Duval property values continue to rise

Good news for the City budget- but an impact on your wallet.

For the third consecutive year, property values are on the rise in Duval County.  Preliminary tax roll estimates obtained by WOKV show the City of Jacksonville taxing district saw an increase of more than $2 billion in taxable value.

“Primarily due to continuous improvement in the real estate market for existing inventory, and another strong year of new construction,” says Duval County Chief Appraiser Keith Hicks.

If the property tax rate is unchanged as part of the City's budget discussions, that would mean $23 million in new revenue. That would translate to the property tax bill for an average homesteaded single-family home rising around $55.

As part of the budget negotiations, the Mayor and City Council have the option to raise or lower the property tax rate, which would change your projected payout.

The Beaches are the hot part of town right now. Data shows value there up 7.92%, compared to City of Jacksonville value increasing 4.29%.

“It’s primarily a combination of desirability of the area and new construction,” Hicks says.

He’s hopeful property values will continue to climb in future years as well.

While these numbers are considered preliminary, Hicks doesn't expect significant change as they continue to firm up the figures over the next month. They'll send estimates to the State July 1^st, and that will be used to craft the City budget.