1. Brevard County Property Appraiser www.BCPAO.us appraiser@bcpao.us
Dana Blickley, CFA

2. BREVARD COUNTY – FUN FACTS
Area: 1,557 sq mi (541 sq mi of water or almost 35%)
Beaches: 72 mi – Known as Florida’s Space Coast
Population: (2015) 568,088 – 10th Largest County in Florida
Parcels: Approx. 330,000 – 10th Largest County in Florida
Homestead Exemption: Approx. 150,000 parcels (45%)
Just (Total) Value: (2018) 69,481,505,378 – 11th Largest County in Florida
Taxable Value: (2018) 37,701,442,889 – 11th Largest County in Florida 46% of Property in Brevard County is immune or exempt from taxation
5 Unincorporated Districts 16 Municipalities/Towns

3. MARKET VALUE COMPARISON – 2018 VS. 2017
Jurisdiction
2017 Market Value
2018 Market Value
% Chg
COUNTYWIDE
63,729,757,240
69,481,505,378
9.03%
UNINCORPORATED
30,966,364,089
33,263,586,220
7.42%
CAPE CANAVERAL
1,517,746,229
1,637,350,733
7.88%
COCOA
1,422,791,300
1,567,761,700
10.19%
COCOA BEACH
2,692,170,473
2,893,631,439
7.48%
GRANT-VALKARIA
596,021,874
664,158,968
11.43%
INDIALANTIC
594,544,515
619,900,774
4.26%
INDIAN HARBOR BEACH
1,251,816,080
1,363,851,591
8.95%
MALABAR
367,420,572
406,417,222
10.61%
MELBOURNE
7,688,482,398
8,517,246,497
10.78%
MELBOURNE BEACH
610,686,852
651,595,946
6.70%
MELBOURNE VILLAGE
66,753,487
74,775,134
12.02%
PALM BAY
6,854,294,648
7,663,127,729
11.80%
PALM SHORES
118,884,242
129,705,510
9.10%
ROCKLEDGE
2,390,475,428
2,609,155,413
9.15%
SATELLITE BEACH
1,458,076,157
1,593,812,140
9.31%
TITUSVILLE
3,037,796,225
3,450,861,464
13.60%
WEST MELBOURNE
2,095,432,671
2,374,566,898
13.32%

4. TAXABLE VALUE COMPARISON – 2018 VS. 2017
Jurisdiction
2017 Taxable Value
2018 Taxable Value
% Chg
2017 NC
2018 NC
COUNTYWIDE
34,564,221,486
37,701,442,889
9.1%
380,108,570
582,744,368
53.3%
UNINCORPORATED
14,956,626,215
16,213,030,280
8.4%
153,002,072
192,097,020
25.5%
CAPE CANAVERAL
1,138,556,594
1,227,595,411
7.8%
12,363,420
(713,043)
-105.7%
COCOA
890,566,389
971,766,039
7,322,322
25,192,917
244.0%
COCOA BEACH
1,834,321,456
1,976,824,815
3,666,242
2,355,548
-35.7%
GRANT-VALKARIA
364,264,249
397,216,770
5,833,183
7,792,145
33.6%
INDIALANTIC
381,659,377
409,135,464
7.2%
2,047,904
3,229,772
57.7%
INDIAN HARBOR BEACH
842,829,367
904,915,922
7.4%
2,138,798
5,206,519
143.4%
MALABAR
225,672,763
245,389,077
8.7%
3,295,907
3,252,252
-1.3%
MELBOURNE
4,558,171,027
4,973,354,506
58,850,029
93,771,673
59.3%
MELBOURNE BEACH
377,552,711
407,392,948
7.9%
1,402,200
3,768,857
168.8%
MELBOURNE VILLAGE
41,841,094
44,943,804
54,556
146,284
168.1%
PALM BAY
3,592,625,601
3,987,775,062
11.0%
45,003,422
87,416,848
94.2%
PALM SHORES
79,681,581
87,725,752
10.1%
7,100,801
3,092,306
-56.5%
ROCKLEDGE
1,357,786,274
1,471,326,599
12,836,643
17,433,678
35.8%
SATELLITE BEACH
846,112,825
915,271,737
8.2%
3,629,950
2,318,960
-36.1%
TITUSVILLE
1,683,468,940
1,880,720,390
11.7%
27,205,930
62,239,573
128.7%
WEST MELBOURNE
1,392,485,023
1,587,058,313
14.0%
34,355,191
74,143,059
115.8%

