Pasco property values on the rise

Pasco County property values grew by about $1.1 billion in 2015, according to tax estimates released by the Pasco County Property Appraiser’s Office.

That’s about 5.2 percent higher than the current tax roll and shows accelerated growth, compared to the previous steady growth of 4 percent, year to year.

Lowe’s home improvement store on State Road 54 is valued at about $18 million by Pasco County Property Appraiser’s office, and helped boost overall county property values. (File Photos)

Lowe’s home improvement store on State Road 54 is valued at about $18 million by Pasco County Property Appraiser’s office, and helped boost overall county property values.
(File Photos)

Much of the increase is being fueled by nearly $685 million in new residential and commercial construction.

The southern half of Pasco, particularly along the State Road 54/State Road 56 corridor is driving the growth, said Wade Barber, chief deputy at Pasco County Property Appraiser’s office.

“I think it will continue to be so,” he said. “Nothing up north is really going gangbusters yet.”

County records reflect the rising values.

Tampa Premium Outlets, which opened with more than 90 stores in October 2015, currently is valued at about $98 million. A year earlier with only vacant land to assess, the county pegged the property’s taxable value at nearly $12 million.

Lowe’s on State Road 54 in Lutz jumped from about $1.8 million in taxable value in 2015 to about $8.8 million now, records show. The home improvement store opened in April 2015.

More new housing construction is on the way, including Bexley Ranch in Odessa and Union Station in Wesley Chapel. Florida Hospital Center Ice Complex in Wesley Chapel is expected to open in October.

The upward trend in valuations could continue, but Ward cautioned that state-imposed caps on increases play a role in holding values down.

Crowds gathered outside stores on opening day at Tampa Premium Outlets. The mall was part of nearly $685 million in new construction that is pushing up Pasco County’s property values.

Crowds gathered outside stores on opening day at Tampa Premium Outlets. The mall was part of nearly $685 million in new construction that is pushing up Pasco County’s property values.

State law limits increases in valuations to no higher than 10 percent for commercial, nonresidential properties, and no more than 3 percent for homesteaded properties.

“It really holds you to the 5 percent range without new construction,” Barber said.

Overall, the boost in valuations spread to Pasco’s cities as well.

Estimated values and percentage increases are: Zephyrhills,  $609 million, a 1 percent increase; Dade City, $265.7 million, a 2.1 percent increase; San Antonio, nearly $56 million, a 3.2 percent increase; Port Richey, nearly $252 million, a .08 percent increase; and New Port Richey, $504 million, a .08 percent increase.

The Town of St. Leo showed a modest increase of about $22,400 to an estimated value of about $8.7 million. But, the town’s property values remain in the doldrums compared to the nearly $10 million value in 2014.

The town lost about 85 homes in the Lake Jovita subdivision when Gov. Rick Scott signed a bill to de-annex the homes in 2014. The homes were added to unincorporated Pasco’s tax base.

Published June 8, 2016

 

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