Preliminary tax-roll figures from Manatee and Sarasota counties show that Longboat Key’s taxable values dropped an average of 9.68% Key-wide for an approximate $518,164,286 loss, marking the third year in a row taxable values have dropped on the island.
The loss in property values marks only the third time since 1988 that taxable values have not risen.
Based on the town’s current millage rate of 1.5 mills, the tax-roll loss would result in a budget revenue reduction of approximately $744,000.
Preliminary estimates distributed June 1 reveal a 9.18% tax-roll decline in Sarasota County island values and a 10.94% decline in Manatee County island values, according to county property appraisers’ offices.
In Sarasota County, Property Appraiser Bill Furst estimated a 2010 Longboat Key tax roll of $3,460,047,513, compared to a 2009 taxable value certified tax roll of $3,809,613,188, for a 9.18% decline.
In Manatee County, Property Appraiser Charles Hackney estimated a 2010 town tax roll of $1,372,181,606, compared to a 2009 taxable value certified tax roll of $1,540,780,217, for a 10.94% decline.
The town’s preliminary taxable value for the coming year is estimated at $4.8 billion. The taxable value last year town-wide was approximately $5.3 billion.
Twenty-two years ago — the last time the town experienced a taxable value drop — the town’s tax rolls dropped $8.8 million before rising every year until 2008.
Both counties will reveal official assessed taxable values July 1.
Contact Kurt Schultheis at [email protected]