Property values in the city of Sarasota will drop nearly 11%, according to estimates from the Sarasota County property appraiser’s office.
The 2010 estimated total taxable value for property within the city limits is $7.3 billion, a decline of 10.78% from 2009.
Chris Lyons, the city’s director of finance, says the city will have to cut more than $5 million from next year’s budget as a result.
The city’s property values dropped 11.31% last year.
Estimated property values across all of Sarasota County dipped 9.77% this year to $44.6 billion.
Bill Furst, Sarasota County property appraiser, said the values could change slightly between now and July 1, when the official numbers are released.
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