TRIM Amy Murphy, City of Tampa Kent Olson, City of Tallahassee

TRIM

Amy Murphy, City of TampaKent Olson, City of Tallahassee

Issues to Discuss:• Overview of TRIM • TRIM Calendar• Budget Hearing requirements• Advertisements• TRIM Compliance • Relevant (and often Required) Forms• Maximum Millage and Future Levy Capacity• Value Adjustment Board

3

What is TRIM?

• TRIM (Truth in Millage) is under Florida Statutes 200 - Determination of Millage

• Specifically governed by F. S. 200.065 - Method of Fixing Millage

• Purpose is to provide taxpayers transparency in how local taxing authorities propose and approve millage rates as part of the taxing authorities’ budget adoption process.

• Determine whether there is a tax increase proposed (calculate the rolled-back rate)

4

What is the Rolled-back Rate?

• The millage rate necessary to raise, in the aggregate, the same amount of money this year from the taxpayers on last year’s tax roll that was raised a year ago (excludes new construction)

• Levying a millage rate higher than the rolled-back rate will require the taxing body to advertise a tax increase

5

Truth in Millage (TRIM)

• Florida Statute Chapter 200

• Provides calendar for property tax levy and budget adoption process

• Outlines requirements to be in compliance

• Department of Revenue (DOR) is responsible for enforcing compliance

6

Key Processes• June 1st Estimate • TRIM Notice (forms DR-420, DR-420MM-P, DR-

420TIF forms)• Budget Ordinance & Resolutions• Proper Notices and Advertisements • Public Hearings • DR-422 (before and after VAB)• TRIM Compliance Package

7

TRIM Notice Forms

• Forms are inter-related• Complete DR-420TIF first, then DR-420 and DR-

420MM-P• Should be completed and presented together

for policymakers’ review

8

TRIM Calendar • On or before June 1st - Property Appraiser provides

estimated taxable values to local taxing authorities (not technically part of TRIM)

• July 1 – 1st day of calendar – Property Appraiser provides the Preliminary Tax Roll to all taxing bodies on Form DR-420—This is the basis for levying property taxes in the upcoming year

• By day 35 (August 4), taxing bodies must file with the property appraiser and the tax collector the tentative millage rate on form DR-420 as well as forms DR-420TIF and DR-420MM-P— Also must provide tentative (1st) public hearing date on DR-420

9

Property Tax / TRIM FY2013 Calendar

June 2012

SUNDAY MONDAY TUESDAY WEDNESDAY THURSDAY FRIDAY SATURDAY

1 2 Update Valop from

estimate

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 8:30 AM - 12:00 PM

TRIM WebEx Training

HCPA Certified Values Meeting Revenue Calculated

Prepare letter to Council –PH Dates TRIM Team Mtg

10

Property Tax/TRIM FY2013 Calendar (cont.)July 2012


1 2 3 4 5 6 7 Ist day of TRIM TRIM Team begins

to work on DR420's

8 9 10 11 12 13 14

15 16 17 18 19 20 21 Complete DR420's

w/ TRIM Team

22 23 24 25 26 27 28 Budget Director

signs DR420's Mayor Presentation Attorney, CFO, COS,

Mayor sign DR420s

29 30 31 DR420's delivered

to PA

11

TRIM Calendar (cont.)

• Notice of Proposed Taxes is distributed by the Property Appraiser no later than day 55 (August 24)

• Between day 65 (September 3) and day 80 (September 18), taxing authority must hold its first public hearing

• Within 15 days of holding the first public hearing, the taxing authority must publish an advertisement to adopt the final millage and budget

12

Property Tax/TRIM FY2013 Calendar (cont.)August 2012


1 2 3 4 Internal Deadline:

DR420's due back to PA

DROP DEAD DATE: DR420's due back to Property Appraiser

5 6 7 8 9 10 11 Charter Ad to

Budget Mgrs & Dir, Attorney for review

12 13 14 15 16 17 18 Charter Ad to Clerk Receive tax year

2011 Final DR422's from PA

Return tax year 2011 Final DR422's to HCPA

19 20 21 22 23 24 25 Budget Ordinance

into DocGenda Final Proof Approved with Tribune

Reso & TRIM Ad to Budget Mgrs & Dir, Attorney for review

26 27 28 29 30 31 RNC RNC RNC RNC RNC

13

TRIM Calendar (cont.)

