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“Ask Lori…Parrish on Appraisal”

Broward County Property Appraiser Lori Parrish Answers Your Questions…

“Taxable Values drop 1.6% for Broward”

Dear Lori:

I own a local title company. When are the taxable valuations for Broward County finalized? I know you announced last year we may have finally seen the end of this real estate crash. Do we have any good news this year on our local housing market stabilization?

J.R., Fort Lauderdale, FL (via email)

On July 1, our office released the 2011 Taxable Values Report. Last year we projected the 2011 tax roll values would “remain relatively flat” compared with 2010 values. Our numbers show the countywide taxable value dropping 1.6% to $126.4 billion. This is improvement from the 10.6% drop and 11.7% drop we experienced in 2009 and 2010 respectively.

Sales from the last part of 2010 and the first five months of 2011 indicate most areas in the Broward market continue to stabilize – with a few notable exceptions. We have seen values increasing in some communities around Broward. While this does not necessarily mean values will begin increasing overall in the coming months, it does indicate an end to the sharp slide in values of 2007 -2010. Obviously, any potential Broward real estate recovery is largely dependent upon national economic conditions. Another contributing factor has been the “robo-signing” scandal which forced a halt to most foreclosure lawsuits, and reduced the number of foreclosures in the short-term. A revival of these stalled proceedings could cause some decline in values in the coming year, if an influx of abandoned foreclosed properties are dumped on the market. Thus, our office expects to see the tax roll remain relatively flat for next year, or with a nominal decline, similar to 2011 tax roll.

Please keep in mind the 2011 assessments reflect the values as of January 1, 2011, as set by qualified sales of comparable properties in the January 2, 2010 through January 1, 2011 assessment period (with greatest weight given to 4^th quarter 2010 sales). Likewise, the 2012 assessments will reflect the prices realized during the 2011 calendar year.

Broward County residents can view their new taxable values online at www.bcpa.net. Broward residents can view the July 1^st Taxable Value Report (by city) by clicking “site index” on the home page and “2011 Tax Roll Information.”

Sincerely,

Lori Parrish, CFA

If you have a question for Lori, please email her at lori@bcpa.net or write to her at the Broward County Property Appraiser’s Office, 115 South Andrews Avenue, Room 111, and Fort Lauderdale, FL 33301. (7/11)

Robert L. Wolfe, Jr. CFE

Deputy, Community Outreach

Broward County Property Appraiser's Office

954-445-5732 - cell

media@bcpa.net