Value of Lake Properties Driven by Residential Construction
A substantial increase in residential and business construction rolled in 3.5 percent more to Lake County’s tax map. This is the second consecutive year of rise in values after a number of years when the economy was in depression.
Higher tax collections
According to Carey Baker, a property appraiser, this is the first instance when the values of single family residential homes in Lake cities increased. Orlando realtors have calculated that new residential as well as business construction added an excess of $295 million when it comes to taxable values. This equals a variation of 89 percent compared to 2013. In 2014, the county witnessed a rise of 1,500 new properties earmarked for residential use.
The biggest single construction in the new category was the Chet Lemon commissioned by The Big House. The 162,000 square foot built up area in Tavares was funded by the former baseball player and contributed a massive $7.6 million in taxes.
Gigi Lemon, the wife of Chet Lemon , said that the Lane Park Cutoff facility attracts a substantial number of visitors with tournaments and youth events. The Big House opened its gates in February 2013. Lemon is surprised by the response. She believes that people are impressed by the facility.
Near all-around growth
All the Lake cities with the exception of Leesburg saw rise in their taxable values. Maximum growth was seen in the south Lake region. The group was led by Groveland, with a 14 percent rise, trailed by Minneola which rose 9 percent. Clermont followed third with 7 percent.
According to Orlando real estate agents, it is clear that, as was in the past, the south Lake leads the county when it comes to growth. The drivers of this growth are the people who are employed in Osceola and Polk. They are relocating to south Lake due to a number of attractive factors like nice community and affordable housing. The icing on the cake is the quick accessibility to jobs in cities.
According to Orlando realtors, Leesburg suffered a slight drop in values-about 0.19 percent-due to the relatively slower construction growth and weak values when it came to single family homes.
There is, however, a glaring problem. Baker pointed to the $91.5 million reduction in taxable value of the tangible property which businesses pay related to equipment including machinery and computers. The county saw a tax reduction of $77.1 million due to such taxes.