Property valuations on Anna Maria Island show an islandwide increase from June 1 to July 1, following more research by the office of Manatee County Property Appraiser Charles E. Hackney.
Hackney met his July 1 deadline to send the more precise property valuations to county municipalities and the Florida Department of Revenue.
The combined estimated market value of property on the island is $3.65 billion, up less than 1 percent from the June 1 estimate of $3.63 billion.
The new valuations followed a review of property sales in Anna Maria and Holmes Beach, which saw a slew of transactions in recent years.
The 2015 total market value of each island city increased significantly over 2014. Holmes Beach’s value is $2 billion, a 19.37 percent increase from last year. Anna Maria’s value increased 18.30 percent to $1.07 billion. Total value in Bradenton Beach increased 12.91 percent to $597.71 million.
“We have a lot of development going on,” Deborah Wing, new Anna Maria Island Chamber of Commerce president, said July 23. “This has become a very popular tourist spot. The development is speaking to that attention as a place to invest.”
While market value is based on the sales price of properties, the taxable value is the market value minus assessments, such as the Save Our Homes constitutional amendment, homestead and other exemptions.
Holmes Beach’s total estimated taxable value is $1.54 billion; Anna Maria’s is $788.42 million, while Bradenton Beach’s is $462.54 million, resulting in an islandwide taxable value of $2.79 billion.
Taxable values take into account some of the other costs associated with the sale price and typically are 10-15 percent below market prices. The valuations are based on property sales through Jan. 1.
The single-family residential property in Anna Maria with the highest market value, at $3,245,214, is in the 700 block of North Shore Drive. The highest-valued residence in Bradenton Beach is in the 2200 block of Avenue A at a market value of $1,545,738. The top residence in Holmes Beach is in the first block of 52nd Street and has a market value of $2,991,835.
The Holmes Beach commercial property with the highest market value is Anna Maria Island Centre, 3200 E. Bay Drive, with a value of $6,174,555. The highest-valued property in Anna Maria is Galati Yacht Sales & Marina, 902 S. Bay Boulevard, at $3,527,588. The highest-valued property in Bradenton Beach is Bridgewalk Resort, 100 Bridge St., at $4,833,172.
Hackney’s office was required to publish initial estimates by June 1 to give taxing districts a start on budgets and millage rates for the 2015-16 fiscal year, which begins Oct. 1.
After the jurisdictions set millage rates, Hackney’s office will apply those rates against taxable value to calculate the proposed 2015 property tax bills.
Hackney’s office will mail Truth in Millage notices on all proposed taxes, including, for example, the resident’s island city, Manatee County School District, West Manatee Fire Rescue District, West Coast Inland Navigation District and Manatee County Mosquito Control — to property owners in mid-August. Tax bills for 2015 will be mailed out by Tax Collector Ken Burton Jr. in early November.
The tax roll is up due in part to increases in property value and to the addition of new homes and businesses that were not previously on the roll.