Tampa's taxable property value declines

TAMPA -- For the first time in 16 years, the value of taxable property in Tampa has declined.

Preliminary figures from the Hillsborough County Property Appraiser's Office show a 3 percent drop from 2007 to 2008. The office has records dating back to 1974. The only other drop since then was in 1992, when values declined by 2 percent.

Tampa's taxable value in 2007 was $29.5-billion. The projected value for 2008 is $28.6-billion. That means property tax revenues to the city will drop from $161.6-million to $155.8-million.

Tim Wilmath, director of valuation for the property appraiser, said the biggest hit came from increasing the homestead exemption, a measure voters approved as part of property tax reform in January.

But Wilmath said Save Our Homes portability and the declining real estate market also are factors. "Any one of those would have been a hit, but the combination of the three is pretty significant," he said.

--Times staff writer Janet Zink