Ford Supports Hurricane Damage Valuation Adjustments

2005 Property Values Set An All-Time Record
Issued June 8, 2005

PRESS RELEASE

Brevard County Property Appraiser Jim Ford has released preliminary estimates of the 2005 assessment roll to all taxing authorities. The roll reflects tremendous growth in taxable value countywide of 21% over the 2004 value. Ford said his office has been overwhelmed with an extremely active real estate market in 2004, producing 56,020 sales transactions, a 68% increase over the sales activity that occurred in 2000. Ford said state law requires him to produce an assessment roll which reflects the changes in market value for all properties, even those which did not sell.

He also said new completed construction to be added to the 2005 roll has also set an all time record countywide, increasing 30% in taxable value over 2004. According to Ford, he sees no end in sight, stating that "2006 should be another record year based on what has happened the first half of this year." The increase in market prices for 2004 was so volatile that some taxpayers who bought their property in the first quarter of the year were reselling properties in the last quarter of the year for significantly higher prices.

While this real estate market is great for property owners who like to see the value of their property increase, it becomes a double-edged sword causing property taxes to escalate and even more so if tax rates are not reduced.

Ford said "taxing authorities will be reaping windfall revenue increases this year unless the taxpayers demand an appropriate reduction in tax millage rates."