FULL STORY: Longboat Key property values will decrease by 1.5% to 3%

Taxable values will drop for the fifth year in a row on Longboat Key, although they aren’t dropping as much as in past years.

Key-wide, Longboat Key Finance Director Tom Kelley estimates a 1.5% to 3% decrease in property values this year.

The preliminary estimates mark the fifth year in a row taxable values have dropped on the island. The previous year, Longboat Key’s taxable values dropped 4.48%.

Based on the town’s current millage rate of 1.8872 mills, the tax-roll loss would result in an ad valorem budget revenue reduction of approximately $255,000, if the estimate comes in closer to a 3% drop. If the tax roll loss comes in closer to a 1.5% decrease, the ad valorem budget revenue reduction would be approximately $127,000.

Preliminary estimates distributed Friday by Sarasota County Property Appraiser Bill Furst reveal a 1.39% tax roll decline in Sarasota island values, according to the county property appraiser office.

Furst estimated a 2012 Longboat Key tax roll of $3,298,905,741, compared to a 2011 taxable value certified tax roll of $3,345,287,529, for a 1.39% decline.

In total, taxable values in Sarasota County are expected to decline by 1.1%.

Longboat Key, however, can’t pinpoint an exact taxable value number at this time, because it’s still waiting for numbers from Manatee County Property Appraiser Charles Hackney’s office, which has until June 1 to reveal it’s preliminary figures.

The town, though, expects anywhere from a 1.39% to 3% decline in Manatee County island tax rolls.
Manatee County’s 2011 taxable value certified tax roll for the Longboat Key side of the island was $1,298,954,253.

Both counties will reveal official assessed taxable values July 1.