Preliminary figures from Property Appraisers in Lee and Collier County show a property value decline of just over 5% in both counties from 2010 to 2011. Collier County’s total taxable property value stands at 58.3 billion dollars, down 5.08% from last years 61.4 billion. In Lee County, today’s valuations come in at 52.5 billion dollars or 5.29% lower when compared with 55.5 billion in 2010.
Property value declines in both counties have slowed tremendously from recent years. Collier County saw a 12.2% drop from 2009 to 2010. Lee County’s values plunged 15.3% during the same period. Still, local governments are now faced with more belt tightening or higher millage rates to make up for any shortfalls.
Declines varied area by area in both counties. Naples saw a 2.67% property value drop from 14.9 billion in 2010 to today’s 22.1 billion.Values in North Naples were down 3.6% year over year from 22.9 billion last year to 22.1 billion this year. In Bonita Springs, tax valuations are down 5.83% from 2010’s 7.26 billion to this years total of 6.83 billion dollars.