TAMPA, Fla — With Tampa's booming real estate market and housing costs being some of the highest in the nation, the expectation is to see that reflected in property values.
On Thursday morning, the Tampa City Council heard from Bob Henriquez, the Hillsborough County property appraiser, who confirmed just that.
"This year, we've had a 19-20 percent increase... in overall just value, that's overall value," Henriquez said.
What does that amount to in additional revenue for the city of Tampa? There is a 15.77% increase in taxable value. This means a 14.7% increase in potential revenue, which equates to approximately $40 million in additional revenue for the city.
Tampa has seen a higher average increase in price per square foot than Hillsborough County as a whole.
"You'll see between 2020 and currently, you'll see that we've had healthy increases per square footage," Henriquez said. "We're trending, very similar, if not higher than last year in terms of price per square foot. The difference between 2019, 2020, was in the range of 8-9 percent. This year, we're seeing a doubling of that increase in terms of per square foot to nearly 20 percent."
The city council will determine what will be done with that additional $40 million.
"The community needs a lot of things that haven't been touched," Councilor Charlie Miranda said. "Roads, traffic, analyzing the traffic flow, changing things to where you at least have a turn signal..."
Miranda also wants to see the new revenue be spent on making Tampa more environmentally friendly.
City councilor Orlando Gudes said the money should go towards the same area in which it came: housing.
"We made money off the housing market... that money needs to be put back into housing," Gudes said. "People are hurting. With the boom that helped us create this, that money needs to go back to people and families who are homeless and need houses."
Councilor Joseph Citro had a list of areas that could benefit from the money: affordable housing, fire and police departments, and roads.
"Our roads are in dire need of repair," Citro said. "This is nothing but good news for city council. We can use this money to make our city even better."
Arthur Schuler lives in Tampa, and he has his own opinions about how the money should be spent.
"Most of it should go to housing," he said. "Not just some. Basically all of it needs to go to housing.”
Schuler is currently living at Tampa Hope, a shelter run by Catholic Charities. Right now, he’s ready to leave and move into a place of his own, but prices in the market…are high.
“It’s really not affordable,” he said. “They need to step in and push the issue on housing."
Henriquez broke down how the property tax process works. It's a six-step process.
- A property appraiser determines the assessed value and exemption reports values to taxing authorities in January.
- Taxing authorities calculate millage rates that will produce the desired revenue.
- The property appraiser mails notice of proposed property taxes to property owners, notifying them of the value and proposed taxes in August.
- Taxpayers can appeal to the value adjustment board if they disagree with the value of exemption denial in September.
- Tax bills are mailed out by the tax collector in November, with payment due the following March 30.
- Tax revenue is distributed by the tax collection to taxing authorities.