Make us your home page
Instagram

Today’s top headlines delivered to you daily.

(View our Privacy Policy)

Pinellas property values fall, but not as dramatically as feared

The good news is that early estimates show Pinellas property values haven't dropped as much as county officials feared.

But the overall 1.7 percent drop in the taxable value of real property isn't enough to come anywhere near closing the shortfall expected in next year's county budget. Now, officials expect the shortfall in the county's general fund to be about $19 million, rather than the $24 million they'd estimated.

"It's good news that it's not worse than the forecast," assistant county administrator Mark Woodard said. "The hole has gotten a little bit shallower."

Pinellas Property Appraiser Pam Dubov evaluates the value of real estate, construction and tangible property, such as furniture and office equipment. She also takes the real estate values and subtracts the estimated deductions, such as homestead exemptions, that owners will claim in the coming tax year. The amount left over is the taxable value of the real estate.

Governments and agencies use those taxable values to estimate the amount of tax money they will receive in the next fiscal year and build their budgets according to that. Dubov's preliminary estimates were released Wednesday. Her final values are scheduled for release July 1.

The preliminary values indicate that land prices are still dropping, but not as fast as in the past few years.

Last year, for example, real property values had dropped by about 4.5 percent overall. A year or so before that, decreases in property values were in the double digits. This year, the overall drop in real estate values is about 2.9 percent.

"They are nowhere near where they were two years ago," Dubov said Thursday. "It continues to decline, but it's much less than the last two, three or four years."

But, she added, the values are "not uniform across the county. It varies from region to region."

Some of the beaches, for example, seem to be recovering faster than elsewhere in Pinellas.

Belleair Shore (6.02 percent), North Redington Beach (0.16 percent), Redington Beach (4.41 percent) and Redington Shores (3 percent) all saw an increase in the taxable value of their real property.

"The rest of the county is a mixed bag," Dubov said.

Seminole, for example, saw a 3.61 percent decrease in taxable real property values. Dunedin's values dropped by 2.45 percent. Belleair's declined by about 2.9 percent.

St. Petersburg's taxable real property values went down by 0.74 percent and Clearwater's fell by about 0.7 percent.

The number of foreclosures is still high, but Dubov said she sees some good signs.

One of those is in the area of additions and new construction, which are going strong. That's especially impressive, she said, because the county is built out and there's little or no land available for large-scale developments. That means the $248.6 million in new construction came mostly from refurbishing and adding to single-family homes.

Commercial real estate is doing well when it comes to rentals, hotels and some kinds of retail, but office building tenancy and industrial areas are still lagging, Dubov said.

Anne Lindberg can be reached at alindberg@tampabay.com or (727) 893-8450.

Percentage change in real property taxable values from 2011-2012

City Change
Belleair Beach – 2.28
Belleair Bluffs – 0.22
Belleair – 2.90
Belleair Shore 6.02
Clearwater – 0.70
Dunedin – 2.45
Gulfport – 0.99
Safety Harbor – 0.72
Indian Rocks Beach – 0.49
Indian Shore – 1.96
Kenneth City – 1.07
Largo – 1.99


City Change
Madeira Beach – 0.54
N. Redington Beach 0.16
Oldsmar – 3.19
Pinellas Park – 2.11
Redington Beach 4.41
Redington Shores 3.00
Seminole – 3.61
St. Petersburg – 0.74
South Pasadena – 1.30
St. Pete Beach – 0.09
Treasure Island – 2.00
Tarpon Springs – 1.87
Countywide – 1.72

Pinellas property values fall, but not as dramatically as feared 05/24/12 [Last modified: Friday, May 25, 2012 12:12am]
Photo reprints | Article reprints

© 2017 Tampa Bay Times

    

Join the discussion: Click to view comments, add yours

Loading...
  1. FHP seeks semitrailer truck driver that left fiery wreck on I-75

    Accidents

    TAMPA — The Florida Highway Patrol is looking for the driver of a semitrailer truck that sped off from an Interstate 75 crash that left another car burning on Tuesday afternoon.

    Troopers were looking for the driver of a semitrailer truck that sped off from an accident scene on Interstate 75 in Tampa on Tuesday afternoon that caused a car to catch fire. [Courtesy of Florida Highway Patrol]
  2. Joe Maddon gets warm reception in return to the Trop

    The Heater

    ST. PETERSBURG — The night was arranged to honor former Rays manager Joe Maddon in his first visit back to the Trop, and the warm response from the bipartisan crowd and scoreboard video tribute were proper acknowledgments of his hefty role in the Rays' success during his nine-year stint.

    Chicago Cubs manager Joe Maddon (70) talks with reporters during a press conference before the start of the game between the Chicago Cubs and the Tampa Bay Rays at Tropicana Field in St. Petersburg, Fla. on Tuesday, Sept. 19, 2017.
  3. Three-hour police standoff ends, thanks to a cigarette

    News

    TAMPA — A man threatening to harm himself was arrested by Tampa police on Tuesday after a three-hour standoff.

  4. Jones: Rays' Kevin Cash doesn't mind following in Joe Maddon's steps

    The Heater

    ST. PETERSBURG — On this particular night, he's the other guy. He's like a talk-show guest scooted to the end of the couch. He is Kevin Cash. And the Rays manager is standing in the home dugout at Tropicana Field.

    ST. PETERSBURG, FL - SEPTEMBER 17: Manager Kevin Cash (L) of the Tampa Bay Rays reacts to action during the game against the Boston Red Sox at Tropicana Field on September 17, 2017 in St. Petersburg, Florida. (Photo by Joseph Garnett Jr./Getty Images) 700012494
  5. 7.1 magnitude quake kills at least 139, collapses buildings in Mexico

    World

    MEXICO CITY — A magnitude 7.1 earthquake stunned central Mexico on Tuesday, killing at least 139 people as buildings collapsed in plumes of dust. Thousands fled into the streets in panic, and many stayed to help rescue those trapped.

    A woman is lifted on a stretcher from of a building that collapsed during an earthquake in Mexico City, Tuesday, Sept. 19, 2017. [Rebecca Blackwell | Associated Press]