Florida’s capital city, like the rest of the state, is witnessing a surge in real estate values that could eventually result in residents paying more in property taxes depending on what actions local governments take in the next few months.
Leon County Property Appraiser Akin Akinyemi announced that taxable property values have increased 9.33% over last year, which is the largest increase in over a decade.
“Real estate in Florida has seen significant demand driven by a large influx of new residents and limited supply, resulting in surges in property values,” Akinyemi said. “Leon County is not immune from these factors and has seen record appreciation over the last several years.”
Akinyemi’s office released the preliminary 2022 tax roll data that it submitted to the Department of Revenue. It shows that the taxable values for local governments as well as special districts in the county grew anywhere from 8% to more than 9%.
The main taxing authorities in Leon County — City of Tallahassee, Downtown Improvement Authority, Children’s Services Council, Northwest Florida Water Management District, School Board — they will all take in more money if the elected and appointed officials do not roll back their tax rates.
But that also means local homeowners will see their overall tax bills go up.
Florida law does put a cap on how much certain property values can rise in one year, and homeowners can also receive exemptions that lower the taxable value of their homes.
This fall, Akinyemi will send out an official notice that shows residents how much their tax bills could go up if local officials keep tax rates at their current levels.