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. Take steps against holiday fraud with private WiFi, fraud alerts

    Retail

    The holiday shopping season bring hosts of discounts and deals, but it also brings something less cheery — fraud. According to a forecast by ACI Worldwide, a payment processing company, retailers are expected to see a 30 percent jump in fraud this year compared to last year. That means when shopping, take extra …

    Holiday shopping fraud is expected to be on the rise this season. Take steps to protect your accounts by using trusted WiFi and monitoring your bank accounts for fraud. | [Times file photo]
  2. Fourth Street's mom and pop motels are a dying breed

    News

    ST. PETERSBURG — Billboards as far north as Tennessee beckoned tourists by the thousands to St. Petersburg's Fourth Street calling it "the longest motel street in the world" in the 1940s and '50s. There were 95 motels between the Gandy Bridge and Central Avenue in 1955, according to an article that year in the St. …

    The Holiday Motel, with its signature multicolored doors.SCOTT KEELER   |   Times
  3. Trigaux: Tampa Bay's corporate performers: Some are humming while others can't carry a tune

    Business

    Record stock markets. Lowest jobless rate in 17 years. If companies are not performing well now, well....

    Raymond James Financial CEO Paul Reilly's set a torrid pace of growth by acquisitions, with strong results thus far. It has helped immensely that Raymond James is pursuing aggressive expansion at the same time the stock markets are setting new records. [Courtesy of Raymond James Financial.]
  4. Suburban-bound millennials and other 2018 housing trends to watch

    Real Estate

    What's ahead for real estate in 2018? Zillow economists put their heads together and offered up a laundry list of forecasts and predictions. The chief one to remember? Inventory shortages of homes for sale which challenged the market in 2017 will persist next year — "continuing to play a significant role in …

    Millennials may want this view from where they live but many will not be able to afford it and will head to the suburbs. That's one of Zillow's forecasts for the 2018 housing market. In photo, Hardin Construction field coordinator Joe Edwards checks out the view from the 10th floor of The Ventana condo project the company is building near Tampa's Channelside. [MARK GUSS PHOTO[
  5. Woman, 51, robbed in Tyrone Square Mall parking lot, police say

    Public Safety

    ST. PETERSBURG — A woman was robbed after a man followed her to her car in a mall parking lot Thursday night and shot once at her, police said.