Local property values on the rise!
TBO.COM— Property values in Pasco County grew by nearly $1 billion in 2014, according to preliminary tax estimates released Friday by Appraiser Mike Wells.
Wells estimates the total value of taxable property grew by about 4.3 percent in 2014, to $21.2 billion. The growth rate slightly outpaced the previous year’s 4 percent increase. New construction fueled about half of the anticipated increase.
Chief Deputy Appraiser Wade Barber said $440 million in new construction was added to the tax roll in 2014. That includes new home construction and large commercial projects, such as the Wal-Mart Supercenter in Wesley Chapel.
“It’s not just new home construction,” Barber said. “Anytime someone does a major renovation, builds an addition or adds a pool, that goes down as new construction, too.”
