Orange posts record rise in property values

$11.2B gain sign of booming Central Florida economy

In a sign that Central Florida’s economy continues to soar, Orange County posted another record-setting increase in property values this year.

Property values in Orange County jumped 9.3 percent, an $11.2 billion gain from last year. The higher values included $500 million in additional new construction, to $3.6 billion.

Property Appraiser Rick Singh credited “a thriving Central Florida economy” and “record-breaking growth” for the big jumps in values, according to a written statement. The increase exceeded last year’s 8.3 percent tax-roll increase.

Orange’s neighbor to the south wasn’t far behind.

Osceola County saw a more than 9 percent increase in property values from last year, Property Appraiser Katrina Scarborough said.

“Osceola is the second fastest-growing county in the state,” Scarborough said. “More people are coming and the demand is high for housing.”

It’s the same story in other Central Florida counties. Lake County posted a 9.25 percent

increase, and Seminole values shot up 8.25 percent.

Rising values means counties and cities can expect to see more tax dollars rolling in even if local governments maintain the same tax rates.

Orange’s office of management and budget, for example, is recommending the county keep its property tax rate at the current roughly $4.43 for each $1,000 of taxable value as commissioners plan to start budget work sessions next month.

Orange Sheriff Jerry Demings’ office has submitted a proposed budget for next fiscal year that asks for $13.7 million more — a nearly 5.9 percent increase — than last year’s budget. Demings plans to use a portion of that money to pay for salary increases and hiring 26 new deputies.

Despite the expectation of additional tax dollars, local government officials across Central Florida are uneasy about a state constitutional amendment on the November ballot asking voters if they want an additional $25,000 homestead exemption that would apply to homes with taxable values above $100,000.

If approved by voters, some local governments could see tax revenues drop despite the increase in values.

Besides the counties, Central Florida cities also saw ample increases in property values.

Fruitland Park in Lake County expects a nearly 32 percent gain, in large part because of 719 new homes in a portion of The Villages community.

Other Lake municipalities experiencing sharp increases in property values include Minneola, 20.6 percent; Groveland, 16.8 percent; Howey-in-theHills, 16.6 percent; and Mascotte, 14.3 percent.

Casselberry led Seminole County cities with a 19 percent gain in property values followed by Oviedo, 10.7 percent; Longwood, 9.25 percent; and Sanford, 8.75 percent.

In Osceola, St. Cloud led the charge with a 12.5 percent increase, followed by Kissimmee with a nearly 9.6 percent gain.

In Orange County, Ocoee showed the highest increase at 13.7 percent.

“It’s great news,” Ocoee Mayor Rusty Johnson said. “We’re getting all this economic growth. … And it shows that Ocoee is a great place to be out here.”

Johnson pointed to a new industrial park off State Road 429 near Crown Point Road and Palm Drive, along with new homes going up on the city’s north side between Clarcona Ocoee and McCormick roads.

Johnson said he will urge his city commission to lower Ocoee’s property tax rate as it discusses the budget this summer.

“Now that we’re getting all this economic growth, we’ll be able to cut it some more,” Johnson said.

Other Orange cities posting significant gains include Oakland, 12.6 percent; Orlando, 11 percent; Winter Garden, 10.6 percent; Bay Lake, 10.4 percent; and Apopka, 10.1 percent.