5. Property Type Allocation

6. Market Trends
Sales Activity
2018 Sales (All) ,500
2018 Qualified Sales ,600 (51%)
2018 Qualified Residential Sales 14,900
2018 Qualified Commercial Sales
2017 Sales (All) ,700
2017 Qualified Sales ,600 (48%)
2017 Qualified Residential Sales 15,400
2017 Qualified Commercial Sales

7. NEW SINGLE FAMILY RESIDENTIAL UNITS
(SFR’s, Townhomes, ½ Duplex)
YEAR BUILT
NO. OF UNITS
% CHG
2018
1300
-39.2%
NOT YET COMPLETE
2017
2139
32.9%
2016
1609
11.5%
2015
1443
10.7%
2014
1303
2.9%
2013
1266
44.4%
2012
877
END OF "THE CRASH"

8. Median sale price change since 1999 – 2017 Homes & Townhomes
Bubble

10. Sales Qualification Letter vs. DR-219

11. PROPERTY TAX EXEMPTIONS
25,000 HOMESTEAD EXEMPTION
25,000 ADDL HOMESTEAD EXEMPTION
500 WIDOW/WIDOWER EXEMPTION
500 BLIND PERSONS EXEMPTION
500 DISABILITY EXEMPTION
TOTAL & PERMANENT DISABILITY EXEMPTION - CIVILIAN
LIMITED-INCOME SENIORS EXEMPTION
ASSESSMENT REDUCTION FOR LIVING QUARTERS OF PARENTS OR GRANDPARENTS
VETERANS
SERVICE-CONNECTED TOTAL & PERMANENT DISABILITY EXEMPTION
5,000 DISABLED VETERANS EXEMPTION - 10% TO 100% (NOT T&P)
HOMESTEAD TAX DISCOUNT FOR VETERANS 65 AND OLDER WITH COMBAT-RELATED DISABILITY
DEPLOYED MILITARY EXEMPTION
SURVIVING SPOUSE OF MILITARY VETERAN OR FIRST RESPONDER EXEMPTION
NON-PROFIT EXEMPTIONS
CONSERVATION EXEMPTIONS

12. ASSESSMENT CAPS (A Cap on Annual Assessment Increases for Homesteaded Property)
“Save Our Homes” Assessment Limitation
After the first year a home receives a homestead exemption and the property appraiser assesses it at just (market) value, the assessment for each following year cannot increase more than 3 percent or the percent change in the Consumer Price Index (CPI), whichever is less.
This is called the “Save Our Homes” (SOH) assessment limitation. The accumulated difference between the assessed value and the just (market) value is the SOH benefit. (see section , Florida Statutes)
Even if the value of a home decreases, the assessed value may increase, but only by this limited amount. The assessed value will never be more than the just value of a home.

13. 10% CAP (A Cap on Annual Assessment Increases for Non-Homesteaded Property)
What is the 10% cap?
Beginning in 2009, the assessed value of non-Homestead real property cannot be increased more than 10% over the prior year's assessed value.
What if I sell my property?
If the property is sold, the cap is removed and the new owner establishes a new base-year for the cap to be applied. When there is a change of ownership but no deed or other instrument showing the conveyance has been recorded with the Clerk of Court, the owner must complete form DR-430 and file it with the office of the Property Appraiser.
Failure to notify the Property Appraiser of a change in ownership could result in a tax lien on any property receiving an unqualified cap.
Does the 10% cap affect school funding?
No, the 10% cap does not apply to school tax levies.

