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County's Taxable Property Values Slide By $2.9 Billion

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By JULIA FERRANTE

The Tampa Tribune

Published: July 1, 2008

Declining property values and bigger tax breaks for homeowners drained about $2.9 billion from Pasco County's taxable property value during the yearlong period ending Jan. 1.

That's nearly a 10 percent drop from the previous year, said Property Appraiser Mike Wells, who certified the tax rolls Monday.

A constitutional amendment allowing a second homestead exemption for nearly 110,000 homeowners made up most of the decline - about $2.4 billion, Wells said. An additional 1,400 homeowners transferred homestead benefits to property in Pasco, costing the county coffers about $83 million.

Although Florida voters approved the amendment Jan. 29, the additional homestead exemptions were retroactive to the previous year.

Declines were offset, in part, by about $1 billion in new construction, although there was twice as much construction last year.

The school district's taxable property value held fairly steady, dropping by $489,000, because the district is not subject to the second homestead exemption, Wells said.

Bigger drops in the taxable value are expected next year, as values, particularly for single-family homes, continue to decline, Wells said.

The estimated countywide taxable value totaled $26.77 billion this year, down from $29.69 billion in the previous year. The school district stands to collect taxes on $29.2 billion worth of property.

The 2008 tallies in Pasco's six municipalities are:

• Dade City: $313.2 million, for a decline of 7.7 percent from the previous year.

•St. Leo: $49.7 million, a drop of about 0.7 percent.

• Zephyrhills: $727 million, down about 11 percent.

• San Antonio: $60.7 million, a 6 percent drop.

• Port Richey: $357 million, down 12.6 percent.

• New Port Richey: $815.8 million, dropping 11.3 percent.

Despite the decline in property values, particularly among single-family homes and waterfront parcels, residents protected by the state's Save Our Homes law will see a 3 percent increase in their taxable property value this year.

Property appraisers in a declining market must raise home values by the rate of inflation or 3 percent, whichever is lower. The rate of inflation currently is about 4 percent.

Pasco leaders will have to make significant cuts in the coming fiscal year - about $17 million from funds supported by property taxes and $5 million more from other accounts, director of management and budget Michael Nurrenbrock has said.

Last year, the property value picture was nearly a mirror image to this year's. Taxable values increased by about $3.6 billion, or 14 percent, in the yearlong period before Jan. 1, 2007, although Wells predicted at the time it would be the last such increase for a while. In the previous year, Pasco had a record 29 percent increase in property values.

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