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Hernando Today
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Assessed Values Down 13 Percent
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Published: May 29, 2008
BROOKSVILLE - Hernando County's assessed valuation plummeted 13 percent in 2008, to $9.94 billion, according to good faith estimates released Wednesday by the property appraiser's office.
The drop from one year ago, when values were at $11.4 billion, is attributed to the drastic decline in the real estate market and the aftereffects of Amendment 1, said Nick Nikkinen, director of special projects with the property appraiser's office.
Voters in February approved Amendment 1, the so-called "property tax amendment," which doubled homestead exemptions if the assessed value of a person's property was $75,000 or more.
Nikkinen said the 2008 market value of Hernando County is an estimated $17 billion, down from $17.7 billion from a year ago.
Think of a county's market value as the price it would sell for on the open market. The assessed value is the market value minus all the tax exemptions.
Budget Director George Zoettlein said he will use the preliminary estimates to determine the county's property tax revenue for the 2008 tax rolls, which in turn is used to determine the 2009 budget.
He will base that budget on the county's existing 5.43 millage rate.
Zoettlein must wait until July 1 for the certified values, which will include final statistics on new construction.
Nikkinen said he continues to crunch numbers but doesn't expect any major changes to the good faith estimates.
"We're still processing low income senior exemptions, but those aren't big ticket items," he said.
The drop in values is statewide and not confined to Hernando County, Nikkinen said.
The average single family home sold in Hernando County in 2007 was $189,442, down 11.24 percent from 2006, according to Nikkinen. Those figures were used, in part, to develop the 2008 tax roll.
"Interestingly, 2008 single-family home figures to date are down yet another 12.55 percent, to $165,659, which will be reflected in the 2009 tax roll," Nikkinen said.
Nikkinen stressed that the 13 percent is a countywide estimate. There were vacant land parcels in Royal Highlands, for example, that declined significantly more.
Reporter Michael D. Bates can be reached at 352-544-5290 or mbates@hernandotoday.com.
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