JACKSONVILLE, Fla. – Property values are going up again, which means -- unless city leaders lower property tax rates -- you'll be paying more in property taxes.
The Property Appraiser's Office released its forecast for property values Monday.
Those are important numbers when city officials build Jacksonville's annual budget.
Property values increasing means more revenue for the city, but homeowners will pay the price.
Property Appraiser Jim Overton and his office annually release preliminary estimates for the tax roll for the year, which allows taxing authorities, like the city government and school board, to start planning their budgets.
Overton said the tax estimates for 2015 include property value increases of about $2 billion. That means without increasing the tax rate, Jacksonville's general government would bring in 4.61 percent more revenue from property taxes. Property taxes make up about half of the city's budget.
Appraised values are going up the fastest in Jacksonville Beach: 8.3 percent from 2014 to 2015.
"I would think they would consider lowering their millage rate, because otherwise, they're going to have an 8.3 percent increase in revenues, and the homeowners are going to have 8.3 percent in their tax, which is not going to sit well with a lot of people," Overton said.
Homeowners News4Jax spoke to Monday said they expected property values to go up and are prepared.
"I definitely think it's worth it," Jacksonville Beach resident Sandy Martin said. "The lifestyle we live out here at the beach is very fortunate for everyone who is out here."
"Frankly, I believe that the prices for the homes at the beach are overpriced," homeowner Tom Luyster said.
Overton said although property values are rising, they're really still leveling out after the recession.
The Property Appraiser's Office is required to release the tax roll estimates on June 1 every year, so the city and school board can start planning their budgets. But Overton emphasized that the numbers are just an estimate, and that the appraisers do not set the actual tax.
He said he expects the final numbers to vary a bit after the usual thousands of appeals are made about the values of homes.