TALLAHASSEE, Fla. – Dec. 7, 2010 – State economists forecast that 2011 will mark the fourth consecutive year of tumbling property values across Florida, as the once red-hot real estate market fades into the recession’s mist.
But the good news: The slide is easing, according to the Legislature’s Office of Economic and Demographic Research (EDR). In its latest analysis, posted Sunday on the EDR website, taxable value is projected to drop 1.45 percent next year compared with an 11.09 percent plunge in 2010.
While a few, mostly rural counties may see average values actually tick upwards, areas as Lee County, ravaged by the housing collapse, are forecast to see no change after three consecutive years of double-digit losses.
In South Florida, this year’s 13.2 percent decline in taxable value across Miami-Dade, could ease to 5.7 percent in 2011; Broward’s 12.8 percent drop is predicted to level off at a drop of less than 1 percent.
Signs of a halt in the freefall are statewide, economists said. Hillsborough County is on track for a 1.3 percent drop next year, compared with more than 11 percent declines each of the past two years. Orange County could see a decline of less than 1 percent after enduring two straight years of losses topping 10 percent.
Florida’s once-roaring real estate market went into retreat in 2008, spiking unemployment and draining much of the property-tax revenue cities and counties depend on to finance government. Residential property is leading the comeback – as feeble as it may be – with values for both homesteaded and investment property expected to gain slightly in 2011.
But still down: agricultural and commercial space, which will decline again next year, economists said.
Source: News Service of Florida
But the good news: The slide is easing, according to the Legislature’s Office of Economic and Demographic Research (EDR). In its latest analysis, posted Sunday on the EDR website, taxable value is projected to drop 1.45 percent next year compared with an 11.09 percent plunge in 2010.
While a few, mostly rural counties may see average values actually tick upwards, areas as Lee County, ravaged by the housing collapse, are forecast to see no change after three consecutive years of double-digit losses.
In South Florida, this year’s 13.2 percent decline in taxable value across Miami-Dade, could ease to 5.7 percent in 2011; Broward’s 12.8 percent drop is predicted to level off at a drop of less than 1 percent.
Signs of a halt in the freefall are statewide, economists said. Hillsborough County is on track for a 1.3 percent drop next year, compared with more than 11 percent declines each of the past two years. Orange County could see a decline of less than 1 percent after enduring two straight years of losses topping 10 percent.
Florida’s once-roaring real estate market went into retreat in 2008, spiking unemployment and draining much of the property-tax revenue cities and counties depend on to finance government. Residential property is leading the comeback – as feeble as it may be – with values for both homesteaded and investment property expected to gain slightly in 2011.
But still down: agricultural and commercial space, which will decline again next year, economists said.
Source: News Service of Florida
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