Longboat property values decline 10%

The certified tax rolls in Manatee and Sarasota counties released July 1 confirmed a second, consecutive 10% drop in taxable values Key-wide.

Longboat Key officials, who anticipated a 10% to 12% drop in property values when they released the preliminary budget last month, 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 have 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.

The Town Commission will set its maximum millage rate at 7 p.m. tonight at the Town Commission regular meeting at Town Hall, 501 Bay Isles Road.

Town Manager Bruce St. Denis has asked the commission to adopt the maximum millage rate of 1.6751 mills tonight while it continues its budget preparations.

St. Denis, however, does not anticipate presenting a budget with a millage rate that’s higher than 1.5967 mills and will continue to erase the deficit to further lower the anticipated millage increase.

For more information on the commission’s decision, visit www.YourObserver.com this evening for regular meeting updates and pick up a copy of the Thursday, July 9 Longboat Observer.

Contact Kurt Schultheis at [email protected].