Plummeting Permits

In fiscal year 2007-08, the county issued just 397 single-family home permits, an 835 percent drop from the boom years of 2004-05.

Home values continue to decline as well, according to new statistics from the Hernando County Building Division.

The average single-family home's value in 2007-08 was $182,821, down from $204,578 in 2006-2007.

Those numbers were based on the values of the permit issued for a new single-family home and not based on assessed value, according to the planning department.

County commissioners Tuesday factored in these latest statistics in making a decision to add more incentives for developers to build more affordable housing in Hernando County.

There was a substantial decrease in the number of permits issued for single- and multi-family homes and mobile homes beginning in 2006 and a further decline in 2007, reflecting the downturn in the local, state and national economy.

The high point in permit issuance occurred in fiscal year 2004-05, when the county issued 3,712 single-family permits. From that point, the permits have tumbled each year.

Meanwhile, Hernando County Property Appraiser Alvin Mazourek said Wednesday he is still crunching data but it appears that values for 2009 will be down even more because of the economy and the lower number of sales in 2008.

"How much, we don't know," Mazourek said.

The property appraiser's office assesses properties at fair market value and is determined Jan. 1 of each year using sales from the previous year.

Property taxes are assessed "in arrears," or one year after assessment.

For example, taxes on a 2008 assessment are paid in 2009.

Mazourek's office calculates the assessed value of property by analyzing data such as comparable area sales, construction, home additions and commercial sales.

Mazourek said the Florida Department of Revenue is considering allowing property appraisers to factor in foreclosures and "short sales" in establishing values, depending on the circumstance of the sale.

A short sale is one where the seller is willing to take a lower price for the home than what is owed the bank.