• Second public hearing must be held between 2 and 5 days after the advertisement has been published

• Within 3 days after the second public hearing, taxing authority must file its millage rate ordinance with the property appraiser and the tax collector

14

Property Tax/TRIM FY2013 Calendar (cont.)September 2012


1

2 3 4 5 6 7 8 Labor Day Charter Ad in

Papers Reso/TRIM Ad to Clerk

9 10 11 12 13 14 15 Millage & CIP

Budget resos into DocGenda

School Board Public Hearing

Hillsborough County - 1st Public Hearing

5:01 PM City of Tampa - 1st Public Hearing

16 17 18 19 20 21 22 Rosh Hashanah Hillsborough

County - 2nd Public Hearing

Run TRIM Ad

23 24 25 26 27 28 29 Available date for TRIM Ad

Available date for TRIM Ad

Last Available date for TRIM Ad

Yom Kippur 5:01 PM City of Tampa - 2nd Public Hearing

Resolution adopting final millage to PA & TC

30

15

TRIM Calendar (cont.)• End of September or early October - Taxing authorities

receive extended roll taxable values from Property Appraiser (DR-422). Taxing authorities have three days to determine if they will adjust their millage rates administratively

• Within 30 days after the second public hearing, taxing authority files certification (DR-487) and required documentation with the Department of Revenue

• Within 60 days after the second public hearing, the DOR will indicate compliance or non-compliance with the Statute

• After completion of Value Adjustment Board hearings, Property Appraiser provides taxing authorities with final taxable values

16

Property Tax/TRIM FY2013 Calendar (cont.)October 2012


1 2 3 4 5 6 Anticipated

Extended Roll DR422

Return Extended Roll DR422 to HCPA

7 8 9 10 11 12 13 Route Compliance

Certification for signature

14 15 16 17 18 19 20 Budget Director &

Attorney sign Mayor out of office

Mayor out of office CFO sign

Mayor out of office

Mayor out of office Mayor out of office Mayor out of office

21 22 23 24 25 26 27 COS & Mayor sign

DR-487 TRIM compliance certification to DOR

TRIM compliance received by DOR

Last day to submit TRIM compliance certification to DOR

28 29 30 31

17

TRIM Calendar - Florida DOR

18

TRIM Calendar – County Property Appraiser

19

Budget Hearings

• Per F.S. 200.065, School Boards and Counties have priority in selecting public hearing dates

• School Boards get first priority, Counties are second

• No other taxing authority can hold its hearing on the same date as the School Boards or Counties

• Hearings start after 5 p.m. (5:01 p.m. at the earliest, for the Department of Revenue)

20

Budget Hearings (cont.)• At both hearings, millage rate must be discussed

first before the Budget; increase over RBR must be announced

• At the first public hearing, the millage rate can be increased from the tentatively adopted millage in July; however, would require a first class mailing to all taxpayers

• At the second public hearing, the millage rate cannot be increased from the tentatively adopted millage rate at the first public hearing

21

Budget Hearings (cont.)

• The general public is allowed to speak before the governing body can take any action of adoption

• The millage must be adopted before the budget can be adopted

• No millage can be levied until a resolution or ordinance has been adopted by the taxing authority

22

Public Hearing

23

Budget Hearings (cont.)• The following must be publicly announced at the

hearing before the millage can be adopted:– Name of the Taxing Authority– Rolled-back rate– Percentage of increase over the rolled-back rate – Millage to be levied

24

Ad Publication Requirements

• If the proposed millage rate is greater than the rolled-back rate, then you must publish a Notice of Tax Increase ad

• If the proposed millage rate is less than or equal to the rolled-back rate, then you must publish a Notice of Budget Hearing ad

• In either case, a Budget Summary advertisement is required to be published adjacent to the appropriate “Notice” ad

25

Notice of Proposed Tax Increase Ad

• There are size requirements for the Notice of Proposed Tax Increase ad—Full 1/4 page—Headline type of 18 point or larger

• May not be published in legal or classifieds• Do not deviate from specified language (see

TRIM Manual on DOR website)

26

Notice of Budget Hearing Ad

• No specific size requirements

• May not be published in legal or classifieds

• Do not deviate from specified language

27

Budget Summary Ad

• No size requirements• Must be published adjacent to the appropriate

“Notice” ad• Include all budgeted funds, revenues, expenditures

and reserves– Group by fund type (General, Special Revenue, etc.)– Use major classifications to group revenues and

expenditures– Exclude trust, agency, internal service funds as well as

bond proceeds

28

Budget Summary Ad (cont.)

