Nassau County Property Values Up Almost 6%

500 New Homes Added To Tax Roll, Built in Nassau County, Florida
500 New Construction Homes Added To Tax Roll in Nassau County, Florida This Year

2015 Nassau County Preliminary Tax Roll

The Nassau County Property Appraiser’s Office has released the 2015 estimated preliminary tax roll with the initial numbers showing an increase as expected. According to Property Appraiser, Mike Hickox, this is great news as it points to a steady recovery from the economic downturn experienced the past several years.

During the first quarter of 2015, 76% of Nassau County, Florida’s total housing sales volume (improved single-family) came from properties located in the Fernandina Beach market area ($72,919,200). According to the Nassau County, Florida property appraiser’s Facebook page, the average price of a Fernandina Beach “improved single-family home” sold during the first quarter of 2015 (January through March) was $340,743 (vs. and average price of $156,811 in Yulee). Elsewhere in Nassau County, the average home sales price during 1Q2015 was $142,337 in Callahan, $97,704 in Hilliard, and $162,609 in Bryceville.

500 New Homes on Tax Roll

“The county-wide market value is slowly starting to get back to the values of 2009,” said Hickox. New construction played a role in the increase as over 500 new homes were added to this year’s tax roll with a total value of over $141 million. That brings the total market value for Nassau County to over $10.3 billion, up almost 6% from the previous year. The market value includes all property before any exemptions, classifications, or capped assessments.

Hickox presented the 2015 estimated values to the taxing authorities on May 29, 2015 so they can begin their budget process. They will use the values to help determine the tax rate for property owners in Nassau County.

Homestead Properties Capped Tax Increase

Taxable values have increased as well; however, property owners are protected by the Save Our Homes amendment which caps the amount the assessed value can increase. “Homestead properties can increase no more than 3%, or the consumer price index (CPI), whichever is lower,” said Chief Deputy Kevin Lilly.

Save Our Homes: 2015 Tax Increase Limited to 0.8%

“Based on the CPI used for 2015, homesteaded properties will increase no more than 0.8%.” Non-homesteaded properties are capped at 10%. In 2015, Nassau County’s taxable value is estimated to be about $6.8 billion, up over 5% compared to last year. The City of Fernandina is projected to see an increase of over 5%, bringing their taxable value to almost 1.7 billion.

The Town of Callahan is estimated to have an increase in their taxable value to over $71 million, up by almost 3 percent from last year. The Town of Hilliard is expected to see an increase of over 3 percent, bringing their taxable value to $76 million.

The official preliminary tax roll is expected to be released to the taxing authorities and the Department of Revenue by July 1, 2015. Property owners are encouraged to visit the property appraisers website, www.nassauflpa.com, to view their values in mid-July.

SOURCE: NEWS RELEASE FROM OFFICE OF THE NASSAU COUNTY PROPERTY APPRAISER

A. Michael Hickox, CFA
96135 Nassau Place, Suite 4, Yulee, FL 32097
Phone: 904-491-7300
www.nassauflpa.com