Make us your home page

Today’s top headlines delivered to you daily.

(View our Privacy Policy)

Pasco taxable property values fall 10 percent

Taxable property values in Pasco County fell 10 percent from last year, shedding $3-billion from the tax rolls, the Property Appraiser's Office said Thursday.

This is the first time in more than 20 years that those figures have fallen.

The tax roll estimate stands at $26.7-billion, down from $29.7-billion last year, Property Appraiser Mike Wells said.

The plunge means officials will have fewer tax dollars to work with. County government would take a $16-million hit next year, if officials kept the same tax rate as this past year.

The culprits are Amendment 1 and a real estate market that hit the skids, but Wells said the loss would have been even greater had it not been for Save Our Homes, which requires his office to raise homestead tax assessments by 3 percent, even if a home's market value falls.

"If the 3 percent rule were not there, it would have been another $2-billion off the tax rolls," Wells said. "We had a significant market decrease but it's offset by Save Our Homes. That saved the county from serious damage."

About 74 percent of Pasco's tax roll is residential, of which 70 percent are homesteads, Wells said. This means about half the total tax roll is homesteaded, whose slightly rising values cushioned the blow.

Approved by voters in January, Amendment 1 created an additional homestead exemption of $25,000 and made Save Our Homes savings portable, among other measures.

Wells estimated that of the

$3-billion loss in Pasco, $2-billion came from that additional homestead exemption.

Because the extra homestead exemption applies to county tax rolls but not the school district, Pasco's School Board got by with less damage.

The School Board's tax roll shrank 2 percent, to $29.1-billion this year from $29.7-billion last year.

Wells said he just completed mailing the estimates to the various local governments: the county, the School Board and the cities. Local governments rely on these numbers as they build their budgets for next year.

Wells was careful to strike a note of optimism about the real estate market Thursday, criticizing media reports on falling home values.

"We're seeing things begin to bottom out," he said. "This time next year, I really think things are going to level out."

Cities, which were also affected by Amendment 1, lost taxable values across the board too:

• New Port Richey dropped 11 percent, from $919,592,133 to $817,135,953.

• Port Richey dropped 12 percent, from $408,190,737 to $357,620,010.

• Dade City dropped 7 percent, from $339,314,538 to $314,240,223.

• Zephyrhills dropped 11 percent, from $817,724,059 to $730,375,326.

• San Antonio dropped 6 percent, from $64,657,098 to $60,667,442.

• St. Leo dropped 1 percent, from $50,072,846 to $49,608,040.

Chuin-Wei Yap can be reached at or (813)909-4613.

Pasco taxable property values fall 10 percent 05/29/08 [Last modified: Saturday, May 31, 2008 7:27am]
Photo reprints | Article reprints

© 2017 Tampa Bay Times


Join the discussion: Click to view comments, add yours

  1. Warehouse burns on Tampa's east side


    TAMPA — Hillsborough County emergency crews are at the scene of a two-alarm fire at a warehouse near 56th Street and East Hillsborough Avenue.

    Hillsborough County firefighters battle a blaze Thursday night at a warehouse on Hillsborough Avenue in Tampa. [Hillsborough County Fire Rescue]
  2. 'Dream big' drives Lightning's Conacher brothers

    Lightning Strikes

    BRANDON — Two words: Dream big.

    Cory Conacher includes them every time he signs an autograph for a young hockey fan.

    Tampa Bay Lightning forward Cory Conacher (89) on the ice during Lightning training camp in Brandon Friday morning (09/15/17).
  3. Irma roughs up endangered snail kites, birds that help us gauge the Everglades' health


    Hurricane Irma was as rough on some wildlife as it was on the humans. Audubon of Florida reported Thursday that the storm destroyed all 44 nests around Lake Okeechobee built by the endangered Everglades snail kite, a bird considered crucial to the River of Grass ecosystem.

    Hurricane Irma destroyed 44 snail kite nests, capping off a poor mating season for the endangered species, which is seen as an important barometer of the health of the Florida Everglades. Their off-center beaks allow them to probe inside the spiral shells of the native apple snails. But the snails' population has dropped as the Everglades has changed. [MAC STONE | Audubon of Florida]
  4. New center opens in Tampa to help those with missing, damaged limbs


    TAMPA — Justin Lansford, his service dog Gabe by his side, smiled broadly Thursday as he imagined the future of a sprawling, resource center for people who need artificial limbs and those interested in helping them.

    Justin Lansford, 27, lost his left leg above the knee in Afghanistan. He was one of dozens of people attending the opening of the Veterans International Institute of Orthotics & Prosthetics in Tampa on Thursday. [HOWARD ALTMAN   |   Staff]
  5. Still worried about family, Tampa Bay Puerto Ricans ramp up relief effort


    TAMPA — Brenda Irizarry is worried.

    Brenda Irizarry of Tampa, while agonizing over the status of family in storm-ravaged Puerto Rico, is helping lead an effort to collect and send supplies to the island. [ALESSANDRA DA PRA  |   Times