• Basically shows flow of funds including reserves available, revenues and expenditures, transfers, yielding in effect a “Total Available” and a “Total Appropriated”, including reserves

• Must show ad valorem revenue at a level of 95% or greater of the tax levy amount

• See Examples in TRIM Manual

29

Other Advertising

• Some cities or counties have adopted their own advertising requirements in addition to those required by State Statutes

• Make sure that you are aware of any local requirements that you must comply with in addition to DOR standards.

• The City of Tampa’s Charter requires 2 public hearings to be held. – 1st Hearing - at least one week’s notice in 2 papers of

general circulation.

30

Charter Ad Sample

31

DOR TRIM Violations/Infractions

• DOR keeps track of violations or infractions annually

• “Minor” infractions are noted with the letter the taxing authority receives if the TRIM package is “in compliance”

• Serious violations and how they may be corrected are included in letter of non-compliance

32

Non-Compliance

33

Non-Compliance

• If Department of Revenue review indicates non-compliance with maximum rates• Determination within 30 days of submittal

deadline (30 days after adoption)• Repeat hearing and advertisement process• Notice includes “Previous Notice . . In Violation of

the Law” • Revised millage adopted recertified with State

within 15 days of adoption; not sent to PA or TC

34

Non-Compliance Notice Language

• THE PREVIOUS NOTICE PLACED BY THE (name of taxing authority) HAS BEEN DETERMINED BY THE DEPARTMENT OF REVENUE TO BE IN VIOLATION OF THE LAW, NECESSITATING THIS SECOND NOTICE.

35

Non-Compliance (cont.)

• If Dept of Revenue determines non-compliance is remedied & recertified, no penalty

• If compliance is not recertified, penalty• If non-compliance is not remedied, penalty• Penalty: 12 months of sales tax revenues

36

Non-Compliance Corrected

• If excess taxes are collected, held by tax collector in trust

• Excess may only be used to reduce taxes in subsequent fiscal year

37

Property Tax Estimate Letter Sample

Relevant Forms• DR-420 – Every taxing body completes; the main form in this process• DR-420TIF – for reporting tax increment financing districts information• DR-420MM-P – Preliminary Maximum Millage•DR-420DEBT – Certification of Voted Debt Millage (if applicable)• DR-420MM – Final Maximum Millage• DR-422 – May be used to Revise Millage, if permitted• DR-487V – Governing Body Vote Record•DR-487 – Used to transmit the millage certification package

39

DR-420• Main purpose is to determine the rolled-back rate

and its relationship to the proposed millage rate• Property Appraiser completes property value

information at the top of the form• Form is filed with the property appraiser (original

and one copy) and tax collector (one copy)• Taxing body completes the remainder of the form

(see example)

40

DR-420 (cont.)

• Due no later than Thursday, August 4th - 35 days after start of TRIM process

• Must obtain DR-420MM-P form from DOR website – Property Appraiser does not provide

• Check the math/data on all forms from the Property Appraiser

• Complete package consists of three different forms (DR-420, DR-420MM-P, DR-420TIF)

• Request revised DR forms, as necessary

41

EXAMPLE – DR-420, p. 1

DR420 Fiscal Year 2012 (Tax Levy Year 2011) Utopia Beach

1. Current Year Tax Value- Real Property 1,178,512,144

2. Current Year Tax Value - Personal Property 42,155,231

3. Current Year Tax Value - Centrally Assessed Property 13,260,287

4. Current Year Gross Taxable - Operating Purposes 1,233,927,662

5. Current Year Net New Taxable Value 12,268,759

6. Current Year Adjusted Taxable Value 1,221,658,903

7. Prior Year Final Gross Taxable Value (from prior year DR403) 1,257,978,930

8. Number of Tax Increment Value sheets 1

9. Does the taxing authority levy a voted debt service or millage voted for 2 years or less? No

10. Prior Year Operating Millage Levy 7.7564

11. Prior Year Ad Valorem Proceeds (7) x (10) 9,757,388

12. Amount, if any, paid or applied in prior year as result of a TIF district (sum line (6c) or (7a) for all DR420 TIF forms) 836,743

