Key property values drop again

The release of certified tax rolls in Manatee and Sarasota counties July 1 revealed another 10% average drop in taxable values.

Town staff confirmed a 10.5% drop in property values town-wide Monday, July 6.

The town’s taxable values dropped approximately $621,409,263, marking the second time year-to-year taxable values dropped on the island since 1988. Last year, the town’s taxable values dropped $648,787,520.

Based on the town’s current millage rate of 1.5 mills, the estimated tax-roll loss results in a budget-revenue reduction of approximately $908,967.

Preliminary tax-roll estimates released in June reported a 10.1% average property-value loss on Longboat Key. The revised numbers, however, tack on another $44,014 in lost revenue for the 2009-10 fiscal year budget deficit.

For Longboat Key taxpayers, the town administration announced the Town Commission can erase the $478,000 deficit by raising the current millage rate of 1.5 mills at least 6.4% to 1.5967 mills.

A slowing real-estate market led to a 10.4% tax-roll decline in Sarasota island values, which marked the second, consecutive year for a decline. In Manatee County, the Longboat Key tax roll was down 10.5% compared to a year ago.

In Sarasota County, property appraiser Bill Furst certified a Longboat Key tax roll of $3,793,313,381, compared to the previous year’s tax roll of $4,234,189,453.

In Manatee County, property appraiser Charles Hackney certified a town tax roll of $1,532,759,596, compared to the previous year’s tax roll of $1,713,292,787.

It’s only the second time in the last 21 years that the town has experienced a decline in assessed values for two, consecutive years.
 

TAX ROLL DECLINES

• Sarasota County Property Appraiser Bill Furst certified a Longboat Key tax roll of $3,793,313,381, compared to the previous year’s tax roll of $4,234,189,453, for a 10.4% decline.

• Manatee County Property Appraiser Charles Hackney certified a town tax roll of $1,532,759,596, compared to the previous year’s tax roll of $1,713,292,787, for a 10.5% decline.