ORANGE PARK — Pursuant to s. 200.065(1), Florida Statutes, Clay County Property Appraiser Tracy Scott Drake submitted the Certification of Taxable Value to the Florida Department of Revenue and the Clay County taxing authorities on Wednesday, June 26. The 2024 preliminary taxable value of all properties in the county is estimated at $18.4 billion – an annual increase of more than $1.5 billion, or 9.13 percent.

The statutory date for the 2024 assessment roll was January 1, 2024. Therefore, the overall increase in value is a reflection of the upward direction the real estate market experienced during 2023. Although market values have increased, the assessed values of properties with an existing homestead exemption will be limited to a three percent increase (excluding any new additions or improvements) and non-homestead residential and commercial properties will be limited to a 10 percent increase due to constitutional amendments approved by voters in 1992 and 2008, respectively. Taxable value is used to calculate ad valorem property taxes and is based on the market value minus differentials and exemptions.

New homeowners who purchased in 2023 may experience significantly different assessments and proposed property taxes from the prior year because when a property sells or transfers ownership, Florida law requires the assessed value to reset to market value and the previous owner’s exemptions and related benefits (including any Save Our Homes differentials) are removed on Jan. 1 following the sale. The taxing authorities have until Aug. 2 to notify the property appraiser of the 2024 proposed maximum millage rates, and the date, time and place of their respective public budget hearings. This information will be used by the property appraiser to prepare the Notice of Proposed Property Tax forms (TRIM notices), which will be mailed to all Clay County property owners in mid-August.