Make us your home page
Instagram

Today’s top headlines delivered to you daily.

(View our Privacy Policy)

Hernando property values continue to plummet

BROOKSVILLE — Hernando County property values fell last year at the highest rate since the housing boom collapsed, according to preliminary information released by the property appraiser on Friday.

The taxable value of all residential and commercial properties fell to just above $8 billion compared to $9.3 billion in the previous year. That's a 13.7 percent drop compared to the 9.45 percent fall the year before, and a drop of 9.75 percent in tax year 2008.

Tax year 2008 was the start of the economic downslide and the first time Hernando County had seen a decline in taxable value.

The drop in values means that Hernando County will receive $8 million less in tax revenue next year than it received for the current fiscal year, based on the county's current property tax rate.

"It's unfortunate, but that's the market that's out there,'' said Property Appraiser Alvin Mazourek.

The countywide property value is the critical factor in budget planning for government. Budget builders use it to determine how much property tax will be generated to provide services for the various taxing authorities.

This so-called "good faith estimate" also reflects that the Hernando County School Board will receive an estimated $9.7 million less in property tax revenue; for the city of Brooksville, the decline is $404,000.

Mazourek said the fall in the values does not include the value of new construction, which amounted to about $120 million.

Where the numbers go from here is anyone's guess. Mazourek said.

The figures released on Friday reflect property sales in 2009. In the current calendar year, sales are up.

Mazourek said there were 100 more home sales in April than there were last April. But with many of the sales on foreclosures and short sales, it's unclear if that would pull values up or continue their decline.

The current county property value of $8 billion puts Hernando's overall value at just above what it was in 2005 and just below 2006, when many say the boom peaked.

Mazourek said other, more urban Florida counties were seeing that same circumstance. "We reflect the market and this is what it shows us,'' he said. "It's not a pretty picture.''

The taxable value drop, caused by falling property prices and increased exemptions from several actions in recent years, is forcing taxing authorities to make deep cuts in spending.

Hernando County government is trying to make up for an $8.3 million overall drop in revenue in the general fund. Officials are considering parking THE Bus for good, closing some parks and trimming other services down to just the basics.

Mazourek's office certifies the final values for budget purposes on July 1.

Barbara Behrendt can be reached at behrendt@sptimes.com or (352) 848-1434.

Hernando County historic taxable property values

YearValue
2000$4,304,497,634
2001$4,741,311,198
2002$5,122,539,116
2003$5,656,153,448
2004$6,342,745,657
2005$7,677,773,361
2006$9,938,028,469
2007$11,411,484,382
2008$10,298,659,819
2009$9,325,713,565
2010$8,052,827,668

Source: Hernando County Property Appraiser

Hernando property values continue to plummet 05/28/10 [Last modified: Friday, May 28, 2010 8:29pm]
Photo reprints | Article reprints

© 2017 Tampa Bay Times

    

Join the discussion: Click to view comments, add yours

Loading...
  1. 10 National Monuments the Interior Department Wants to Shrink or Modify

    Nation

    Interior Secretary Ryan Zinke has proposed that President Donald Trump make changes to 10 national monuments, including Bears Ears in southern Utah, according to a memo addressed to the White House.

  2. A botched surgery left a barber with erectile dysfunction. Decades later, he took revenge.

    The old man booked his appointment under an alias.

    In this July 27, 2017 file photo, Stanwood Fred Elkus, accused of shooting and killing his doctor at the doctor's office in Newport Beach in 2013, is wheeled into Orange County Superior Court in Santa Ana, Calif.
  3. Irma's death toll in Florida rises to 42, but will grow

    News

    TALLAHASSEE —Deadly carbon monoxide fumes have killed 11 people in Florida as Hurricane Irma's death toll rose to 42 on Tuesday, state officials reported.

    A resident walks by a pile of debris caused by a storm surge during Hurricane Irma in Everglades City. The isolated Everglades City community of about 400 people suffered some of Florida's worst storm surges, up to 9 feet (2.7 meters), when Hurricane Irma slammed the region eight days ago, leaving the insides of homes a sodden mess and caking the streets with mud. The storm affected nearly every part of the state, and, so far, the death toll stands at 42. [AP Photo | Alan Diaz]
  4. After Irma, Tampa Bay synagogues get ready for Rosh Hashana

    Religion

    As the holiest days of the Jewish calendar approached, so did Hurricane Irma.

    Congregants open the ark which holds several torah scrolls during Selichot services at Congregation B'nai Israel of St. Petersburg on Saturday, September 16, 2017. The Jewish new year, Rosh Hashana begins at sundown on Wednesday night.
  5. For ex-Rays/now Cubs manager Joe Maddon, the legacy is in the jeans

    Blogs

    Joe Maddon has plenty of memories of his time at the Trop during nine years of managing the Rays. "Too many to count,'' he said.