Your property tax bill may rise this year, even if the tax rate stays flat.
We've obtained the preliminary Duval County tax roll, showing a 4.61% increase in property value going in to the upcoming budget cycle, 4.34% specifically in Jacksonville. It's the second year in a row property value has increased in Duval County, following a slump of about seven years.
“The increase is due primarily to new construction, as well as an improving real estate tax market,” says Duval’s Chief Appraiser Keith Hicks.
Hicks says they continue to see new construction growing. The area which will have the most direct impact on you, however, is the increasing value of existing property. With the value of your home rising, your property tax payout this year will also go up, even if the property tax rate remains flat. That's one of many things that will be tackled by the Mayor and City Council during the pending budget negotiations.
As it stands now, and if the rate stays flat, Hicks says they’re projecting a roughly $22.5 million dollar boost to the City budget. The numbers firm up at the end of the month.
Last year, taxable value increased 3.65% in Jacksonville, driven by the same factors. This year’s boost is higher, at 4.34%. Hicks says he expects the trend will continue.
“If new construction continues at the current pace, and the real estate market experienced even modest increases in future years, the taxable value should continue to grow,” he says.
Property value at the Beaches rose 7.25% under the preliminary rolls, and Baldwin is up 2.05%.