INDIAN RIVER COUNTY — Property values in Indian River County continue to climb since the economic downturn sent them plunging roughly a decade ago.
Preliminary taxable property value estimates for Indian River County shows the jurisdiction continues to see significant growth after the Great Recession caused the market to collapse 10 years ago, according to data released Thursday, May 30, by County Property Appraiser Wesley Davis.
Property values in Indian River County rose for at least the fifth consecutive year. Countywide taxable values increased by 4.8 percent — or $1.4 billion, county officials said.
“Indian River County property values have increased steadily over the past several years,” Davis said in a statement. “I am pleased that the county continues to progress and prosper. This is paradise and everyone knows it. It shows in these increasing values.”
Area property appraisers release estimates on the fluctuation of local taxable values by June 1 each year, giving governments a working number by which to base their budgets for the coming year. Final data for setting tax rates is submitted in July and the values are certified to create tax bills for property owners in the fall.
“The Property Appraisers office does not set taxes,” Davis said. “That’s up to your elected officials and appointed boards. However, I think those authorities will see this estimate as good news.”
Municipalities within the county also showed gains. The city of Vero Beach saw an estimated 3.6 percent jump from last year to $2.9 billion, while Sebastian saw an increase of 7 to $1.3 billion.
The town of Orchid experienced an increase of 2.2 percent since last year to $440 million and Fellsmere saw an increase of 3.7 percent to $110 million. Indian River Shores property values swelled the most by approximately 4.7 percent to $3.3 billion, county officials said.
