Real Estate Tips and Trends… Property Values Surge in Pinellas County

In case you haven’t heard, the beach cities and towns in Pinellas County that were most adversely impacted by the recession are now leading the recovery charge.

Further, taxable values in municipalities such as Indian Rocks Beach, Treasure Island, and St. Petersburg are expected to increase more than 7-percent in 2014, according to property appraiser Pam Dubov. Those increases helped the county’s overall taxable property values rise by approximately 5.6-percent.

The City of St. Petersburg benefits from waterfront property as well as from large commercial parcels such as Tyrone Square Mall.  The annual report released by Ms. Dubov serves as another barometer of our city’s flourishing downtown. In a special taxable downtown core, taxable values increased more than 9-percent and value of new construction reached $19.3 million. The increase in values was higher than Mayor Rick Kriseman planned, so the city’s projected budget deficit has shrunk from $4.1 million to $1.35 million. “It’s not time to break out the champagne just yet, but this is promising,” said Ben Kirby, the mayor’s spokesperson.