Broward Property Appraiser Lori Parrish said Wednesday that the preliminary tax roll based on real estate rose 6.91 percent, but a $190 million drop in the value of tangible personal property — fueled largely by FPL’s relocation of equipment — pared the gain by a half percentage point.
This is the third consecutive year that property values have risen in Broward after four years of declines during the historic real estate crash.
The last time property values increased more in Broward was during the frothy days of 2007, when it spiked 9.1 percent, Parrish said. “This is the best one since 2007.”
The overall taxable value of property as of Jan. 1 was $139,995,322,868.
Rising values of existing properties fueled a 5.57-percent increase in the tax roll, with the balance coming from a small amount of new construction.
“Tangible personal property decreased as a direct result of FPL,” Parrish said. She said FPL’s move accounted for $150 million of the $190 million decline in tangible personal property.
An FPL spokeswoman said the shift reflects the utility’s move of equipment that had been stored in Broward to other counties for installation.
Among the cities with above-average gains are Wilton Manors (9.38 percent); Hallandale Beach (8.33 percent), Coconut Creek (7.74 percent), Cooper City (7.35 percent) and Davie (7.16 percent). Those cities with below-average increases in their property tax bases include Lauderdale Lakes (4.54 percent), Pembroke Park (3.58 percent) and Dania Beach (up 3.19 percent).
The preliminary tax roll, which is due June 1, will be used by municipalities and other taxing authorities such as the hospital districts, to set budgets for the 2014-15 year and to decide on millage rates.
However, in a rising real estate market, the values are outdated for those interested in the current market. That’s because the 2014 assessments are based on arms-length property sales between Jan. 2, 2013 and Jan. 1, 2014.
In a memo to county taxing authorities, Parrish said, “Residential sales from the first few months of 2014 indicate property values continue to appreciate in most parts of Broward County. For planning purposes, you should expect to see the tax roll increase slightly for next year.’’
For the Broward School District, the tax roll increased 6.85 percent, because it does not include the $25,000 second homestead exemption used in calculating other taxable values.
Source: Miami Herald