Property values to fall again

Taxable values will drop for the fourth year in a row on Longboat Key.

Key-wide, preliminary estimates for both Sarasota and Manatee counties reveal a 4.18% decrease, for an approximate $203,000,000 island-wide property value loss.

Based on the town’s current millage rate of 1.8872 mills, the tax roll loss would result in a budget revenue reduction of approximately $371,000.

Preliminary estimates distributed last week by Sarasota County Property Appraiser Bill Furst reveal a 4.7% tax roll decline in Sarasota island values.

Furst estimated a 2011 Longboat Key tax roll of $3,335,795,728, compared with  a 2010 taxable value certified tax roll of $3,503,704,475, for a 4.7% decline.

In total, taxable values in Sarasota County are expected to decline $7 billion, or 12%, compared to a year ago.

In Manatee County, Property Appraiser Charles Hackney estimated a 2011 Longboat Key tax roll of $1,314,122,803, compared to a 2010 taxable value certified tax roll of $1,364,896,458, for a 3.7% decline.
In total, taxable values in Manatee County are expected to decline $1.1 billion, or 4.69% compared with a year ago.

The town’s preliminary taxable value for the coming year is estimated at $4.65 billion. The town-wide taxable value last year was approximately $4.87 billion.

The town’s tax rolls have dropped every year since 2008.

Kelley said he had estimated a 7% tax roll loss island-wide when trying to calculate the 2011-12 fiscal year budget.

When asked if Kelley was prepared to cut the budget to offset the estimated 4.18% decline in island taxable values, Kelley said the town is trying to run the island as efficiently as possible.

“We will present a budget that’s efficient as possible while running a certain level of service,” he said.

Town Manager Bruce St. Denis said it’s up to the Longboat Key Town Commission to decide whether to raise the town’s tax rate to offset the expected shortfall.

Both counties will reveal official assessed taxable values July 1.

Contact Kurt Schultheis at [email protected].