By HEATHER CIVIL Florida Freedom News
Property values have risen dramatically in Walton County this year, highlighted by an almost 100 percent increase in values in Freeport.
But a cooling real estate market might make this year the last year the county sees such increases for a while.
That aside, the county will be bringing in more tax revenue this year even if commissioners lower the millage rate in September.
The county?s preliminary tax roll estimates about $16.5 billion in taxable property value for the county, an increase of 28.81 percent over last year, according to Walton?s preliminary tax roll for 2006.
Other taxing districts throughout the county have seen similar increases.
The largest increase by far is in Freeport, with a 94.66 percent jump.
County Property Appraiser Patrick Pilcher attributes part of that rise to almost $4 million in new construction.
Mayor Mickey Marse said the dramatic increase is due to the city?s growing popularity for developers and a high demand for property.
?I?m glad to see it,? Marse said.
The higher property values will bring Freeport more tax revenue, but the city likely will not lower its millage rate of 3.93, Marse said.
One mill equals $1 for every $1,000 of taxable property value.
The tax revenue is needed to complete several projects, such as a new city park in the community of Hammock Bay, Marse said.
?We get a lot of bang for our buck here,? he said. ?We?re putting it back into the community.?
The 2005-06 county budget included $52 million in property tax revenue.
County commissioners might lower the millage rate in September from 4.3 mills to 4.26.
Even at the lower levy, the county anticipates collecting about $67 million in property taxes in the 2006-07 fiscal year, which begins Oct. 1.
The property appraiser lists more than $626.5 million in new construction in the county.
Property values for the city of DeFuniak Springs are up 16.74 percent, the smallest increase of all the county?s taxing authorities.
While the outlook for property values is good, Pilcher thinks that a cooling real estate market and a marked drop in home sales in South Walton will mean a much less impressive increase in property values next year.
?All of the indicators that I?ve looked at certainly point to that, especially in the South Walton area,? he said. ?It?s nowhere near the pace it was last year in terms of sales volume.?
Property values have risen dramatically in Walton County this year, highlighted by an almost 100 percent increase in values in Freeport.
But a cooling real estate market might make this year the last year the county sees such increases for a while.
That aside, the county will be bringing in more tax revenue this year even if commissioners lower the millage rate in September.
The county?s preliminary tax roll estimates about $16.5 billion in taxable property value for the county, an increase of 28.81 percent over last year, according to Walton?s preliminary tax roll for 2006.
Other taxing districts throughout the county have seen similar increases.
The largest increase by far is in Freeport, with a 94.66 percent jump.
County Property Appraiser Patrick Pilcher attributes part of that rise to almost $4 million in new construction.
Mayor Mickey Marse said the dramatic increase is due to the city?s growing popularity for developers and a high demand for property.
?I?m glad to see it,? Marse said.
The higher property values will bring Freeport more tax revenue, but the city likely will not lower its millage rate of 3.93, Marse said.
One mill equals $1 for every $1,000 of taxable property value.
The tax revenue is needed to complete several projects, such as a new city park in the community of Hammock Bay, Marse said.
?We get a lot of bang for our buck here,? he said. ?We?re putting it back into the community.?
The 2005-06 county budget included $52 million in property tax revenue.
County commissioners might lower the millage rate in September from 4.3 mills to 4.26.
Even at the lower levy, the county anticipates collecting about $67 million in property taxes in the 2006-07 fiscal year, which begins Oct. 1.
The property appraiser lists more than $626.5 million in new construction in the county.
Property values for the city of DeFuniak Springs are up 16.74 percent, the smallest increase of all the county?s taxing authorities.
While the outlook for property values is good, Pilcher thinks that a cooling real estate market and a marked drop in home sales in South Walton will mean a much less impressive increase in property values next year.
?All of the indicators that I?ve looked at certainly point to that, especially in the South Walton area,? he said. ?It?s nowhere near the pace it was last year in terms of sales volume.?