Collier’s taxable property value up 25.7 percent

Collier County's taxable property values shot up a whopping 25.7 percent in 2005 to $77.21 billion from $61.44 billion in 2004, the county's property appraiser's office revealed today.

But in light of the red-hot real estate market that saw the median home prices in Collier top the highest in the state at over $500,000, the leap was not unexpected.

"Two-thousand five was a very big year," said Kevin Lilly, a tax roll analyst with the property appraiser's office.

A preliminary look at sections of the county show that Everglades City saw the steepest percent increase in taxable value, up 38 percent to $128 million from $93 million in 2004.

The City of Marco Island ballooned at 27 percent to $12.97 billion up from $9.48 billion in 2004.

The City of Naples was right behind with a 21 percent increase to $16.6 billion from $13.7 billion in 2004.

The unincorporated county saw an overall 27 percent increase to $48.36 billion up from $38.11 billion in 2004.

The property appraiser's office did not have further breakdowns available Friday.

The overall nearly 26 percent leap in Collier property values came on the heels of a 20 percent increase in 2004 to $61.44 billion from $51.2 billion in 2003.

The back-to-back shot in property values translates into more money for local governments if they do not pass an accompanying decrease in the tax rate. The school district levies the largest portion of the property owner's tax bill.

The county's general fund tax makes about one-third of the bill, which also includes a tax on property owners who live in one of the county's three municipalities, as well as fire district taxes, water districts taxes and other possible special taxing districts taxes.

Residents will get a first glimpse at their preliminary tax bills in mid-August, after all the taxing authorities set their preliminary tax rate. The final rates are all due by October and prepay owners can expect to receive their tax bills in November. Residents can get a 4 percent tax break if they pay early. Payments are not due until the spring of 2007.

Residents who want to persuade taxing authorities to lower the rate must register their opinions during budget hearing held during the summer, before the tax rates are set. Collier Commissioners have agreed to lower the operating fund rate. If the county's operating tax remains the same, at $3.87 for each $1,000 of taxable value, the tax would generate $300 million from taxpayers this year.

That's $62 million more than taxpayers forked over last year for the county portion of the tax alone. Collier County property appraiser's preliminary tax roll estimates are due to the Florida Department of Revenue by July 1. "After we certify the tax roll later this month, we will post it on the Web site at www.collierappraiser.com."