“If you purchased property in Indian River County before the crash, you have “survived the bubble”, reported Indian River County Property Appraiser, Wesley Davis. Residential properties in Indian River County have now officially rebounded and have reached and exceeded pre-crash values.”
On June 1st of each year, all 67 Florida Property Appraisers report their preliminary estimates of property values to the Florida Department of Revenue and local governmental jurisdictions. For the third year in a row, the Indian River County Property Appraisers team of professionals under Property Appraiser Wesley Davis completed their initial estimates accurately and on time.
“I have a double dose of good news,” said Davis. First, residential values devastated by the crash of 2008 have fully recovered. That’s good for property owners who have invested in their residential properties and are looking for solid resale value.”
Second, thanks to the cap known as “save our homes,” most Indian River property owners have been protected from over 4 Billion dollars in increased taxable values. Save Our Homes is a Florida provision that caps taxable value increases to 3% or the consumer price index, whichever is lowest. This year’s maximum rate is 1.4%. In other words, Indian River taxable values have gone up, but 4 Billion dollars of the increase will not be subject to taxation. This includes approximately 45,500 parcels receiving Homestead Exemption and Save Our Homes protection.
The Property Appraiser does not set taxes
Each jurisdiction, city, county, and special district, will produce a budget and set taxes after holding public hearings in early September. Many cities base their initial budgets on the Property Appraisers’ initial estimates. Final estimates are set to be completed in the coming weeks. Utility Saving Expert helps you to analyse & judge various tax schemes to choose the scheme which suits you the best.
“The greatest increase in value was in Sebastian,” Davis reported.
Fellsmere also showed substantial advances in residential property, but Sebastian’s increase was partially counterbalanced due to a property value credit required when one property development went from private to public housing and left the taxable rolls.”
All 5 Municipalities and the County experience impressive growth in values
“It should be noted that these are the estimates that cover the period of the COVID pandemic,” Davis said. We are always establishing values based on the previous year as of January 1. I am pleased and proud to work for the Citizens of Indian River County. We have come a long way together to defeat this once-in-a-lifetime health crisis.”
Davis was appointed Property Appraiser by then-Governor Scott to replace long-time Property Appraiser David Nolte in January 2019 and re-elected unopposed in 2020. Davis is only the seventy Property Appraiser since Indian River became a county in 1925.
For further information, contact Wesley Davis at wdavis@ircpa.org or call 772-226-1469.
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