Make us your home page
Instagram

Hillsborough property values rise after five years of decline

TAMPA — After a five-year free fall, home and property values in Hillsborough County are back on their way up.

Property values for tax bills in the county this year are expected to grow by about 3 percent, county officials said Wednesday.

That's a potential blessing for local governments, which depend on property taxes to survive but have been savaged by the housing crash.

The increase in values seen in 2012 is also a promising sign that the crippled housing market has begun recovering after years of tanking home prices.

"I think this confirms the economy is indeed rebounding," Hillsborough County Property Appraiser Bob Henriquez said. "This is good news for owners who have suffered through a number of years of declining property values."

For a typical homestead, the difference could be thousands of dollars in taxable value.

Yes, homeowners, that value bump means your property taxes could go up — but not by as much as they could. The state's Save Our Homes tax break limits this year's increase for permanent homes to 1.7 percent, meaning value added over that bar won't be added to your taxable value.

Owners of Hillsborough's 318,000 homes and 22,000 commercial properties will see estimates of their values on their Truth in Millage notices, which officials said would be sent within six months.

Hillsborough property tax rates, called millage rates, have yet to be approved this year.

The housing crash savaged many public budgets, which lost hundreds of employees after property values plummeted in 2009 by nearly 13 percent. Last year's TRIM notices showed values had sagged an average of 2 percent.

This year's estimated increase is a small bump considering the great shifts of the boom. In 2006, at the height of the real estate bubble, county property values climbed a staggering 21 percent.

The value bump is only an estimate based on last year's sales, but officials said they're confident they'll see a positive change from five years of red ink.

Across the bay, Property Appraiser Pam Dubov said Pinellas County is looking at a similar property value bump.

Nearly 14,000 homes sold across Hillsborough last year, Multiple Listing Service data show. The typical home sold for $148,000, 13 percent higher than 2011's median price.

Contact Drew Harwell at (727) 893-8252 or dharwell@tampabay.com.

Hillsborough County

property values

YearChange
2013+ 3 percent
2012- 2.19 percent
2011 - 4.27 percent
2010- 10.84 percent
2009- 12.84 percent
2008- 4.73 percent
2007+ 11.70 percent
2006+ 21.5 percent

Source: Hillsborough County Property Appraiser

Hillsborough property values rise after five years of decline 03/06/13 [Last modified: Wednesday, March 6, 2013 11:42pm]
Photo reprints | Article reprints

© 2017 Tampa Bay Times

    

Join the discussion: Click to view comments, add yours

Loading...
  1. Judge throws out $458,000 condo sale, says Clearwater attorney tricked bidders

    Real Estate

    CLEARWATER — Pinellas County Circuit Judge Jack St. Arnold on Monday threw out the $458,100 sale of a gulf-front condo because of what he called an "unscrupulous" and "conniving" scheme to trick bidders at a foreclosure auction.

    John Houde, left, whose Orlando copany was the high  bidder June 8 at the foreclosure auction of a Redington Beach condo, looks in the direction of Clearwater lawyer and real estate investor Roy C. Skelton, foreground,  during a hearing Monday before Pinellas County Circuit Judge Jack St. Arnold.  [DOUGLAS R. CLIFFORD   |   Times ]
  2. Pasco EDC names business incubator head in Dade City, will open second site

    Business

    Pasco County economic development officials are busy reigniting their business start-up resources following the departure earlier this year of Krista Covey, who ran the Pasco Economic Development Council's SMARTStart business incubator in Dade City.

    Andrew Romaner was promoted this summer to serve as program director of the Dade City SMARTStart Entrepreneur Center, a start-up incubator service of the Pasco Economic Development Council. He succeeds Krista Covey, who relocated to Texas for another startup position. [Courtesy of Pasco EDC]
  3. Proposed Tampa tax increase prompts second thoughts about Riverfront Park spending

    Local Government

    TAMPA — Julian B. Lane Riverfront Park has a $35.5 million price tag with something for everyone, including a rowers' boathouse, a sheltered cove for beginning paddlers, an event lawn, a community center with sweeping views of downtown and all kinds of athletic courts — even pickleball! — when it opens …

    Expect the $35.5 million redevelopment of Julian B. Lane Riverfront Park to be a big part of the discussion when the Tampa City Council discusses Mayor Bob Buckhorn's proposed budget and property tax increase this Thursday. LUIS SANTANA   |   Times
  4. Record $417 million awarded in lawsuit linking baby powder to cancer

    Nation

    LOS ANGELES — A Los Angeles jury on Monday ordered Johnson & Johnson to pay a record $417 million to a hospitalized woman who claimed in a lawsuit that the talc in the company's iconic baby powder causes ovarian cancer when applied regularly for feminine hygiene.

    A bottle of Johnson's baby powder is displayed. On Monday, Aug. 21, 2017, a Los Angeles County Superior Court spokeswoman confirmed that a jury has ordered Johnson & Johnson to pay $417 million in a case to a woman who claimed in a lawsuit that the talc in the company's iconic baby powder causes ovarian cancer when applied regularly for feminine hygiene. [Associated Press]
  5. Superior Uniform acquires Los Angeles-based PublicIdentity

    Corporate

    SEMINOLE — A subsidiary of Seminole-based Superior Uniform Group has acquired Los Angeles-based branded merchandise company PublicIdentity Inc.

    Superior Uniform Group CEO Michael Benstock
[Courtesy of Superior Uniform Group]