Property values fall another 10%

Preliminary tax roll figures from Manatee and Sarasota counties show that Longboat Key’s taxable values dropped an average of 9.68% Key-wide for about a $518,164,286 loss, marking the third year in a row taxable values have dropped on the island.

The loss in property values marks only the third time since 1988 that taxable values have not risen.

Based on the town’s current millage rate of 1.5 mills, the tax roll loss would result in a budget revenue reduction of about $744,000.

For more information, including a comprehensive look at the town’s preliminary budget that’s being released today, check out a copy of the June 3 edition of The Longboat Observer.

Contact Kurt Schultheis at [email protected].