Longboat Key property values continue to rise with a new record reached per Sarasota County and Manatee County property appraiser estimates.
Preliminary estimates from both counties show a combined taxable value of $8.33 billion. This marks a combined increase of 12.75% from last year with estimated values at $7.34 billion. The certified values for both counties came in at $7.4 billion last year.
Last year’s estimates were about $700 million higher than the $6.6 billion valuation reached at the height of the 2008 housing-value run-up.
The 2023 estimates jumped almost another $1 billion, marking a new record high for the town.
Here’s the breakdown by county:
- Sarasota County estimates town property values on its side of the island at $5.71 billion. This marks a 12.16% increase from last year.
- Manatee County estimates came in at $2.62 billion, a 14.6% increase from last year’s estimated values.
Both values were slightly higher than what town staff anticipated based on this year’s estimates. Sarasota County’s estimates are 1.16% higher than what was expected. Manatee County’s estimates are 0.9% higher.
The estimates indicate there will $1.78 million more revenue than fiscal year 2023 and over $116,000 more to the fiscal year 2024 budget than was originally projected.
The revenue estimates were calculated at the same millage rate set last year, 1.9900.
Town Manager Howard Tipton said there are no plans to further lower the rate since the town already has the lowest in the area, and additional revenue from the increase in values at the current rate will help "plug some budget holes this year."
The estimated values are crucial in helping Tipton draft his preliminary budget to the commission due June 15. The preliminary budget and property tax estimates will be discussed in greater detail at the June 20 budget hearing before the commission goes on its customary hiatus for two-and-a-half months.
But before the commission can go on summer break it must first set the maximum millage rate.
In 2022, the town set the fiscal year 2023 maximum millage rate at 1.9900. The rate is a 6% reduction from the previous year’s rate of 2.1144 per $1,000 of taxable value.
Any rate reductions would primarily benefit homesteaded property owners, especially those that own such properties along Gulf of Mexico Drive.
Last year’s record values had GMD homesteaded property homeowners seeing property insurance cuts of 6.2%, ranging from $95.79 for a property with a taxable value of $500,000 to $191.57 for property valued at $1 million. Bayside owners of homesteaded properties saw a a 4.2% decrease.
Finishing out the budget process, during the commission’s summer hiatus, the town will receive certified taxable values on July 1. On Aug. 1, commissioners will receive Tipton’s proposed budget with his budget message. On Aug. 4, the town’s maximum millage rate is due to both county’s property appraiser offices.
Once the commission returns from break, they will begin budget hearings, with the first on Sept. 11 and the second on Sept. 26. The budget must be adopted by Oct. 1.