13. Adjusted Prior Year Ad Valorem Proceeds (line 11 - line 12) 8,920,645

42

EXAMPLE – DR-420, p. 214. Dedicated Increment Value (sum of 6b or 7e for all DR420

TIF forms) 122,483,123

15. Adjusted Current Year Taxable Value (line 6 - line 14) 1,099,175,780

16. Current Year Rolled-Back Rate (line 13 divided by line 15) x 1,000 8.1158

17. Current Year Proposed Operating Millage Rate 8.1150

18. Total taxes at proposed millage rate (line 17 x line 4, div. by 1,000) 10,013,323

19. Check Type of Principal Authority Municipality

20. Check Type Taxing Authority Principal

21. Is millage levied in more than one county? No

Dependent Special Districts and MSTUs Stop and Sign

22. Total adjusted prior year ad valorem Proceeds of authority, DSDs &MSTUs at rolled-back rate (Line 13 From all DR420s) 8,920,645

23. Curr. Yr. Agg. Rolled Back Rate (line 22 div. by line 15, mult. by 1,000) 8.1158

24. Curr. Yr. Ag. Rolled Back Taxes (line 4 x line 23) 10,014,310

25. Total Oper. Ad Valorem Taxes (line 18 from all DR420's) 10,013,323

26. Curr. Yr. Prop. Ag. Millage Rate (line 25 divided by line 4, x 1,000) 8.1150

27. Curr. Yr. Proposed Rate – as % Chg. Rolled (line 26 divided by line 23) -1, x100 -0.01%

43

DR-420TIF• Property Appraiser completes property value

information on the TIF District at the top of the form• Provided at the same time the DR-420 is• Information from the DR-420TIF is utilized on the DR-420

to help in the calculation of the rolled-back rate• Form is completed by the taxing authority after the

tentative millage rate is adopted by Council at end of July• Form is filed with the property appraiser (original and

one copy) and tax collector (one copy)• Minimal information is completed by the taxing body

(see example)

44

DR-420TIF Example1. Current Year taxable value in the tax increment area

496,118,624

2. Base Year taxable value in the increment area 89,127,7813. Current year tax increment value (line 1 minus line 2) 406,990,4434. Prior year taxable value 502,404,1715. Prior year tax increment value (line 4 minus line 2) 413,276,390

6. a. Enter proportion on which the payment is based 95.00%6. b. Dedicated Increment Value (6a) x (3) 386,640,921

6. c. Amount of Payment to Redevelopment Trust in prior year 3,640,579

7. If amount to be paid to Trust is not based on a proportionof the tax increment value7 a. Amount of Payment to Redevelopment Trust Last Yr7 b. Prior Year Operating Millage Levy (Form DR420, line 10)7 c. Taxes Levied on Prior (multiply line 5 by 7b, divide by 1000)7 d. Previous Yr Payment as Prop of Taxes Levied (7a/7c)7 e. Dedicated Increment Value (7d) x (1)

45

DR-420MM-P

• Used to determine voting levels that will be required based upon the proposed millage rate

• Form is completed by the taxing authority after the tentative millage rate is adopted by Council at end of July (see example)

• Form is filed with the property appraiser (original and one copy) and tax collector (one copy) (see example)

46

Maximum Millage Rates

• Per capita personal income added to the Rolled-back Rate (RBR) only for maximum levy limit calculation purposes

• For advertisement of a tax increase, only RBR counts

• Levy limits – majority, 2/3, unanimous

Maximum Levy Limits • Majority vote – Rolled-back rate(RBR), plus per capita personal income change • Two-thirds vote – 110% of RBR adjusted for per capita personal income• Unanimous vote (¾ if 9 or more) – up to 10 Mil Cap• Referendum – up to 10 Mil Cap• Super-majority vote is of the membership of the governing body, not the members who are present

48

Example - Form DR-420MM-P, p. 1DR-420MM-P for FY13 (Levy Year 2012): Utopia Beach

1. Has your taxing authority levied ad valorem for < 5 yrs? No

2. Current Year rolled-back rate from Current Year Form DR420, line 16 8.1158

3. Prior Year majority vote maximum rate from 2011 Form DR420MM, line 13 7.9471

4. Prior Year operating millage levy from Current Year Form DR420, line 10 7.7564

If line 4 is equal to or greater than line 3, skip to line 11. If less, continue to line 5.

