The property appraiser offices in Manatee and Sarasota counties are reporting a 5.3% increase in island property values.
Longboat Key property values are on the rise and will rise another 5% in value for the second year in a row.
Key-wide, town Budget Analyst Sandi Henley reported July 1 that the property appraiser offices in Manatee and Sarasota counties are reporting a 5.3% increase in island property values. The 5% increase in values is what town staff anticipated when it presented it’s preliminary budget last month.
In Sarasota County, property appraiser Bill Furst reported a 2015 Longboat Key tax roll of $3,724,103,778, compared to a 2014 taxable value certified tax roll of $3,558,297,887for a 4.66% increase.
In Manatee County, property appraiser Charles Hackney reported a 2015 town tax roll of $1,472,367,037, compared to a 2014 taxable value certified tax roll of $1,375,400,033, for a 7% increase.
The town’s combined taxable value for the coming year is estimated at $5.1 billion. The taxable value last year town-wide was approximately $4.9 billion.
Based on the town’s current millage rate of 2.1763 mills that the Longboat Key Town Commission doesn’t want to raise, the tax roll increase would result in an approximately $504,061 increase in the 2015-16 fiscal year budget when compared to a year ago, according to Henley.
The $504,061 increase in taxable value revenue, Henley said, means a preliminary budget that was presented to the Longboat Key Town Commission June 1 will reduce an estimated $426,000 deficit.
Henley, though said the new deficit number isn’t available yet because health and life insurance costs are still being adjusted.
Town staff will continue to find ways to cut expenses.
The town’s recommended budget is due Aug. 1 and the town will continue to adjust budget numbers until that budget is presented. The budget will be approved on second reading in September.
Contact Kurt Schultheis at [email protected].