Longboat Key property valuations rise nearly 10%

The preliminary taxable values are in. And it’s another steady increase. 

While the 2024 certified taxable property values for Longboat Key won’t arrive until July 1, the town’s finance department received the preliminary values on June 1 that will be used to further shape the budget. 

Finance Director Sue Smith’s email to Town Manager Howard Tipton showed that Longboat Key expects an increase of about 9.61%, or 8.10% without new construction. 

That’s an increase of about $801,686,929 in taxable value from 2023 to 2024. In 2023, the town’s taxable values were at about $8.3 billion, and in 2024 the values are expected to reach $9.1 billion.

New construction has an estimated value of about $126,313,926. 

The values without new construction are in line with nearby municipalities, Smith said in the email. For example, Bradenton Beach’s values without new construction increased by about 8.07%, Venice's by about 5.71%.  Anna Maria’s increase is estimated to be a little higher at 12.01%. 

At the town’s current millage rate of 1.9600, the updated taxable property values would produce about $1,508,454 in revenue from the last fiscal year. 

The June 1 preliminary taxable values showed an increase in Sarasota County’s values by $447,036,067 (7.78%) and an increase in Manatee County’s values by $354,650,862 (13.67%).

For comparison, in 2023 — affecting the current FY2024 — the certified taxable property values increased 13.11% on Longboat Key. 

In her email to Tipton, Smith said that even though the department doesn't have all of the details yet, she believed the Sage Longboat Key development contributed to the increase in the Manatee County portion of Longboat Key. 

The Sage, which opened in 2023, had property values ranging from the mid $4 millions to a little over $6 million. 

This summer, the St. Regis Longboat Key is expected to have its grand opening. The resort’s sold-out residences ranged in price up to around $20 million. 

Once those residences are active, the taxable property values will be a part of Sarasota County. The values will impact Longboat Key’s taxable value heading into fiscal year 2026. 

Next up, the town will conduct the second budget workshop on June 17 as a followup to the first budget workshop held on May 20.