Press Release - Press release with bold heading

PRESS RELEASE CLAY COUNTY PROPERTY APPRAISER • PO BOX 38 • GREEN COVE SPRINGS, FL 32043 • 904-284-6305 • Fax: 904-284-2923

For Immediate Release

Date:

June 6, 2012

Contact:

ROGER A. SUGGS, CFA, AAS, PROPERTY APPRAISER STATE - CERTIFIED GENERAL REAL ESTATE APPRAISER RZ2771

Phone:

904-269/284-6305

Fax:

904-284-2923

PROPERTY VALUES CONTINUE TO DROP IN CLAY COUNTY

Roger A. Suggs, CFA, AAS, Clay County Property Appraiser submitted the taxable value estimates to the Clay County taxing authorities on Friday, June 1 st . For the fifth year in a row the taxable value for Clay County has decreased. The assessment date for the 2012 Assessment Roll is January 1, 2012. Therefore, the decrease in value is a reflection of the downward direction the real estate market has taken during 2011. A considerable amount of the residential sales were the result of foreclosures and short sales. Additionally, commercial properties are experiencing lower rental rates and higher vacancy rates. The combined loss of taxable value for all property types for the 2012 Assessment Roll is over $300 million countywide. New construction in Clay County is down 90 percent since the 2006 peak. In 2006 taxable new construction was $650 million; in 2012 it is only $68 million. The 2012 taxable value of $68 million is a 5.4 percent drop from last year’s new construction value of $72 million. This is the lowest amount of new construction added to the Assessment Roll since 1994.

Declines in the taxable value for the various taxing authorities in Clay County include:

Board of County Commissioners, 3.0 percent decrease School Board, 3.0 percent decrease Green Cove Springs, 4.0 percent decrease Town of Orange Park, 4.5 percent decrease Penney Farms, 5.0 percent decrease Keystone Heights, 6.0 percent decrease St. Johns River Water Management District, 3.0 percent decrease

The Property Appraiser’s Office is required to provide a certification of taxable value on July 1 st .

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