Longboat's property values decline

Updated preliminary tax-roll figures from Manatee and Sarasota County show that Longboat Key’s taxable values dropped an average of 10.1% Key-wide.

The news marks the second time in a row taxable values have dropped on the island.

The Sarasota County property appraiser’s office reported a 9.96% preliminary tax-base decline for Longboat Key, and the Manatee County property appraiser’s office reported a 10.26% average tax-base decline.

Both counties will reveal official assessed taxable values July 1.
 
Town Manager Bruce St. Denis said he could not comment on how the preliminary numbers will affect taxable values on the island, or how the tax-roll loss will affect next year’s budget, until the town’s preliminary budget was finished.

The budget is expected to be finished right before the Town Commission’s 7 p.m. Monday, June 1 regular meeting, at Town Hall.

But because taxable values appear to be falling an average of 10% for the second year in a row, town residents can look to last year’s numbers as an example.

In July 2008, tax-roll figures reported a 10% average drop in taxable values Key-wide, which led to a $648,787,520 drop in taxable value and a $962,000 budget revenue reduction.

The town’s preliminary taxable value for the coming year is estimated at $5.3 billion. The taxable value last year town-wide was approximately $5.6 billion.

The Town Commission has already agreed the millage rate will be increased to create a budget that will maintain the town’s current level of service.

Last year, the commission adopted a millage rate of 1.5 mills, an increase of 6.7% over the previous rate of 1.4062 mills. One mill is equal to $1 for every $1,000 of assessed valuation.

For more information on taxable values and preliminary budget numbers, pick up a copy of the June 4 issue of The Longboat Observer.

Contact Kurt Schultheis at [email protected].