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. Florida's first walk-in clinics for medical marijuana are opening in Tampa Bay

    Business

    TAMPA — Inside a nondescript white-washed office building across from St. Joseph's Hospital in Tampa is one of the state's first walk-in clinics for patients seeking medical marijuana.

    Patient Julie DiPietrantonio, 67, of St. Petersburg, is examined by Dr. Howard Riker of Tetra Health Care. DiPietrantonio suffers from chronic pain caused by spinal stenosis, degenerative arthritis, and sacroiliitis. She is looking for relief by using medical marijuana. 
[SCOTT KEELER   |   Times]

  2. Allegiant Air reports $400 million in revenue for second quarter

    Airlines

    Allegiant Air's parent company, Allegiant Travel Co., reported just over $400 million in revenue for the year's second quarter, up 16 percent from last year.

    Allegiant Air CEO Maurice J. Gallagher Jr. | [Courtesy of Tony Jannus Aviation Society]
  3. As Dow hits new high, Raymond James Financial reports record financial gains

    Banking

    On the same day that the Dow closed at new highs, investment firm Raymond James Financial reported record revenues and earnings for its fiscal third quarter that ended June 30.

    Raymond James Financial CEO Paul Reilly unveiled record quarterly revenues and earnings for the St. Petersburg-based investment firm. [Courtesy of Raymond James Financial]
  4. Florida GDP growth in first quarter 2017 ranks 21st among states, still outpacing U.S.

    Economic Development

    Florida's gross domestic product or GDP rose 1.4 percent in the first quarter, slightly faster than the nation's growth of 1.2 percent and placing Florida 21st among the states for growth rates, according to the U.S. Bureau of Economic Analysis.

    Not too hot. Not too cold.

    These Jackson Square Townhomes began hitting the west Hillsborough County market late last year and continued to be sold into the first quarter of 2017. The real estate sector was the biggest driver of Florida's gross domestic product, which rose 1.4 percent in the first quartrer of 2017.  [JAMES BORCHUCK   |   Times]
  5. A new app will help you find your favorite Tampa Bay food trucks

    Food & Dining

    What's new: Food tech

    Local food businesses are embracing new technologies and partnerships to bring us extra deliciousness.

    Michael Blasco of Tampa Bay Food Trucks says that everyone always asked about an app to help find their favorite food trucks. There is, available for iPhones and Droids.