Florida Reports Double-Digit Assessment Increases
John Heatley, Managing Consultant 321.732.7002 | email@example.com
Property values across Central Florida are hitting record levels. Preliminary estimates of taxable value are being released by property appraisers across the region, as governments begin to assemble their budgets for the next fiscal year, which begins October 1. Higher values will likely lead to higher property taxes even if taxing authorities decrease millage rates.
In Seminole County, taxable values for real estate and personal property will jump by 12% to a record high of $44.7 billion over the past year. “This shows that the real estate market for residential, commercial, and industrial properties is very strong,” Appraiser David Johnson told The Orlando Sentinel.
Seminole also saw $1 billion in new construction added to the tax roll over the year. “Those are big numbers,” Johnson said. “There is a high demand for properties and relatively low supply. So prices are rising. It’s a supply-and-demand issue. And we’re seeing that across a broad spectrum of properties.”
Orange County’s property values spiked by an estimated 18% to $268.5 billion over the past year. The residential market hit a new high, reaching $124 billion in appraised value, shattering the previous high of $106.5 billion, set a year ago.
“Demand is so high, and there’s no inventory,” Property Appraiser Amy Mercado said. “So I’m not seeing it slowing down yet.”
Mercado said authorities should take into consideration the increased values when determining millage rates. “What that means ultimately is up to them and their budgetary needs,” she said.
Osceola and Lake Counties
In Osceola County, property values are estimated to increase nearly 15% to $39 billion, according to Property Appraiser Katrina Scarborough. The county had nearly $2 billion in new construction.
Estimated values in Lake County climbed by nearly 12% to $29.5 billion. The county also saw nearly $940 million in new construction.
The values released on June 1 are only estimates and can change. The official certification date when property appraisers must provide numbers to the state’s Department of Revenue for the 2022 tax assessment roll is July 1.
Property notices will be mailed in mid-August, with only a 25-day window to appeal. A careful review is encouraged to ensure you only pay your fair share of taxes. Taxing authorities, including school districts, county commissions, and city councils have until September 30 to enact their 2022-23 budgets.