5. Prior year final gross taxable value from Current Year Form DR420, line 7 1,257,978,903

6. Prior year maximum ad val. proceeds with majority vote (3 x 5 div. by 1,000) 9,997,284

7. Amount paid or applied in prior year to a TIF district (C.Y. Form DR420, line 12) 836,743

8. Adjusted prior year ad val. proceeds with majority vote (line 6 minus line 7) 9,160,541

9. Adjusted current year taxable value from Current Year Form DR420, line 15 1,099,175,780

10. Adjusted current year rolled-back rate (line 8 divided by line 9, x 1000) 8.3340

11. Rolled-back rate to be used for maximum millage calculation (line 10, if adjusted, or line 2) 8.3340

12. Change in per capita Florida personal income 1.0447

13. Majority vote maximum millage rate allowed (line 11 x line 12) 8.7065

49

Example - Form DR-420MM-P, p. 214. Two-thirds vote maximum millage rate allowed (line 13 x 1.10) 9.5772

15. Current year proposed millage rate 8.1150

16. Minimum vote required to levy proposed millage (check one) Majority

17. The selection on line 16 allows a maximum millage rate of:(enter appropriate rate) 8.7065

18. Current Year gross taxable value from Current Year Form DR420, line 4 1,233,927,662

19. Current year proposed taxes (line 15 x line 18, div. by 1000) 10,013,323

20. Total taxes levied at the maximum millage rate(line 17 x line 18, div. by 1000) 10,743,191

21. Current year proposed taxes of all dependent special districts & MSTUs (sum of all lines 19 from each district’s Form DR420MM) 0

22. Total current year proposed taxes (line 19 plus line 21) 10,013,323

23. Taxes at the maximum millage of all dependent special districts & MSTUs 0

(the sum of all lines 20 from each district's Form DR420 MM)

24. Total taxes at maximum millage rate (line 20 plus line 23) 10,743,191

25. Are proposed taxes on line 22 < or = to taxes on line 24? yes

50

Example – Form DR-420DEBT

DR-420DEBT Utopia Beach1. Current Year Tax Value- Real Property 47,454,987,0512. Current Year Tax Value - Personal Property 4,725,173,0493. Current Year Tax Value - Centrally Assessed Property 194,778,9694. Current Year Gross Taxable - Operating Purposes 52,374,939,0695. Current Year proposed voted debt millage rate 0.48526. Current year proposed millage voted for 2 yrs or less 1.0000

51

DR-420MM

• Very similar to DR-420MM-P

• Form is completed by the taxing authority after the Council has adopted the final millage rate at the second budget hearing

• Used to verify that the taxing authority adopted a millage rate in accordance with the voting requirements (see example)

52

Form DR-420MM, p. 1DR-420 MM for FY 2012 (Levy Year 2011): Utopia Beach

1. Has your taxing authority levied ad valorem for < 5 yrs? No

2. Current Year rolled-back rate from Current Year Form DR420, line 16 8.1158

3. Prior Year majority vote maximum rate from 2010 Form DR420MM, line 13 7.9471

4. Prior Year operating millage levy from Current Year Form DR420, line 10 7.7564

If line 4 is equal to or greater than line 3, skip to line 11. If less, continue to line 5.

5. Prior year final gross taxable value from Current Year Form DR420, line 7 1,257,978,903

6. Prior year maximum ad val. proceeds with majority vote (3 x 5 div. by 1,000) 9,997,284

7. Amount paid or applied in prior year to a TIF district (Form DR420, line 12) 836,743

8. Adjusted prior year ad val. proceeds with majority vote (line 6 minus line 7) 9,160,541

9. Adjusted current year taxable value from Current Year Form DR420, line 15 1,099,175,780

10. Adjusted current year rolled-back rate (line 8 divided by line 9, x 1000) 8.3340

11. Rolled-back rate to be used for maximum millage calculation (line 10, if adjusted, or line 2) 8.3340

12. Change in per capita Florida personal income 1.0055

13. Majority vote maximum millage rate allowed (line 11 x line 12) 8.3798

53

Form DR-420MM, p. 214. Two-thirds vote maximum millage rate allowed (line 13 x 1.10) 9.2178

