Keywide property values rise by 4.79%

Longboat Key property values are rising for the third consecutive year.

Town Budget Analyst Sandi Henley reported Monday that the property appraiser’s offices in Manatee and Sarasota counties estimate a combined 4.79% increase in property values Keywide.

That’s slightly less than the 5% increase town staff originally estimated. On Monday, staff adjusted the preliminary budget it released to the Longboat Key Town Commission to reflect a $21,000 tax revenue decrease. 

The town’s total preliminary taxable value for the next fiscal year is estimated at $5.19 billion. Last year’s townwide taxable value was approximately $4.96 billion. 

Both counties will reveal official assessed taxable values July 1. 

Based on the town’s current millage rate of 2.1763 mills that Town Manager Dave Bullock intends to hold flat in fiscal year 2015-16, the tax roll increase would result in a $498,950 increase. 

Bullock reported to commissioners in a May 29 memo that the preliminary taxable values now reflect a $483,067 deficit town staff is working to offset before June 15 and June 29 budget workshops. The preliminary operating and capital budget of $16,412,508 represents a $1,353,792, or 9% increase, in spending from the previous year’s budget of $15,058,716.

Bullock points to a capital outlay increase of $520,789 and firefighter/paramedic retirement payouts/new hire overlap in the department of $200,0526 as the biggest expenditures exceeding revenues. 

Bullock’s recommended budget will be released in August and the commission will adopt the budget on second reading in September.

Bullock points out that two items are nonrecurring one-time expenditures: retiree payouts and a $153,789 expense to transition 911 dispatch costs associated with the transition to Sarasota County. 

Based on the latest projections, the town will end its current fiscal year Sept. 30 with a surplus of $659,874.