By Kyle LoJacono
Property value is still dropping across the board in Hillsborough County, but recent projections paint a brighter picture for the five-year trend.
The county property appraiser’s office estimates a reduction of 2.6 percent from the previous year, the smallest drop since value started decreasing in 2008.
“It’s still falling, but you could say it’s good news because it’s slowed,” said Tim Wilmath, valuation director for the property appraiser.
Wilmath said that drop will equate a 2.3 percent reduction in taxable value, the amount an estate is appraised at after the homestead exemption is subtracted. He said that is good news for the county government, which draws most of its budget from such funds.
Wilmath stressed the numbers are projections to help the County Commission and school board weigh options to balance their budgets that go into place Oct. 1. The fiscal plans must be approved by the last week of September.
County-wide property value has dropped every year since 2008, down by $27.3 billon from its height in 2008. The largest reduction came in 2009, when Hillsborough homes lost 12.6 percent of their worth; falling $10.5 billion.
Wilmath said the slower drop is in no way an assurance the value has bottomed out, but added reduction rates tend to follow such a pattern before reversing.
“We are certainly hoping for that kind of news next year and the next several years,” said commission chairman Ken Hagan. “We’ve been working to do more with less the last five years and any kind of positive budget news is welcome.”
School district spokeswoman Linda Cobbe also views the tax value estimations as positive. She said if the estimations are correct, Hillsborough schools will see no budget cuts.
