Manatee County property values are rising by about 8.3 percent, to almost $30.6 billion, according to the Property Appraiser’s Office.
This is slightly more than the June 1 estimate, which had the county’s estimated taxable value for 2016 increasing 8.16 percent from the 2015 final taxable value, which was $28.2 billion, according to the Property Appraiser’s Office. The county’s market value for 2016 is $42.3 billion, which is a 8.31 increase from the previous year, and the county’s value of new construction for 2016 is $820 million, which is a 17.67 percent increase from the previous year.
The Property Appraiser’s Officer certified taxable values Friday.
“The overall increase due to change in market conditions is 5.39 percent to the taxable value,” said Mark Johns, director of appraisal services at the Property Appraiser’s Office.
Manatee County’s recommended $568 million budget for 2016-17 was based on a 9 percent growth in property values. Due to the increase in property values, some property owners likely will pay more in taxes even if the millage rate stays the same.
Typically, there will be “a little increase between now and TRIM, however after TRIM is mailed all changes are typically downward and by the time we reach the final roll in October, it tends to balance out,” Johns said.
On Aug. 2, the Manatee County Commission will tentatively approve the millage rate. In the recommended budget, County Administrator Ed Hunzeker is recommending no tax rate increase for the 10th consecutive year.
In September, the commission will adopt its budget in two public hearings.