15. Current year adopted millage rate 8.1150

16. Minimum vote required to levy proposed millage (check one) Majority

17. The selection on line 16 allows a maximum millage rate of:(enter appropriate rate) 8.3798

18. Current Year gross taxable value from Current Year Form DR420, line 4 1,233,927,662

19. Current year adopted taxes (line 15 x line 18, div. by 1000) 10,013,323

20. Total taxes levied at the maximum millage rate(line 17 x line 18, div. by 1000) 10,340,067

21. Current year adopted taxes of all dependent special districts & MSTUs (sum of all lines 19 from each district’s Form DR420MM) 0

22. Total current year adopted taxes (line 19 plus line 21) 10,013,323

23. Taxes at the maximum millage of all dependent special districts & MSTUs 0

(the sum of all lines 20 from each district's Form DR420 MM)

24. Total taxes at maximum millage rate (line 20 plus line 23) 10,340,067

25. Are adopted taxes on line 22 < or = to taxes on line 24? yes

54

DR-422• Form is prepared by the Property Appraiser once the

Final Taxable Value has been established (October 1)• Taxing authority has 3 days to return the form to the

Property Appraiser• Form may be used to adjust millage administratively

if the assessed value changes significantly from the July 1 Preliminary Tax Value

• Definition of “Significantly”– More than 1% for cities, counties, schools and water

management districts– More than 3% for MSTUs and special districts

55

Example – Form DR-422

DR-4221. Current year gross taxable value line 4, DR420 1,233,927,6622. Final current year gross taxable value from Form DR403 1,202,189,756Percentage of change in taxable value (line 2 divided by line 1, minus 1, mult. by 100) -2.6%

4a. County or municipal principal taxing authority millage rate 8.11505. Unadjusted gross ad valorem proceeds (line 1 x line 4a, divided by 1,000) 10,013,3236. Adjusted gross ad valorem proceeds (line 5 divided by line 2, mult. by 1,000) 8.3292

56

DR-487V

• Used to record the vote of the Council on the millage rate at the second budget hearing

• Must list each councilmember and show how they voted individually

• Form confirms whether the taxing body had the necessary votes to adopt the millage they voted for

57

Does this look familiar?

58

Example – Form DR-487V

DR-487V

Name Yes No

Not Present or Not Voting

John Dixon XGeorge Fulton XDan Niedermeyer XBill Sherman XViolet Wall X

59

DR-487

• Used to transmit the TRIM Compliance package to the State

• Due within 30 days of Final Budget hearing (see example)

60

Example Form DR-487DR-487

Check if E-TRIM ParticipantE-TRIM Participants only need to submit items 1-3WITHIN 30 DAYS OF FINAL HEARING send this signed certification with:1. Proof of Publication from newspaper2. Ordinance or Resolution a. Adopting the final millage rate with % change of rolled-back rate shown b. Adopting the final budget, indicating order of adoption3. ENTIRE PAGE from the newspaper a. Budget Summary Advertisement b. Notice of Proposed Tax Increase or Budget Hearing Advertisement c. COUNTIES ONLY: DR-529, Notice - Tax Impact of VAB, within 30 days of completion4. Copy of DR420, with DR420TIF and DR420DEBT, if applicable5. DR-420MM6. DR-487V7. DR-422

61

The Completed Package

62

Levy Capacity

• Levying less than Maximum Majority Vote provides additional future capacity – not “use it or lose it”

• Maximum majority vote millage rate in following year is based upon the prior year maximum majority vote millage rate

63

Levy Capacity Example• Prior Year Maximum Millage Rate with majority

vote: 7.9471 (line 3, DR-420MM-P)• Prior Year Millage Rate: 7.7564 (line 4, DR-

420MM-P)• While RBR will be calculated starting with the

7.7564 millage, the Maximum that can be levied by majority vote will begin with the “maximum millage” RBR based upon the 7.9471

• Levying less than the maximum rate will create future capacity for the majority vote maximum

64

Value Adjustment Board• Consists of five members: two from the county board of

commissioners, one from the school board, and one citizen each appointed by these two boards

