Central Florida property values, which offer glimpse of growth over the last year, soar
Orange County and its neighbors are still scorching-hot areas for property values, which kept rising in 2022 despite interest-rate hikes aimed at fighting inflation, the region’s elected property appraisers say.
Most appraisers this week released 2023 “best estimates” for taxable values, which are used by counties, municipalities and other taxing authorities to help prepare their budgets for the next fiscal year.
Reflecting market values, the tabulations also offer a glimpse at growth over the past year.
“Higher interest rates obviously can slow down the market but they haven’t stopped the market here,” said Orange County Property Appraiser Amy Mercado, in the third year of a four-year term.
She started to list hot spots — Apopka, Horizon West, Lake Nona, Winter Garden — but suddenly stopped. “It’s really everywhere,” Mercado said. “We’re just booming.”
Orange County’s total market value stands at about $313 billion.
It was $268 billion last year and about $110 billion 12 years ago.
The estimated taxable value of assessed properties in Orange County grew from $181.7 billion in 2022 to $203.8 billion, about a 12% increase, which likely means more tax revenue for local governments.
New construction included 4,005 new homes and 5,041 new apartments.
Unless the countywide property-tax rate changes, the higher values would bring in an estimated $903 million in ad valorem revenue, an increase of about $98 million over the current year.
Neighboring counties saw similar strong growth.
“Osceola County continues to be one of the fastest growing counties in the nation,” Property Appraiser Katrina Scarborough said. “Residential and commercial market values throughout Osceola County are very strong and show gains near 20% over 2022.”
The county recorded $2 billion in new construction, including 5,964 homes, she said.
Lake County also has seen “near record” jumps in residential and commercial markets.
“The new construction numbers tell the story,” said Carey Baker, property appraiser in Lake County, where half of the 14 municipalities saw their taxable property values grow by 15% or more.
Values in three cities — Leesburg, Astatula and Howey-in-the-Hills — grew by 20% or more.
The county added $1.38 billion in new construction.
Among the big additions to the tax rolls were the $34.8-million expansion of the Waterman Village senior community in Mount Dora and Kroger’s $29.1 million grocery delivery center in Groveland.
In Seminole County, Property Appraiser David Johnson said the real estate market and property values have performed well despite higher interest rates, which make borrowing money more expensive.
“It’s still a supply-and-demand issue in Seminole County,” he said, acknowledging that rates tamped down sales. “But we’re still seeing 5%, 6%, 7% growth in prices. We’re seeing no cooling down, and that’s because people still want to live here because of quality of life issues: the quality of the schools, low crime.”
More than $600 million in new construction was added to the tax roll for 2023.
Johnson’s office estimates that the total taxable value for properties subject to ad valorem assessments for Seminole County government will be about $49.7 billion — 10.8% higher than last year.
Over the past three decades, the county’s average growth has been between 3% and 5%.
Longwood and Sanford posted the greatest percentage jumps in property valuations among Seminole’s seven municipalities.
Longwood’s values are up about 15.4%, largely because of new apartments built last year along Dog Track Road near Lyman High School. Sanford’s values are estimated at 14.5% higher with much of the increase attributed to new residential and industrial construction near the Orlando Sanford International Airport.
