The days of taxable values dropping on Longboat Key are becoming a distant memory.
For the second consecutive year, Longboat Key property values are on the rise.
Key-wide, Town Budget Analyst Sandi Henley reported today that the property appraiser offices in Manatee and Sarasota counties are estimating a 5.4% increase in property values. Town staff had only expected a 3% increase in property values this year.
Based on the town’s current millage rate of 2.0760 mills that the Longboat Key Town Commission doesn’t want to raise, the tax roll increase would result in an approximately $469,000 increase in the 2014-15 fiscal year budget when compared to a year ago, according to Henley.
The estimated increase will also generate an estimated additional $253,579,000 property value increase Key-wide when compared to a year ago.
Both counties will reveal official assessed taxable values July 1.
For more information on taxable values and the town’s preliminary budget, check www.yourobserver.com for updates and pick up a copy of next week’s Longboat Observer.
Contact Kurt Schultheis at [email protected].