Make us your home page
Instagram

Today’s top headlines delivered to you daily.

(View our Privacy Policy)

Pasco loses nearly $4 billion in property values

First, the bad news: Taxable property values dropped nearly $4 billion in Pasco County this year.

Now, the sort-of good news: That's not quite as bad as officials had predicted.

New estimates released Friday by Pasco County Property Appraiser Mike Wells show countywide values of about $23 billion, down roughly 14 percent from nearly $27 billion last year. That figure includes nearly $621 million worth of new construction.

The new 2009 estimates translate into a roughly $22 million loss in property tax revenue if county commissioners were to keep the same millage rate, said county budget director Mike Nurrenbrock.

That's not as bad as the $28 million loss that county officials, assuming a 20 percent drop in values, had projected.

"It's a little better than the predictions we were looking at," Nurrenbrock said. "But we're still not out of the woods."

On top of the $22 million loss in property taxes, the county is anticipating lower revenue from other sources, too, including interest income, sales tax and state revenue sharing.

Pasco County had enjoyed more than 30 years of steady tax base growth until last year, when values dropped over 9 percent, Wells said. Values peaked in 2007 when they totaled around $30 billion.

One major theme this year, he said, is how vacancy rates for commercial and office properties have driven down values.

Wells noted, for instance, values were down for office properties in Wesley Chapel, which has a 40 percent vacancy rate in office space. Values are down, too, at Gulf View Square, which has seen the departure of some of its larger tenants at the mall, he said.

The new estimates will be used to calculate property taxes for the upcoming 2009-10 budget. County officials expect to present a draft budget to commissioners on June 12.

This budget season promises to come with unprecedented challenges as commissioners try to find a way to cover those losses. Options include cutting services and increasing the county's property tax rate, which has steadily decreased since 1995.

The so-called rollback rate — an increase to the tax rate that would raise the same amount of money as this year — has received lukewarm support from some commissioners.

County Commission Chairman Jack Mariano has also sent letters to the constitutional officers asking them to prepare for up to 15 percent in cuts. So far, only one — Supervisor of Elections Brian Corley — has turned in a draft budget.

Corley has proposed a $2.8 million budget for 2009-10, down nearly 11 percent from the current year budget of $3.2 million.

It was no easy task, he said, especially when the fiscal year includes a primary election as well as preparations for the general election.

He made some strategic decisions — printing up fewer ballots unless they are needed, for instance — and also slashed travel costs, froze salaries and won't fill the position of a soon-to-be retiree.

"At the end of the day, I'm putting a truly needs-based budget out there," Corley said.

The Sheriff's Office and the jail usually account for 55 percent of the property tax money in the county's general fund each year. Sheriff Bob White is scheduled to turn in his proposed budget on Monday.

Jodie Tillman can be reached at jtillman@sptimes.com or (727) 869-6247.

Fast facts

Property values

Estimated municipal property values, 2009*:

Dade City: $278.7 million

New Port Richey:

$672.3 million

Port Richey: $303.4 million

San Antonio: $55.8 million

St. Leo: $37.9 million

Zephyrhills: $657.9 million

* Figures include added value from new construction

Pasco loses nearly $4 billion in property values 05/29/09 [Last modified: Friday, May 29, 2009 8:07pm]
Photo reprints | Article reprints

© 2017 Tampa Bay Times

    

Join the discussion: Click to view comments, add yours

Loading...
  1. Shakeup on Adam Putnam campaign

    Blogs

    In a sign of unsteadiness for what  had  looked like a strong-out-of-the-gate Adam Putnam campaign, the Republican frontrunner suddenly fired his campaign manager and political director. Hard-charging Campaign manager Kristin Davis and political director Jared Small were two of the three outsiders to join …

    Putnam campaigning in Destin the other day as part of his 22-city bus tour
  2. Rays let early lead get away again in loss to Angels (w/video)

    The Heater

    ST. PETERSBURG — As pleased as the Rays were to win consecutive series against the contending Red Sox, Indians and Yankees and to get briefly back over .500, there was a lot of talk in the clubhouse before Monday's game against the Angels that it was time to do better.

    Tampa Bay Rays third base coach Charlie Montoyo (25) high fives designated hitter Corey Dickerson (10) as he rounds third on his lead off home run in the first inning of the game between the Tampa Bay Rays and the Los Angeles Angels at Tropicana Field in St. Petersburg, Fla. on Monday, May 22, 2017.
  3. Tampa man arrested for killing man in his USF-area home

    Crime

    TAMPA — A Tampa man was arrested Monday in the death of man found killed at a home in the University of South Florida area last week, according to the Hillsborough County Sheriff's Office.

    Kadeem Dareem Archibald, 26, was arrested Monday on a  second degree murder charge in the University Area killing of Khando Kerr. [Hillsborough County Sheriff's Office]
  4. Report: Trump asked intel chiefs to push back against FBI collusion probe after Comey revealed its existence

    National

    President Donald Trump asked two of the nation's top intelligence officials in March to help him push back against an FBI investigation into possible coordination between his campaign and the Russian government, the Washington Post reports, citing current and former officials.

    From  left, CIA Director Mike Pompeo; Director of National Intelligence Dan Coats; and National Security Agency Director Adm. Michael Rogers take their seats on Capitol Hill on May 11 before  testifying before the Senate Intelligence Committee hearing on major threats facing the U.S. [Associated Press]
  5. For Gov. Rick Scott, 'fighting' could mean vetoing entire state budget

    State Roundup

    Every day, Gov. Rick Scott is getting a lot of advice.

    The last time a Florida governor vetoed the education portion of the state budget was in 1983. Gov. Bob Graham blasted fellow Democrats for their “willing acceptance of mediocrity.”