Longboat Key property values dipping again

Taxable values will drop for the fifth year in a row on Longboat Key this year, although they aren’t dropping near as much as in past years.

Key-wide, Longboat Key Finance Director Tom Kelley estimates a 1.5% to 3% decrease in property values this year.

The preliminary estimates mark the fifth year in a row taxable values have dropped on the island.

Based on the town’s current millage rate of 1.8872 mills, the tax roll loss would result in an ad valorem budget revenue reduction of approximately $255,000 if the estimate comes in closer to a 3% drop. If the tax roll loss comes in closer to a 1.5% decrease, the ad valorem budget revenue reduction would be approximately $127,000.

For more information, pick up a copy of Thursday’s May 31 Longboat Observer.

Contact Kurt Schultheis at [email protected].