The final July 1 total for Marion County property value was $1.72 billion more than the June 1 estimate. That means property values increased year over year by 21.04%, not the 14.02% that was estimated in June.

That means even more money for local government agencies, which are now preparing their budgets for the 2022-23 fiscal year.

A commercial and residential construction boom, which continued skyrocketing in 2021 during the latter stages of the pandemic, helped boost Marion County’s 2022 property value to $29.73 billion, the highest level ever, according to the July 1 report.

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The county's previous high marks were $24.57 billion in 2021, $22.55 billion in 2020 and $22.35 billion in 2007, according to the Marion County Property Appraiser’s Office.

The overall preliminary taxable property value is $5.16 billion higher than the final value for 2021. There has been a $8.82 billion increase in taxable property value in the past three years combined. That is an increase of 42.18% in three years.

Jimmy Cowan, the county’s property appraiser, said several large commercial projects were added to the rolls. The growth has also been fueled by a brisk uptick in construction, both for commercial and residential projects.

Why did the July 1 final report differ so much from the June 1 preliminary report?

The higher-than-normal jump from June 1 estimate to the final July 1 tally was due a flurry of construction projects in 2021. Cowan said his office had to determine what projects had been completed by Dec. 31.

The larger-than-normal jump from the June 1 estimate to the July 1 estimate was also due to a biennial commercial property valuation review by the Florida Department of Revenue, Cowan said.

Also, Cowan noted, employees had to work overtime through June to finish the valuation of all of the properties.

Cowan said the tax roll will be tweaked through September. The fiscal year for most government agencies begins Oct. 1, though the fiscal year for school districts began on July 1.

Taxing authorities — such as the Marion County School Board, the Marion County Commission, city councils and water management districts — will use the final value to help set budgets and establish millage rates for their 2022-23 budget years.

The school board uses the full $29.73 billion value to calculate its budget. It uses the higher value because it is not bound by the additional $25,000 homestead exemption that many homeowners can claim.

Also, the school district is not bound by the 10% annual cap on increased value of non-homesteaded property.

There was $1.07 billion in new construction, remodeling and additions added in 2021 for the 2022 tax roll. That's up from $718.7 million added for the 2021 tax roll, $500 million in 2020, $480 in 2019 and $325 million in 2018.

County tax roll has risen by 67.6% since 2013

The value used by the county commission for its general fund is $25.75 billion in 2022, up from $22.09 billion in 2021 and $21.3 billion in 2020, the preliminary data shows. The county commission increase is projected to be 16.91%.

Since 2013, when the county property value was $15.36 billion, the value has increased by 67.6%.

Leading up to the beginning of the national recession in 2008, an over-inflated market led to a housing bubble. In response, property values crashed.

Before the recession, Marion property values rose by 71.1%, from $13.1 billion in 2005 to $22.35 billion in 2007. After the recession took hold in 2008, property values nosedived 31.3% to $15.36 billion in 2013.

Cowan said several large commercial projects were added in 2021.

For the third year in a row the World Equestrian Center was among the leaders in adding taxable property value. Officials said $40 million more was added to the tax roll in 2021 due to the opening of the WEC hotel.

Here are the other big-ticket property values added in 2021 for the 2022 tax roll:

• Highpoint at Stonecrest, an independent assisted living center, $24.5 million

• Veterans Affairs community hospital building, which is privately owned, $8.7 million

• Signature Brands, $5.6 million;

• Golden Ocala mobile home park, $4.7 million.

The balance of the tax roll increase was due to smaller commercial buildings and rising values of homes throughout the county.

Marion Oaks MSTU, which had a 36.82% increase, led the way

All of Marion County's 19 taxing districts increased in taxable property value, according to the July 1 report. The largest increase was in the Marion Oaks MSTU, which had a 36.82% increase.

The City of Ocala as a whole had a property value increase of 12.96%. The City of Dunnellon had a property value increase of 9.94%, while Belleview gained 16.27% and McIntosh gained 11.58%.

Contact Joe Callahan at 867-4113 or at joe.callahan@starbanner.com. Follow him on Twitter @JoeOcalaNews

Property values

Property value in each of the 19 taxing districts increased, according to the July 1 tally that is used by governments for budgeting purposes. Here is a highlight of the increases in value for the major taxing authorities.

Marion Oaks MSTU: 36.82%

Marion County Public Schools: 21.04%

Rainbow Lakes Estates/MSTU: 19.04%

Marion County Law Enforcement: 18.39%

Marion County EMS/Fire: 18.26%

Marion County: 16.91%

City of Belleview: 16.27%

Silver Springs Shores MSTU: 14.24%

City of Ocala: 12.96%

Town of Reddick: 12.28%

City of McIntosh: 11.58%

City of Dunnellon: 9.94%

This article originally appeared on Ocala Star-Banner: Property value in Marion County, Florida is a record $29.73 billion