The market value of new construction for commercial and residential properties in East County is accounting for nearly 50% of the growth countywide, according to data released July 1 by the Manatee County Property Appraiser’s Office.
That amount ($555.9 million) was despite an 8.57% decrease in new construction value from the previous year in East County.
The total taxable value of East County properties increased by 8.36% compared with 2019, generating $10.84 billion in taxable value.
“The growth in the East Manatee area is continuing,” said Mark Johns, deputy chief for the Property Appraiser’s Office. “We’ve got a lot of new developments coming online, especially along Lorraine Road and in the Central Park area. Lorraine Road is going to be a high growth area in the next two to five years.”
All those new homes might be having an effect on existing home sales. Existing home values within the East Manatee Fire Rescue District rose 2.3% over the past year, but that trails the countywide average of 4.52%. East Manatee Fire Rescue’s territory runs from the Manatee River south to the Sarasota County line and from the Braden River east to County Road 675. It consists of about 100 square miles and has six fire stations.
The highest increase in existing home values occurred in Palmetto, which had 6.1% value increases.
Johns said the lower increase for existing homes in the East County area indicate older homes likely are having to drop their prices to sell while competing with new construction.
Even so, market values (homes and commercial) in East County were the highest in the county, totaling $13.8 billion — an increase of 7.17% compared to last year.
Johns said property values on this year’s truth-in-millage notices does not account for COVID-19 pandemic impacts because values are established as of Jan. 1. He said the appraiser’s office has not yet studied impacts on the coronavirus, but currently, there is no evidence suggesting the virus is impacting home values. Johns said he expects to see values of commercial real estate to be most impacted.