Revised property values for Sarasota County and municipalities show slight increases from preliminary report in late May

County uptick at 6.45% year-over-year, compared to certified value in 2018

Drivers and residents along Richardson and Cattlemen roads in the eastern part of the county have been watching the construction of Fox Creek Acres. Robert Hackney photo

As it turns out, the state projection for change in Sarasota County’s overall property value was pretty much on the mark, based on the late June report issued by the Sarasota County Property Appraiser’s Office.

Instead of the 6.21% year-over-year increase indicated by the preliminary county property value, which was released in late May, the new total puts the uptick at 6.45%, the Property Appraiser’s Office report shows.

In late March, state economists had predicted the growth in the county’s taxable property value would be 6.4% this year.

The late June value for the county is $62,306,329,281, compared to the 2018 certified taxable value of $58,531,051,233.

Updated property value estimates are mandated by July 1 under state law. Local government bodies must approve not-to-exceed millage rates this month for the Truth in Millage (TRIM) notices to go out to property owners.

Brian Loughrey, administrative director of the Sarasota County Property Appraiser’s Office, toldThe Sarasota News Leaderthat the county’s TRIM notices will be mailed on Aug. 16 this year.

On July 10, the County Commission is scheduled to vote on its not-to-exceed ad valorem millage rates for its 2020 fiscal year budget. A staff memo prepared for the board members notes that the taxable value rose 0.2% from the June preliminary figure.

Whereas the County Commission held its intensive annual budget workshops in June, the Sarasota City Commission had sessions scheduled beginning at 8:30 a.m. on July 8 and July 9. Then, during a special meeting set for 3 p.m. on July 9, the City Commission was asked to provide formal direction to its staff regarding its proposed budget for the 2020 fiscal year. That board’s July 15 regular meeting agenda includes the setting of the city’s millage rate for the new fiscal year.

As for the late June city property value: The Property Appraiser Office’s report also shows an increase since the late May figures were released. The overall value for July 1 is $11,245,123,519, which marks a year-over-year rise of 7.12% for the City of Sarasota, instead of the 6.74% reflected in the late May report.

The 2018 certified tax value of city property was $10,497,465,534.

The City of North Port continues to lead the way with the highest year-over-year property value growth. Its late June value is $4,615,083,034, compared to the 2018 certified value of $4,131,652,683. That puts that municipality’s growth at 11.7%.

The City of Venice property value also rose slightly from the preliminary figure. The late June value is $4,260,912,861, compared to the 2018 certified value of $4,056,212,039. Thus, the year-over-year increase for that municipality is 5.04%.

The Town of Longboat’s property value is up 3.3% year-over year, the late June data show. That town’s overall value this year is $4,321,210,788, compared to the 2018 certified tax value of $4,183,054,997.

Finally, the late June value for Sarasota County School Board property is $66,411,593,113. That reflects a year-over-year uptick of 5.8%, given that the School Board’s certified taxable property value for 2018 was $62,795,370,358.

Among other data in the Property Appraiser Office’s late June report are the following:

  • The just value of new construction in Sarasota County is $1,662,981,454, as of June 25. The taxable value of that property is $1,459,980,592.
  • Sarasota County has a total of 284,951 parcels. Of those, 879 are classified “Agricultural,” as defined by Florida Statute 193.461. Additionally, 99,656 parcels have homestead caps.
  • The just value of new construction in the City of Sarasota this year is $335,424,790, while the taxable value of that new construction is $297,798,052.
  • The total number of parcels in the City of Sarasota is 27,351, and 9,568 of those have homestead caps.
  • In the City of North Port, the just value of new construction is $276,473,701, while the taxable value is $233,729,548.
  • The Town of Longboat Key has a total of 6,615 parcels. Of those, 1,586 have a homestead cap.