Florida Officials Forecast Property Value Increases
TALLAHASSEE, Fla. – Aug. 4, 2011 – In a sign that Florida’s housing market may be on the road to recovery, the state’s top economist expects an increase in school property tax rolls next year of 1.3 percent.
Though that is actually a slight decrease from the original forecast of 2 percent, it is one of the most promising signs yet that Florida’s ailing and hard-hit housing market is on the mend after four years of plunging values.
Florida’s housing market was one of the hardest hit in the nation, the victim of an overwrought housing bubble, loose mortgage standards and a tourism-based economy.
The state’s housing woes have become fodder for national newspaper and magazine articles spotlighting the housing glut, examining over-developed South Florida subdivisions with plummeting home values.
But now Realtors, economists and property appraisers say they see signs of a housing market recovery.
“We turned the corner,” said state economist Amy Baker, though she cautioned the economic recovery is still fragile. Her forecast was part of a discussion Wednesday of adjusting estimated property tax revenue this year.
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