SARASOTA COUNTY, Fla. -- Preliminary property tax values are in and your bill could be going up. New numbers in Sarasota County say property values are up 6% over the past years.
It's mixed news on property taxes for Sarasota residents; some of them are seeing increases that run from just a few hundred dollars to into the thousands.
"Just from June to July, what we saw was a 3% increase in prices," says Sarasota realtor Susan Phelps about the change in home prices many in the market have dealt with during the last few months.
She says the increases have resulted in record values for the area. "That crept up. The single family home median sale price is $201,000, and that’s the first time that’s happened since 2008."
And as property values rebound, the tax revenues associated with those homes are also rising. The preliminary 2014 property tax estimates released by the Sarasota County Property Appraiser office shows increase property values that are about 6%.
The trend is similar to the figures shown in the 2013 annual report. But as the Sarasota area's residential real estate market recovers from the collapse, those who are footing the bill can’t help but worry.
"I’m retired and I have a fixed income." Sarasota resident Paul White says if the prices go up too much it could have an adverse effect on the ability to make ends meet.
For some, that could be a real possibility, because 2014 estimates show increases that are in the thousands.
Still, the former educator says he understands the importance of the change. "Their majority of the money goes to education, and what better expense than educating our sons and daughters. So I don’t get upset, I don’t get angry about it," says White.