14. PORTABILITY
The 'Save Our Homes Portability' benefit became available in 2008, and is the opportunity to transfer the dollar value difference between the assessed value and market value of a prior Homestead property to a new Homestead property anywhere in the state of Florida. The maximum amount that can be transferred to a new Homestead is $500,000.
Many Homestead property owners find they are unable to downsize or relocate to a new residence because purchasing a replacement property starts a new assessment and tax basis at current market values. Portability enables relocation while, at the same time, retaining the limitation, or a portion thereof, on assessed value.

15. PORTING UP 
EXAMPLE 1: When moving to a home with equal or higher market value than your prior home, the statute allows for the following:
" the assessed value of the new Homestead shall be the just value of the new Homestead minus an amount equal to the lesser of $500,000 or the difference between the just value and assessed value of the immediate prior . . .”
If you moved to a property with HIGHER Market Value
Prior Home Market Value $ 400,000
Assessed Value $ 250,000
Portable Cap ($ 400,000 - $ 250,000) $ 150,000
New Home Market Value $ 600,000
Minus Portable Cap $ 150,000
Assessed Value $ 450,000

16. PORTING DOWN 
EXAMPLE 2: When moving to a home with a lower market value than your prior Homestead, the statute allows for the following:
" the assessed value of the new Homestead shall be equal to the just value of the new Homestead divided by the just value of the immediate prior Homestead and multiplied by the assessed value of the immediate prior Homestead . . .”
If you moved to a property with LOWER Market Value
Prior Home Market Value $ 400,000
Assessed Value $ 250,000
Portable Cap ($ 400,000 - $ 250,000) $ 150,000
New Home
Market Value $ 275,000
Assessed Value ($275,000 / $400,000 = 68.7% x $250,000) or
$ 171,750

17. Discussion on Properties affected by Calamity
If property is deeded to a contractor and is the homesteaded property of the owner the following will be forfeited:
Homestead Exemption – up to $50,000
SOH Cap – differential between market value and assessed value
Protection of increased assessed value provided in S (4)(b), FS Changes, additions, or improvements that replace all or a portion of homestead property damaged or destroyed by misfortune or calamity shall not increase the homestead property’s assessed value when the square footage of the homestead property as changed or improved does not exceed 110 percent of the square footage of the homestead property before the damage or destruction. Additionally, the homestead property’s assessed value shall not increase if the total square footage of the homestead property as changed or improved does not exceed 1,500 square feet. Changes, additions, or improvements that do not cause the total to exceed 110 percent of the total square footage of the homestead property before the damage or destruction or that do not cause the total to exceed 1,500 total square feet shall be reassessed as provided under subsection 

18. ESTIMATING TAXES

19. ESTIMATING TAXES
If the seller had a Total & Permanent Disability Exemption (Civilian or Military) call the office of the Property Appraiser to verify if the exemption is applicable for the upcoming tax year (next January 1, bill date November 1)
REMEMBER – the exemption stays with the property AND does not follow the buyer to the new property
Include the appropriate homestead exemption amount (based on assessed value) ONLY IF you are certain the exemption will apply, i.e., for that tax year AND if the property will be the primary residence of the buyer
DO NOT attempt to include PORTABILITY SAVINGS when estimating taxes
NON AD-VALOREM assessment must be included
KEEP IN MIND – The legal assessment date for all property is January 1

20. The Prior Tax Bill, in most cases, does not provide sufficient data to estimate the taxes for the transaction
Data GOOD to use from the Prior Tax Bill:  Total Millage Rate
 Non-Ad Valorem Taxes
Other data needed:  Market Value – (use 85% of the purchase price)
Applicable homestead exemption amount

21. ESTIMATING TAXES - EXAMPLE
 2019 Purchase Price
375,000
Market Value (85% of purchase price)
318,750
Assessed Value (will equal MV 1st year)
 Exemption Amount
50,000
(50,000 if AV > 75,000)
(25,000 if AV < 75,000)
Taxable Value
268,750
 Millage Rate (from prior tax bill) X
Ad Valorem Taxes
$4,068.61
Non-Ad Valorem Taxes (from prior tax bill)
$528.47
TOTAL ESTIMATED TAXES
$4,597.08

22. Questions??? Thank You! Legislative Efforts 2019 –…Let’s Ponder….
Dana Blickley, CFA