Property values expected to fall another 10%

Preliminary tax roll figures from Sarasota and Manatee counties show that Longboat’s Key’s taxable values are expected to drop an average of 10% for the third consecutive year.

The loss in property values will mark the third time since 1988 that taxable values have not seen risen on the island.

Based on the town’s current millage rate of 1.4903 mills, the tax roll loss is expected to result in an about $750,000 budget revenue reduction, according to Finance Director Tom Kelley.

In Sarasota County, Property Appraiser Bill Furst released preliminary estimates Friday that estimate a Longboat Key tax roll of $3,460,047,513, compared to a fiscal year 2009 (taxable year 2008) certified tax roll of $3,821,018,737, for a 9.45% decline.

In Manatee County, Property Appraiser Charles Hackney’s office said the preliminary estimates, which are not due until June 1, are not ready to be released.

Kelley, however, told The Longboat Observer that at this time, Furst’s office has told him to expect an 11% decline on the Manatee County portion side of the island.

Both counties will reveal official assessed taxable values July 1.

For more information on assessed values and the town’s budget issues, pick up a copy of the Thursday, May 27, edition of The Longboat Observer.

Contact Kurt Schultheis at [email protected].