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Property Tax Trends and State Effects
Jessica IceOctober 13, 2009
LeRoy Collins Institute
LeRoy Collins Institute ~ Carol Weissert, Ph. D., Director
FSU Campus ~ 506 W Pensacola Street Tallahassee FL 32306-1601
850-644-1441 ~ 850-644-1442 fax
Outline
• Concern Over Property Tax in Florida• Population Trends• Fast versus Slow Growing Counties• Reliance on Property Tax Over Time• The Effect of Property Tax Exemptions and
Save Our Homes• Future Research
Concern Over Property Tax in Florida
The State of the Economy and Property Tax Revenues
Population Trends
Property Tax and Population
Population Distribution
Fastest and Slowest Growing Counties
• Fastest Growing as a %– Flagler– Osceola– Hernando
• Slowest Growing as a %– Gadsden– Monroe– Taylor
• Fastest Growing in #’s– Miami-Dade– Broward– Palm Beach
• Slowest Growing in #’s– Liberty– Franklin– Lafayette
Fast and Slow Growing: Percent Change
Fast and Slow Growing:Absolute Numbers
A Look at Property Tax Reliance
• Measured by property tax revenues divided by total revenues
Reliance on Property Tax Over Time
Property Tax Reliance and Population
Liberty County Miami-Dade County
Property Tax Reliance and Population Growth
Liberty County Miami-Dade County
The State of the Economy and Reliance on Property Tax
Liberty County Miami-Dade County
Property Tax Reliance• Large and Small Counties both differ on their
reliance of the property tax over time• Reliance on the property tax does not seem
related to changes in population• Nor is a clear relationship observed between
unemployment and reliance on the property tax• Possible Explanations– Large Counties are able to rely more enterprise
activities– Small Counties rely more on intergovernmental
revenues
Homestead Exemption and Save Our Homes
• In 1980 the Legislature placed a constitutional amendment on the ballot increasing the homestead exemption to $25,000
• In 1992 (implemented in 1994) a constitutional amendment (known as “Save Our Homes”) set a cap of 3 percent, or the consumer price index, whichever is less, as the rate at which homesteaded property could increase in value within a year.
Florida Residential Just and Taxable Values: 1976-2006
Just and Taxable Values (Residential)
Liberty County Miami-Dade County
Liberty County:1980 Homestead Exemption
and Save Our Homes
Miami-Dade County:1980 Homestead Exemption
and Save Our Homes
Business versus Residential Property Tax Per Capita
What is the Difference Between Slow Growing and Fast Growing Counties and the Homestead
Exemption/SOH’s?Slow Growing Counties• Median Home Price
(Liberty, owner occupied)– $36,900 (1990)– $66,300 (2000)
• Less likely to subject to in-migration
• More likely to be owner-occupied– 81.8% (Liberty)
Fast Growing Counties• Median Home Price
(Miami-Dade, owner occupied)– $86,500 (1990)– $113,200 (2000)
• More likely to be subject to in-migration
• Less likely to be owner-occupied– 57.8% (Miami-Dade)
Summary
• Conclusions• Future Research