Property values generally hold steady

Published: Friday, July 5, 2013 at 09:00 AM.

The gloomy budget forecasts emanating from the Board of County Commissioners meeting room may have been a bit premature.

Gulf County Property Appraiser Mitch Burke transmitted a preliminary property roll to the state by the July 1 deadline and that roll shows that while taxable tangible property values will dip for a seventh-straight year, this year’s decline represents less than 1 percent.

That is a far cry from even the 7 percent decline of last year and far below the double-digit dips in property value from three and four years ago.

“Even though the real estate market continues to improve, Gulf County’s overall tax base dropped this year,” Burke said. “However, the decrease in value was minimal compared to previous year’s reductions.”

According to the preliminary numbers transmitted to the Florida Department of Revenue, the county’s combined taxable value, including both real and personal, will drop from $1.352 billion to $1.347 billion, a decrease of three-tenths of 1 percent.

Burke said values were almost exactly where they were in 2003, before the roiling of the real estate market, up and then down.

“We are seeing new construction taking place, which is great news,” Burke said. “However, we don’t get to realize the true increase in value due mainly to the statewide cap approved in 2008 which caps annual increases on value of non-homestead properties at no more than 10 percent annually.”

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