• County appointee must be a homestead property owner• School district appointee must own commercial property • Adjudicates all appeals of assessed value filed by taxpayers that

are not resolved with the property appraiser• Costs are shared 60% by the county, 40% by the school district• In theory, VAB hearings are to be completed before October 1 of

each year (in time for DR-422 to be distributed with final values)• Serious backlogs have developed within the last few years,

resulting in reductions in assessed value well after the tax bills are sent out

65

Property Taxes - Tax Roll Value Summary

1 MILL YIELD Millage RateGROWTH % CHANGE VALUE (@95%) (@95%)

A. Estimated FY10 Tax Roll 5/29/09 -13.301% 25,300,000,000 24,035,000 137,783,041 compared to Cert. Tax Roll 6/30/08 Net Loss (3,881,422,940) (3,687,352) (21,138,113)

B. Certified FY10 Tax Roll 6/23/09 -12.592% 25,506,882,432 24,231,538 138,909,717 vs. Certified FY09 Tax Roll 6/30/08 Net Loss (3,674,540,508) (3,490,813) (20,011,437)

C. Extended DR422@9/25/2009 -0.303% 25,429,481,522 24,158,007 138,488,193 compared to Cert. Tax Roll 6/23/09 Net Loss (77,400,910) (73,531) (421,523)

D. Final DR422@6/24/2010 -0.013% 25,296,612,292 24,031,782 137,764,592 compared to Cert. Tax Roll 6/23/09 Net Loss (210,270,140) (199,757) (1,145,125)

A. Estimated FY11 Tax Roll 5/28/10 -10.965% 22,710,000,000 21,574,500 123,677,979 compared to Cert. Tax Roll 6/23/09 Net Loss (2,796,882,432) (2,657,038) (15,231,738)

B. Certified FY11 Tax Roll 6/24/10 -12.427% 22,337,064,767 21,220,212 121,646,985 vs. Certified FY10 Tax Roll 6/23/09 Net Loss (3,169,817,665) (3,011,327) (17,262,732)


D. Final DR422@6/17/2011 -0.534% 22,217,793,836 21,106,904 120,997,439 compared to Cert. Tax Roll 6/24/10 Net Loss (119,270,931) (113,307) (649,546)

A. Estimated FY12 Tax Roll 5/27/11 -4.030% 21,436,800,000 20,364,960 116,744,170 compared to Cert. Tax Roll 6/24/10 Net Loss (900,264,767) (855,252) (4,902,815)

B. Certified FY12 Tax Roll 6/23/11 -4.032% 21,436,473,172 20,364,650 116,742,390 vs. Certified FY11 Tax Roll 6/28/10 Net Loss (900,591,595) (855,562) (4,904,595)


D. Final DR422@ 8/16/12 -0.305% 21,371,087,190 20,302,533 116,386,300 compared to Cert. Tax Roll Net Loss (65,385,982) (62,117) (356,090)

A. Estimated FY13Tax Roll 5/25/12 -2.036% 21,000,000,000 19,950,000 114,365,370 compared to Cert. Tax Roll 6/24/10 Net Loss (436,473,172) (414,650) (2,377,020)

B. Certified FY13 Tax Roll 6/28/12 -1.727% 21,066,242,166 20,012,930 114,726,123 vs. Certified FY12 Tax Roll 6/23/11 Net Loss (370,231,006) (351,719) (2,016,267)

C. Extended DR422@ 9/28/12 0.533% 21,178,625,985 20,119,695 115,338,162 compared to Cert. Tax Roll 6/28/12 Net Gain 112,383,819 106,765 612,039

PROPERTY TAX UPDATE

Shown below are valuations and tax yields from FY2010 onward including the extended tax roll received on 9/28/2012 from the Hillsborough County Property Appraiser's Office. The extended roll reflects a slight increase in taxable value of approximately $112 million, or 0.533%, resulting in a revenue gain of $612 thousand from the J une 28, 2012 certified tax roll.

66

Additional Resources• Florida Statutes, Chapter 200• Online Sunshine (www.state.leg.fl.us)• DOR – TRIM and maximum millage (

http://dor.myflorida.com/dor/property/trim/trimmax.html)

• DOR – TRIM Compliance Manual (http://dor.myflorida.com/dor/property/trim/)

http://www.state.leg.fl.us/

http://dor.myflorida.com/dor/property/trim/trimmax.html

http://dor.myflorida.com/dor/property/trim/trimmax.html

Documents

TRIM Amy Murphy, City of Tampa Kent Olson, City of Tallahassee