EAST COUNTY — The East County area is leading the county in property value increases and new construction.
The Manatee County Property Appraiser’s Office reported July 1 that total countywide taxable value increased to $25.9 billion, compared with $24.1 billion last year — a 7.48% increase, including new construction.
New construction taxable values are estimated at $532.7 million.
In the East County area, total taxable values increased from $5.16 billion to $5.79 billion, about 12.14%.
“The East County area actually has seen a 12.14% increase in values and has had the majority of new construction,” said Mark Johns, director of appraisal services for the Property Appraiser’s Office. “We’ve seen a real influx of activity out there over the last year and one half. All the growth of new homes and new construction are occurring in the East County, Lakewood Ranch area, in general, and the northeast area of the county, Ellenton and Parrish.”
Anna Maria was the only other area to see double-digit total increases compared with last year, at 11.08%.
Subtracting out new construction, the East County area saw property value increases of 7.88%, beat only by values on Anna Maria (9.72%).
“This year is the most growth we’ve seen in the market since 2007,” Johns said. “Two thousand eight is when the turnaround started to occur. This year is the most increase and the most market activity we have seen in the last six or seven years. It’s also the most new construction growth we’ve had in six years.”
The East Manatee Fire Rescue District, which covers the bulk of the East County area, saw market value increases jump 15.02%, with $7,618,418,485 values for 2014 and $6,623,453,233 for 2013.
Johns said the Property Appraiser’s Office reviewed 9,000 qualified residential sales (excludes foreclosures) to determine estimated values as of Jan. 1.
Manatee County’s roughly $520 million budget released June 3 anticipated property values would rise between 6.5% and 7%.
County Financial Management Director Jim Seuffert said the new values are slightly higher than projected and will bring in an additional $625,000 to the county. Of that amount, more than half will be designated to the Southwest County Tax Increment Financing District for redevelopment in the southwest county area.
“We’ll be reviewing those numbers with (County Administrator Ed) Hunzeker, and he’ll be considering the different options we might have, in terms of any changes he might want to recommend (on how we spend the money).”
The Manatee County Board of County Commissioners’ next budget meeting is scheduled for July 30.
Contact Pam Eubanks at [email protected].