Central Florida’s four counties of Orange, Seminole, Lake, and Osceola released their property appraisal amounts for 2015 last week. The Department of Revenue reviews the final numbers on July 1, and the figures supply local governments with data to propose budgets before the tax rate is set in September.

For the third consecutive year, a strong economy and a surge in construction are expected to raise the value of taxable property across the Central Florida region. Orlando closing agent, Real Estate Closing Services, explains:

  • Orange County anticipates a 7.8% increase in taxable property values in 2015 while Seminole County expects its taxable property values to escalate 5.8% this year. Property appraisers in Lake and Osceola Counties predict a 5.2% increase and a 5.8% increase, respectively.
  • The cities with the largest property value increases are Apopka (11.3%), Winter Garden (10.3%), Orlando (9.1%) and Sanford (7.2%).
  • Property values are based on several fronts with the two largest pushes being the economy and population growth.
  • New home construction is an indication of a growing real-estate market, according to Osceola County Property Appraiser Katrina Scarborough. Orange County has experienced a 45% increase in new home construction within the past year and a 79% increase between 2013 and 2014. Lake County has experienced a 33% increase on new home and business construction since 2013.
  • New construction drives in more potential residents, and existing homes are finally experiencing sales offer increases with each home on the market.
  • Higher property values equate to higher tax bills for homeowners, even if cities and counties maintain current tax rates. Homestead exemptions and a state law capping property tax increases to 0.8% allay much of the burden, however.
  • Renters feel the crunch of rising property values since rental owners often pass the excess fees on to the renters.

For more information and breaking real estate news, browse our website, or call the Orlando closing agents at (407) 615-8550. We look forward to explaining how Central Florida’s escalating real estate values will benefit you.