Jacksonville Foreclosures Contribute to Dip in County Funds
The recent decline in both residential and commercial property values, spurred by the rapid rise in Jacksonville foreclosures, has led to a drop in taxable property values in Duval County, which means less money for area schools and the City of Jacksonville.
According to the Duval County Property Appraiser, Duval County taxable property values have dropped five percent in 2010 from 2009 values. The estimate for 2010 is $55.4 billion, down from $58.4 billion last year.
While the drop in property value saves taxpayers money in the short term, it leaves local governmental entities with “less to do more,” which increases the likelihood of a property tax rate hike to make up the shortfall.
Last year, the millage rate for Duval County and Jacksonville increased from 16.4954 to 17.3050, according to the Duval County Property Appraiser’s Office.
On a positive note, the Duval County Appraiser’s Office said that the county’s real estate base is more diverse than other areas of the state where the majority of the taxable property base is residential. When foreclosures ease and the market begins to rebound, Duval County is expected to see a quicker restoration to increases in its taxable property base.
If you are a Jacksonville homeowner facing possible foreclosure and need to know about all your options, contact our Jacksonville, Florida foreclosure law firm.
Greg Gilbert
Keith Maynard
