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Property values on the rise in Manatee County

Tight inventory and rising prices for homes have helped make Manatee County a sellers’ market, even as builders continue to break ground on new homes in East Manatee.
Tight inventory and rising prices for homes have helped make Manatee County a sellers’ market, even as builders continue to break ground on new homes in East Manatee. Herald file photo

Manatee County is continuing its growth streak with new construction adding nearly $1.1 billion in market value to the tax roll, which was submitted for certification to the Florida Department of Revenue last week.

This includes 2,502 new single-family homes and 398 new condo units, according to Mark Johns, chief deputy of the Manatee County Property Appraiser's office. New construction contributed to 6 percent of the increase in taxable values in East Manatee Fire Rescue District.

"Compared to around the state, it's very high," Johns said of the number of homes added.

Taxable values countywide jumped from $33.3 billion to $36.1 billion, an 8.16 percent increase, according to the Manatee County Property Appraiser's preliminary taxing authority report. Last year, countywide taxable values increased by 8.56 percent.

The school board's taxable value went up nearly 8 percent to $38.8 billion.

The city of Anna Maria had the greatest increase in taxable value between 2017 and 2018. The value grew by 10.32 percent, a larger jump than any other Manatee County municipality, which pushed them over the billion-dollar mark to $1,095,334,939 in 2018 taxable value on the island city.

For other island municipalities, Bradenton Beach saw a 9.3 percent growth to $618.7 million; Holmes Beach's taxable value went up 7.9 percent to $1.9 billion; and the Manatee side of Longboat Key increased by 5.5 percent to $1.8 billion.

The city of Bradenton's taxable value grew by 8.5 percent to $3.6 billion and the city of Palmetto's increased to $851 million, a 5.2 percent increase.

This information is used to inform county commissioners and city council members to whether they should maintain, increase or decrease millage rates.

County Administrator Ed Hunzeker told commissioners in May that fiscal year 2018 saw a growth of 9.2 percent in the tax base, meaning that he doesn't see a need to increase property tax rates for the next fiscal year.

Commissioners will approve a tentative millage rate at a public meeting on July 31. Homeowners will receive their Truth in Millage, or TRIM, notices in August, and county commissioners will adopt the budget in September.

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