- July 26, 2024
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The estimated numbers are in, and unsurprisingly the value of residential and commercial property in Sarasota County, and all of its municipalities, is up — and not insignificantly — over the current fiscal year.
City of Sarasota and county management use these figures to develop their preliminary fiscal year income and spending plans as budget season goes into full swing.
Figures released by the county on June 1 estimate that the value of all property across Sarasota County is up 9.86% over fiscal year 2024 at $103.4 billion.
| Taxing Authority | 2024 Est. Value | 2023 Actual Value | Change |
|---|---|---|---|
| Sarasota County | $103,413,943,663 | $94,129,509,413 | 9.86% |
| Sarasota | $18,286,060,667 | $16,694,782,552 | 9.53% |
| Venice | $7,356,168,635 | $6,610,153,001 | 11.29% |
| Longboat Key | $6,190,720,719 | $5,743,684,652 | 7.78% |
| North Port | $9,859,753,134 | $8,496,865,543 | 15.78% |
Those numbers are reflected by the municipalities, percentage-wise, with North Port leading the way with an increase of 15.78% over last year.
Closer to home, the city of Sarasota's overall property increased by an estimated 9.53% in assessed value.
The official assessed values will be released by the Sarasota County Property Assessor's Office on July 1. The taxable value of properties is a key factor in determining millage rates for the upcoming fiscal year.
With real estate prices stabilizing over the mid- to post-COVID Florida rush, if not declining, much of the increased values may be attributed to new construction.
The market value of new construction countywide is $3.46 billion, with a taxable value of $3.15 billion, according to the Tax Assessor's Office.
Within the Sarasota city limits, the market value of new construction is $437.34 million, with a taxable value on new properties of $371 million.
Even if the city and county's millage rates remain the same, the extra taxable value will come in handy as the budget season progresses.
With the city's budget workshops starting in July, Financial Administration Director Kelly Strickland told commissioners that a 3.8% increase in the consumer price index alone will increase expenditures by about $1 million.
Underway union negotiations and pay increases for non-bargaining personnel, plus a $3.4 million increase in the pension contribution, will also impact the fiscal 2025 budget.
Meanwhile, the County Commission will enter the heart of budget season June 19-21 with fiscal 2025 budget proposals and constitutional officer requests plus department spending request presentations.
