Real estate recovery giving a boost to tax revenues

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SARASOTA COUNTY, Fla. -- The property tax base increased substantially across Southwest Florida this year as the real estate recovery gained a firmer footing, providing an influx of revenue that most local governments likely will use to boost spending or reduce their dependence on reserve funds.

Taxable property values increased by more than 6 percent in both Sarasota and Manatee counties. Local cities also saw values rise, from a high of 11 percent in Anna Maria to 9 percent in North Port, 6.4 percent in Venice, 5.8 percent in Bradenton and 5.5 percent in Sarasota.

The estimates released Thursday by county property appraisers are used to help cities, counties, school districts and other taxing authorities sketch out their budget plans for the upcoming fiscal year. This was the second year in a row that taxable values increased following four straight years of decline during the Great Recession.

ABC 7's Bobeth Yates will have a full report tonight on ABC 7 News at 5.

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