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J Magazine Fall 2017

The magazine of the rebirth of Jacksonville's downtown


DOWNTOWN’S HIGHEST-ASSESSED PROPERTY Which Downtown property had the highest assessed value in 2016? THE Duval County Courthouse at 501 W. Adams St. topped the list at $205.41 million. (Don’t forget, the cost for the facility, that opened in 2012, was $350 million.) EXCLUSIVE ONLINE CONTENT Visit our website at to view an interactive map containing the owners, valuations and taxes for every property in Downtown Jacksonville. owntown Jacksonville has long been an anchor for government, churches and nonprofits, which bring thousands of workers, worshipers and customers to the urban core. But that anchor causes a drag on the amount of property taxes paid in the three Downtown taxing districts. Those institutions typically don’t pay property taxes, as long as Dthe property’s primary use is for an exempt purpose. Other exemptions include residences with an assessed value less than $25,000 that have the standard $25,000 homestead exemption. Last year, those exemptions resulted in no taxes being collected on the tax accounts that make up 43 percent of the urban core’s $3.02 billion assessed value. Those tax-exempt organizations do pay taxes when operating a non-exempt business, such as a parking garage. For example, government agencies owned nearly 400 sites owned by government agencies are worth more than $1.07 billion, but they were taxed on just one property that had a taxable JEFF DAVIS 20 J MAGAZINE | FALL 2017

TOTAL Market value: $3,092,316,515 TOTAL Assessed value: $3,021,914,038 TOTAL Taxable value: $1,459,199,029 WHO OWNS DOWNTOWN? » GRAPHIC BY JEFF DAVIS & MARILYN YOUNG // J MAGAZINE « TOP OWNERS (based on assessed value) 1 City of Jacksonville Assessed value: $868.63 million Taxable value: $137,225 2 Southern Baptist Hospital of Florida Inc. (holdings include Baptist Medical Center) Assessed value: $266.21 million Taxble value: $10 million 3 Hertz Jacksonville One LLC (holdings include the Bank of America Tower) Assessed value: $75.71 million Taxable value: $75.71 million 4 Allegiance Jacksonville LLC (holdings include the Wells Fargo Center) Assessed value: $66.17 million Taxable value: $66.17 million 5 Federal government Assessed value: $57.82 million Taxable value: $0 40+34+13+3+10+u 38.48% COMMERCIAL ASSESSED VALUE: $1.16 billion TAXABLE VALUE: $1.12 billion 10.94% RESIDENTIAL ASSESSED VALUE: $330.76 million TAXABLE VALUE: $313.86 million HOW THE PROPERTY BREAKS DOWN 2.59% CHURCHES ASSESSED VALUE: $78.23 million TAXABLE VALUE: $6.64 million 35.55% GOVERNMENT ASSESSED VALUE: $1.07 billion TAXABLE VALUE: $137,225 12.28% NONPROFITS ASSESSED VALUE: $371 million TAXABLE VALUE: $13.24 million SOURCE: 2016 Property Appraiser’s Office ADDING IT UP 6 Properties whose owners and addresses are confidential. (Two parking lots, a residential condo, a single-family home, a waste land site and a group care/ sanitarium/convalescent facility.) 11 Park/recreational sites owned by the City of Jacksonville. 43+57+ $ 43 Percentage of properties in Downtown’s total assessed value that aren’t taxed. 141 Single-family homes in Downtown, with assessed values of $7,946 to $546,240. 228 Private and public parking lots and garages in Downtown’s taxing districts. FALL 2017 | J MAGAZINE 21