The Monroe County Auditor’s Office just released the 2014 Pay 2015 Certified Net Assessed Values for all taxing units in Monroe County, a key step in the annual budget cycle. Net assessed value (NAV) is what results after deductions, exemptions, and other adjustments are applied to the gross assessed value. Net assessed value is what is used to calculate property taxes paid in 2015 — both the overall tax rates and the individual property tax bill. Thanks to the staff of the Auditor’s Office for getting this information out to us!
Our 2014-Pay 2015 NAV is $6,459,490,036 (yes, that is almost $6.5 billion!), an increase of $89,317,707 over the 2013-Pay 2014 NAV of $6,370,172,329.
Remember that in general, an increase in NAV doesn’t mean that individuals pay more in taxes (although it does give the constitutional circuit breakers less effect) — it means that the existing property taxes are spread across a higher tax base. Increased assessed value is generally a good sign for both taxpayers and local units of government alike.
The following table I put together shows a quick history of our net assessed value from 2009-2015:
Data Source: Department of Local Government Finance