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Property value drop slows

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The Associated Press

Published: August 1, 2009

TALLAHASSEE - Florida's taxable property values will keep dropping for another year but at a slightly slower pace than previously forecast before beginning to rebound in 2011, state economists said this week.

The new estimate will mean a smaller decline in property tax dollars than had been expected for local governments and schools if tax rates remain unchanged.

The economists estimated taxable property values will drop about 5.6 percent in 2010 to about $1.53 trillion. That's down a percentage point from the 6.6 percent decline they had forecast earlier this year.
Economists for the Legislature, governor's office and Department of Revenue also predicted property values, which began dropping in 2008, will turn around with a 1.7 percent uptick in 2011 to about $1.56 trillion, about $30 billion more than previously forecast.

They also estimated increases of 3.2 percent in 2012, 4 percent in 2013 and 3.9 percent in 2014. The estimates each reflect the prior year's real estate activity because Florida has a Jan. 1 assessment date.

The economists had estimated a 12 percent decrease in property values for the current budget year, but the actual decline turned out to be a bit less - 10.8 percent.

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