HomeMy WebLinkAboutHandouts_Regular_Council Communications_07/09/2009'~JY ~~,~9"a~~"i'dtl73~~'~
Co>a~ty PopulationlGrowth Rates FY2003 - FY2008
~soo,aoo - -- ----- -- --
t,z0o,oo0 - -- --- -- - --
900,000 --- -- - ---
600,000 - --- - --- -- -- -
300,000 ' - -- ---
0 - - ____ - __--_ -
2003 2004 2005 2006 2007 2008
2.39% 2.54% 1.90% 1.74% 055% -0.03%
While population growth has
been slowing since 2004, the
number of people living in Palm
Beach County declined in 2008
for the first time in recent history.
Source: U. S. Census Bureau and
Fbrlda Legislature, Ol6ce o! Eronomlc
and Oemograpnlc Research
Unemployment Rates FY2008
a.o9o
7.5 ~ ~~$] Palm Beach County
70% Florida
United States
6.5 h ---~~-+~~
6.0% - - -- ----- ------
5596 -` --
SA96 ----
4.5%
4.0°~
It became more difficult ro find
a job in Palm Beach County
during FY2008. The County's
unemp]oyment rate surpassed
both Florida and the nation's
average for much of the year.
Source: LeOor Market Statistics,
Lo[al area unemployment StaNStics
(rates not sessonany adjusted)
Oct No~~ Dec Jan Feb Mar Apr May Jun Jul Aug Sep
2007 2007 2007 2008 2008 2008 2008 2008 2008 2008 2008 2008
Palm Eeadi t~ouarty POreclosure Lase I=flings: 2004-2008"
29,114
30,000 -. __.
zs,aao _ - -
w,ux!
ty,uat --
to,ooo - -
3,252 3,049
5,000 __
O _J-_
2004 2005
2006 2007 2008
Palm Beach Cou><lty ResidenEial Permits Issued: 2004-2008'
~s,ooo 13,223- -_ - - -
12,408
iz,ooo -
9,000 _ _ - -- -- _ - - -- _
6,927
b.000 _- - _ _. - _. _.-- -- -._._.__.- -- ----- - --- ---
2,944
3.000 ~ -- _' --- ---- - ----
1,435
2004 2005 2006 2007 2009
A subprime mortgage meltdown
and other economic Factors caused
foreclosures to soar. In Palm
Beach County, filings increased
by almost 113 percent over the
previous year and an astounding
795 percent since 2004.
Source: Clerk & Comptroller
foreclosure statistics
New home construction
slowed to its lowest level
in years. In fact, residential
building permits dropped by
nearly 90 percent since 2004.
Note: Residential cermits ixlude both sing/e
lamiry and multi-lamgy units.
Sourre: Palm beach County Planning,
Zoning and building Department
'FOreC/O511re dnd permit Stati5tiC5
are caMndar year.
Amendment 1, the tax reform approved by voters in January of 2008, is considered
the largest tax cut in Florida's history. Combined with other tax reform and economic
factors, it prompted governments across Florida to ciit expenses, staff and services.
Intended to reduce property taxes for homeowners, the reform did the following:
• Doubled the homestead exemption to $50,000, which reduces the taxable value of your
home. The additional $25,000 reduction applies to al] taxes, except school district tax.
• Established "portability," which allows homesteaded homeowners to transfer
up to $500,000 of accrued property tax savings to a new property.
• Created an additional $25,000 exemption for tangible personal
property, such as business computers.
• Capped the annual increase in assessed value for non-homestead property to 10 percent.
L id tAmendment 1, Lire voter-
apfroved i_:::_5crm, trovide
the fax relief l.. , 'e exl ___'
A When voters, :Desperate for property
tax relief, approved Amendment 1,
Florida's Governor said faxes "will
drop like a rock." ~//hile it's too soon to
measure the full impact of the tax relief
that went into effect in January 2009,
homeowners got their first glimpse of
savings on the property tax notice they
received in August 2008. The state
projected a $240 annual savings for the
average homeowner.
For more information, please visit the Palm Beach County Property Appraiser's Web site at www.pbcgov.com/papa.
Impact on Palm Beach County Government:
FY2OO8
• Decreased property tax revenue by $42 million,
or 4.4 percent
• Cut $27 million in proposed projects
• Eliminated 80 positions
• Reduced department operating budgets (see Select
Operating Budgets, page 16)
• Designated reserves to offset future losses (see
Reserves, page 14)
FY2OO9'
• Decrease in property tax revenue by $36.4 million,
or4 percent
• Cut $80 million from budget, including $48.4 million from
reserves, $19.4 million from County departments and
agencies, and $7.9 million from capital projects
• Eliminate 273 positions
•Anficipa[ed
Source: Palm Beath County Annua! Budge! FYZ008 and FY2009
County Property Tax Revenues: FY2QQ4 - FY2~Q8
$1,000,000,000
(800,000,000 -------_.~
8685.200,000
$606,300,000
5600,000,000 -
5400.000,000 - ._ ----
$200,000.000 _ -`
_....
$0 .- ---
2004 2005
2006
-- --- $897,900,000
2007 2008