Brevard County Property Appraiser Jim Ford has released the 2010 preliminary taxable values and new construction values for each taxing authority in the County. Ford said he released the preliminary estimates early to enable taxing authorities to see the severity of the decline in property values, which results in a decline in their tax base. These values represent the market conditions as of January 1, 2010, which is the legal date of assessment for 2010.

Ford said, "If the taxing authorities do not raise the tax millage rates, then these reduced valuations should result in lower property tax bills for taxpayers in November." According to Ford, there has been a 12% decline in taxable value of all property county-wide, decreasing from the 2009 level of $33.3 billion to $29.3 billion. As a result, for the first time in many years, the taxable value for the County's General Fund is less than $30 billion.

The appraiser believes that taxing authorities will find these early value figures useful as they begin to prepare their budgets for next fiscal year.

A summary review of the data reveals the following:

Ford told taxing authorities that these values are being further refined for the official June 1st estimate, but said they are good working numbers.

Other Observed Declines:

• Commercial/Industrial properties showed some of the largest declines in market value ranging from 15% to 25% on average, depending on use. Mini Warehouses showed some of the largest declines.
• Condominium values have declined 20% on average.
• New construction values are down 39% from last year's new construction values.

According to Ford, government offices, including his own, will find it necessary to make budget reductions as a result of this decline. Ford said his office is continuing to monitor the decline in market value since January 1, 2010. Trends indicate that there will likely be further reductions in market value and taxes in 2011.