane, Nokomis, FL
1919 Buccaneer Drive, Sarasota, FL
6300 Queensbury Blvd., Sarasota, FL
5700 Camelot Lakes Pkwy., Sarasota, FL
7020 Captain Kidd Ave., Sarasota, FL
930 N. Beneva Rd., Sarasota, FL
210 E. Horton, Englewood, FL
250 McCall Rd., Englewood, FL
3512 Estrada St., Sarasota, FL
150 Satuhlah Circle, Venice, FL
1197 N. East Ave., Sarasota, FL
124 W. Happy Haven Dr., Osprey, FL
6627 Avenue A, Sarasota, FL
3471 Bahia Vista, Sarasota, FL
3422 Schrock St., Sarasota, FL
400 Lake Dr., Nokomis, FL
26 Inlet Blvd.(1390 N. Tamiami Tr., Laurel, FL)
9071 S. Tamiami Trail, Venice, FL
5800 Clark Rd., Sarasota, FL
1500 N. Orange Avenue, Sarasota, FL
3223 Lockwood Ridge Rd., Sarasota, FL
2320 Bee Ridge Rd., Sarasota, FL
449 Ixora Circle, Venice, FL
2736 Old Bradenton Rd., Sarasota, FL
2911 N. Lockwood Ridge Rd., Sarasota, FL
718 S. Tamiami Trail, Osprey, FL
3190 Bahia Vista, Sarasota, FL
42 W. Oak Street, Osprey, FL
318 Howell Place, Sarasota, FL
Page 35
42
43
44
45
46
47
Spanish Lakes M.H.P.
Sunny South M.H.P.
Venice City (Municipal Park)
Venice Ranch M.H.P.
Winds of St Armands North
Winds of St Armands South
2100 Doud St., Sarasota, FL
2496 Sylvia Lane, Venice, FL
4000 N. Tuttle Avenue, Sarasota, FL
3000 N. Tuttle Avenue, Sarasota, FL
Recreational Vehicle Parks (RV Parks)
Myakka River RV Pk
Pribe James
3
4
5
Myakka River
Meadows RV Park
Myrtle J. Riverside RV
Park
Ramblers Rest
Royal Coachman
6
7
Sarasota Lakes
Sun & Fun
Sarasota Lakes Co-op Inc
Royalty Resorts Corp
8
Venice Campground
Windward Isle (Rental RV
Section)
Brown Sr Harry L
10400 S. Tamiami Trail, North
Port, FL
9075 S Tamiami Tr Venice, FL
10001 S. Tamiami Trail, Venice,
FL
1300 River Road, Venice, FL
1070 E. Laurel Rd., Nokomis, FL
1670 University Pkwy, Sarasota,
FL
7125 Fruitville Rd., Sarasota, FL
River Road/E Venice Ave.,
Venice FL
Windward Homeowners
1 Catamaran Dr., Sarasota, FL
1
2
9
Kimball Patricia TTEE
Ramblers Rest LLC
Lemb III LP
Pictures shown in this report are courtesy of the Sarasota County Information Technology Department, the
Sarasota County Communications Department and the City of North Port.
Page 36

Annual Report - Sarasota County Property Appraiser

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