Sarasota property values continue uptick

Sarasota city officials touted more bright economic news during a Coalition of City Neighborhood Associations meeting Saturday, as Finance Director John Lege discussed the budget.

Citywide taxable values next year are expected to exceed $8 billion for the first time since the 2010 fiscal year, which accounts for a 6.7% increase over 2015. Those values have climbed steadily since bottoming out at $6.9 billion in 2012 after the effects of the recession took hold, according to the latest estimates released last week.

“The decrease was very, very steep and very quick,” Lege said. “But, once we hit rock bottom we started moving up at a rapid pace."

The greatest jump in property values will likely come from parcels within the Downtown Improvement District, which is expected to increase nearly 9% in value to $197 million in the next fiscal year. While the properties within the Newtown Redevelopment Area could increase 8.7% in value if the estimates hold.

“That was a real surprise,” Lege said, as the DID barely grew its tax base over the previous two years.

Golden Gate Point had the smallest increase in estimated taxable value, growing 4.7% to $202.9 million, with the St. Armands Business Improvement District slightly ahead with a 5% increase to $125 million.

Lege said the growth in values will generate $1.13 million more operating dollars then the previous year at the current millage rate of 3.17.

City Manager Tom Barwin used the meeting to highlight the explosion in new development around the downtown area, citing the 31 projects currently under construction or working through the permitting process. He specifically pointed to the 4% vacancy rate downtown as a sign of economic health.

“Clearly the Great Recession is over here,” Barwin said.