Property Values Decrease 13 Percent

St. Johns County Property Appraiser Sharon Outland reported to Historic City News that she submitted the estimate of total County taxable property value for the fiscal year 2010 County Budget on June 1st, as required by Florida Statutes.

Outland’s estimate showed a decrease of 13 percent of total taxable value from the previous year.

This decrease is one of the highest in the northeast Florida area and is worse than originally expected. The County had projected a combined total operating deficit of $24 million for fiscal year 2011 for the General Fund and the Fire District Fund.

However, with the new taxable property value estimate, the projected total operating deficit increases to $35 million for fiscal year 2011.

“The County has already taken steps and will continue to take proactive steps to address this potential operating deficit.” said County Administrator, Michael Wanchick.

“The Office of Management and Budget will work with County Administration toward a recommended fiscal year 2010 County budget”, Wanchick said. The budget is due to the County Commission at their July 7 meeting according to Florida Statutes.

Florida Statutes also require the recommended County budget to be balanced, meaning that total budgeted expenditures plus reasonable cash reserves must equal total budgeted revenues for each County fund.