Santa Rosa Co. tax math

We got our notice of proposed property taxes for the upcoming fiscal year for our Gulf Breeze home.

The total projected tax bill is 1.8 percent more than last year, $24.52. Here’s the breakdown:
County taxes up $0.75
School Board up $16.19
City of Gulf Breeze up $7.58

Here is the perplexing part of the notice. It shows that the market value of my home has drop $35,721, which is 16.2 percent. However, the assessed value went up $123.

If the market value of your property goes down, shouldn’t the assessed value also drop?