Property values rise 4.6% in Largo

Property values in Pinellas County rose 6.9 percent in the past year, a smaller increase than in the previous year, but still a boost to local governments' tax revenues.

The change was good news for local officials, who said they didn't know how Sept. 11 and last year's economic downturn would affect county real estate values.

"We weren't sure in the fall how the residential market was going to react to the events of September," said Pam Dubov, assistant county property appraiser. "Now it seems safe to say, if it slowed down at all, it was very brief."

Increases ranged from 4.6 percent in Largo and 6.2 percent in Clearwater to 17.4 percent in Indian Shores. The year before, countywide tax values increased by 9.1 percent.

If values stayed low, governments would be more likely to raise tax rates or cut services. Many local governments already are worried about budgeting next year because other revenues, such as sales taxes, have dropped with the poor economy. But costs keep going up.

"Our goal has been all along to hold the line on our taxes," said County Commission Chairman Barbara Sheen Todd. "This enhances our opportunity to do that."

The increase will mean an extra $16.7-million in property tax revenue for Pinellas County, said Administrator Steve Spratt. But that doesn't stretch far in a $1.5-billion budget.

"It's not really that significant when you consider the increased cost of providing services next year," he said.

For many homeowners, the increase in value doesn't translate to the same increase in their tax bills. That's because the state's Save Our Homes tax cap limits the amount that a home's value can rise in one year. This year, the limit is set at 1.6 percent.

The property appraiser's office released the numbers this week to help local governments plan their budgets. The figures are still estimates and could change slightly when the final numbers are complete in June.

The office calculates the change based on local real estate sales, new construction, income from commercial properties and other factors.

Last year, Pinellas County had $42.4-billion worth of taxable real estate. That figure increased nearly $3-billion, to $45.3-billion. That includes $562-million worth of new construction that was added to the tax rolls this year.

Around the county, the biggest increases were near the water. Many beach towns posted double-digit increases, including 14.6 percent in Madeira Beach and 15.5 percent in Redington Beach.

Oldsmar also saw a 10.2 percent jump, fueled by $40-million worth of construction.

Clearwater values increased 6.2 percent, helped along with $38-million worth of new construction. The increase won't be enough to balance the city's budget, but it will help, assistant city manager Garry Brumback said.

Annexations helped some cities add to their bottom lines. Largo pulled in $15-million worth of annexed property, while Pinellas Park added $25-million to its values.

Those annexations hurt others. The Pinellas Park Fire District, which surrounds the city, actually lost 1.3 percent of its value because so much of its land was annexed.

But Pinellas Park also racked up $50-million in new construction. That included a new Radisson, a new Wal-Mart, a new Lowe's and two sizable new industrial properties, Dubov said.

Pinellas Park pulled in $75-million in new construction and annexation, a figure that rivals St. Petersburg's $80-million. That accounted for more than half of Pinellas Park's increase in value.

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