PSL’s taxable value sees 11 percent jump

Port St. Lucie’s taxable value is up more than 11 percent over last year.

As of press time Michelle Franklin, the county’s Property Appraiser, was notifying taxing authorities of the taxable values of their districts. The taxing authorities, such as the City of Port St. Lucie, will use that information to establish budgets for the next fiscal year. The taxing bodies must have their 2018-2019 budgets approved by September.

“It’s positive numbers, which bodes well for not only the taxpayers who are interested in increased values of their properties, but the taxing authorities,” Franklin said in a telephone interview.

The greater a taxing authority’s value is, the more easily it can spread the tax burden if the growth exceeds the demand for services it brings.

According to the St. Lucie County Property Appraiser’s office, Port St. Lucie’s taxable value increased slightly more than $1 billion from 2017 to 2018. Last year the appraiser’s office told the City Council it had about $8.763 billion in taxable value to work with. This year that’s up to $9.766 billion – an 11.45 percent increase.

The county’s value increased, but not as dramatically. Last year the taxable value of St. Lucie was $18.8 billion. This year, it’s $20.4 billion, an 8.62 percent increase.

A few things affect taxable values. Growth is a big one. “A lot of it is new construction, most of it being in the City of Port St. Lucie,” Franklin said. “People are building new businesses and homes.”

Additionally, people are adding to the values of their homes. “We’re seeing a lot of permit activity,” Franklin said. “It’s good people can spend that discretionary income on those (home) improvements.”

Fort Pierce saw its taxable value rise from $2.24 billion to $2.38 billion, a 6.5 percent increase. The county seat has land taken off the tax rolls for government offices, which affects its growth. The Town of St. Lucie Village’s taxable value went from $61 million to about $64 million, a 4.8 percent increase. The unincorporated portion of the county saw an increase in taxable value of about 6 percent. It’s up to $8.3 billion.

The taxable valuations are based on appraisals as of Jan. 1, 2018. In August, the Property Appraiser’s office will mail Truth in Millage (TRIM) notices to property owners. In addition to telling property owners their individual assessments, the notices give estimations of their property taxes and assessments based on taxing authorities’ proposed rates. TRIM notices are not property-tax bills and are clearly labeled so. Franklin said that seems to dissuade many from opening them, but it’s important to.

“Your market value – see if you believe that’s what your house was worth on Jan. 1, 2018,” she said. If not, contact the Property Appraiser’s office to contest the valuation.

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