Taxable property values plunge in Pinellas

Preliminary figures released by the Pinellas County Property Appraiser's office today indicate that taxable values fell 9.1 percent from 2007 to 2008. The last time taxable values dipped was in 1992, when the county saw a .6 percent slip.

Today's figure is based on the impact of Amendment 1 and a depressed real estate market and is only a partial snapshot. The appraiser's office has revised values on only half the commercial property in Pinellas and 60 percent of condos. The work on residential properties is done.

Official and complete estimates will be ready next month.

Local government officials have been awaiting the figures, aware they would be working with reduced revenue as they prepare budgets for next year but unclear on the magnitude of the shortfall. Pinellas County assistant county administrator Mark Woodard said his budget officials have been planning on a 10 percent drop, and the preliminary figures support their hunch.

Redington Beach showed the greatest drop, 12.4 percent, and Belleair Shore had the least with 3.2 percent. St. Petersburg is down 7.3 percent, Clearwater 8.5 percent and Largo 8.8 percent. Bear in mind: from neighborhood to neighborhood within a given town, dips in taxable value can fluctuate significantly.

--Will Van Sant, Times staff writer