Hillsborough County continues to report soaring property values, according to a news release from the office of the county’s property appraiser.
The average sales price per square foot in 2021 was $200 for residential properties, up from $167 in the prior year. Gross sales for Hillsborough County residential was a record-breaking $12.94 billion, the release said.
Notice of proposed property taxes has been tabulated and will be sent to all Hillsborough County residential and commercial property owners in August.
Ahead of the notices going out, Property Appraiser Bob Henriquez presented figures to the Hillsborough County Commission that provide insight into the Tampa Bay real estate market’s current state and expected county revenue.
“The 2021 figures show a healthy real estate market with soaring property values leading to an uptick in government revenue,” the release said.
“We have observed strong year-over-year growth in building permit activity, sale prices, and transaction volume in all property types. For our taxing authorities, revenue is up 15%, which means more money going back to the communities served,” Henriquez said, in the release.
Under state law, county property appraisers must make annual assessments on the value of the properties within their individual counties.
“While the appraised value is lower than the actual market value, a hot market like Tampa Bay’s still drives an increase in appraised values,” the release said.
Published August 03, 2022
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