Beach property valuation drops 11.65 percent
Fort Myers Beach property values fell 11.65 percent according to Property Appraiser Ken Wilkinson, a slight bump from the estimated percentage of 16.28 released June 1.
Countywide, values dropped 14.15 percent. That figure is slightly better than the estimated 15.3 decrease projected a month earlier.
The Beach’s decrease in preliminary taxable values are better than the June’s 12.68 estimated percentage.
Total taxable valuation countywide is $55,738,091,451, better than the $54,987,933,000 estimated in June but down more than $9 billion from the final taxable tally of $64,924,773,335 in 2009.
Back in June, Christian Loffreno, CRS, of Loffreno Real Estate at 2100 Estero Blvd. was optimistic about the estimated percentage drop.
“When one looks at the overall big picture of appreciation, real estate values on the island over a 10-year cycle show a good appreciation even when you factor in the lowered assessed values during the economic downturn,” he said. “Over the long-term, Real Estate has a proven record to be one of the more stable spots to put your money and a place to call your home.”
Paula Kiker, broker/owner of Lahaina Realty at 6035 Estero Blvd. also saw the upside to a down time.
“In general, we see the prices stay consistent throughout season,” said Kiker. “This was not the case this year. We saw prices continue to fall throughout our peak winter months, and now our inventory is low. The under $200,000 property barely exists. This, in turn, has caused our market to stabilize. Prices will have to rise slowly as new listings that come on the market will be slightly higher than the last one sold because it will be the only one available.”
Wilkinson said it is common for the numbers to fluctuate between the estimated and preliminary values.
He said his office works continuously between the time when the estimated and preliminary numbers are released, and the numbers are then adjusted according to other things, such as trends they spot in the valuations.
The numbers are due to Tallahassee today.
Homeowners will have their TRIM notices by mid August, and will then have 25 days to appeal the valuation of their home or property.
Final numbers are determined after the completion of the appeals process.
“If we can’t satisfy the homeowner with an explanation, they have 25 days to file a petition for an independent hearing with a special magistrate,” Wilkinson said.
In three years, Lee county’s total valuation decreased by 55 percent, according to Wilkinson.
He said while that number is extremely dramatic, it does make sense considering the meteoric rise of the county property values during the boom years.
“It’s amazing to me but it makes sense,” Wilkinson said. “During the run, we led the nation. It’s common sense we would lead in decreased value.”
Preliminary taxable values in Fort Myers fell 18.56 percent, rising slightly from estimated percentage of 17.78.
Sanibel’s preliminary taxable values declined by 6.77 percent, slightly better than the estimated figure percentage of 7.43 percent.
And Bonita Springs posted a 13.59 percent decrease in taxable value, slightly better than the 15.47 estimated percentage released in June.