Island land values continue downward slide
As real estate prices on Anna Maria Island — and indeed the nation — have fallen dramatically since 2006, so too have real estate values.
For city coffers, ad valorem revenues are based on the previous year’s land values and the September 2009 figures from the MCPAO indicate the downward spiral in land values and corresponding revenues to each Island city will continue next year.
According to figures supplied by the Manatee County Property Appraiser’s Office, Anna Maria’s total assessed property values dropped by $81.3 million in 2008-09. While the decline in the anticipated 2009-10 assessed value is $70 million from the previous year, it represents a two-year fall in revenues of 17.9 percent, and a corresponding $151.3 million drop in assessed values.
But Anna Maria’s financial condition next year may not as bad as Bradenton Beach’s.
Total assessed property values in that city declined by $193.3 million between the 2007-08 tax year and the 2009-10 year, a 26.6 percent drop.
Holmes Beach appears to be weathering the falling values better than its two Island neighbors, at least according to the percentage of values between the 2007-08 tax year and 2009-10. The MCPAO reported a two-year fall of $290.8 million in property values in Holmes Beach, down 16.1 percent.
What the declining values mean for Island cities is that there will be even less ad valorem revenue for 2010-11 city budgets and meeting the health, safety and welfare needs of Island residents will likely be a more challenging task than ever for elected officials.
The MCPAO assessed tax values:
City Tax year Assessment