Property values are more of a budget tool than a measuring stick.
Growth in property values has slowed in two of the three cities on Anna Maria Island.
In accordance with Florida law, the Manatee County Property Appraiser’s Office provided taxing authorities June 1 with its estimates for changes in market valuations for taxable properties.
The MCPAO shows the June 1 estimated values of properties countywide to be $38,565,319,644, or $38.57 billion. The final taxable value in 2018 for county properties was $36,030,205,085.
The property appraiser’s office estimated a $2,535,114,559 increase in value for taxable property countywide, with almost $1 billion of the increase the result of newly taxable construction.
The MCPAO shows the June 1 estimated values of properties on Anna Maria Island to be $3,946,646,225, or $3.95 billion.
The value of taxable property in Anna Maria was estimated to increase 9.52%, from $1,094,519,801 in 2018 to $1,198,742,477 in 2019.
Of the $104,222,676 increase in property value, $23,039,833 was attributed to newly taxable construction — a 21.21% increase over the value of newly taxable construction in 2018.
The estimate of the value of taxable property in Bradenton Beach showed an increase from $618,638,836 in 2018 to $649,071,568 in 2019, or 4.92%. New construction in the city is estimated to decrease by 35.2%, from $5,859,793 in 2018 to $3,797,388 in 2019.
MCPAO also estimated the value of new construction in Holmes Beach decreased by 34.72%, from $19,495,532 in 2018 to $12,727,118 in 2019.
Taxable property values in the city were estimated to increase by $127,979,378, or 6.49%, despite the drop in new construction.
MCPAO Chief Deputy Mark Johns said in a June 13 interview with The Islander that property values in the county have steadily increased since 2010.
“It looks like, in Holmes Beach and Bradenton Beach, that the growth in values has slowed a little bit this year and a little bit last year, but it’s just been steady growth on the island,” Johns said. “We’re still seeing a lot of properties being renovated or getting torn down and rebuilt on Anna Maria Island.”
Johns said island cities had outpaced the rest of the county in property value over recent years, but this year Holmes Beach and Bradenton Beach came more into line with the county’s growth. Meanwhile, taxable property in Anna Maria continued to surge in value. He added that growth in the three cities remains healthy.
Holmes Beach Mayor Judy Titsworth wrote in a June 13 email to The Islander that the city’s slowdown in growth in property value from 2018 to 2019 could be attributed to the Waterline Marina Resort & Beach Club construction project last year.
“It fluctuated up and then down again,” Titsworth wrote. “We are still experiencing a lot of new construction, as the industry is continuing to be strong.
“I don’t really have an opinion on (if the estimated valuation is) good or bad, as being in the industry myself. The market continues to show a high demand in rebuilds and remodeling, and I do not expect much fluctuation in the coming years,” she continued.
Bradenton Beach Mayor John Chappie did not respond to three calls June 11-13, an email June 11 and a text message June 12.
“Administration’s role is solely to use the provided information (to) help in the budget process,” Bradenton Beach treasurer Shayne Thompson wrote in a June 13 email to The Islander. “It would not be appropriate to speculate on the cause of any changes.”
Anna Maria Mayor Dan Murphy did not respond to four calls June 12-13 and an email June 12.
The MCPAO will release its preliminary tax roll July 1, which taxing authorities will rely on to establish their budgets for the fiscal year that begins Oct. 1.
