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Duval property values drop third year in a row

7:56 AM, Jul 3, 2012   |    comments
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JACKSONVILLE, Fla.  -- The trend continues in Duval County with property values for tax purposes dropping for the third year in a row. 

Last month Property Appraiser Jim Overton certified the property value as being  $43.9 billion or 4.4% less than last year.

"We are almost back to 2002 prices in terms of real estate," said Overton who noted city hall stands to collect roughly $20 million less in property taxes.

The trend marks the third year where residential and commercial values dropped.

"I think next year will be better," said Overton who believes the bottom may be near.

Later this month, Mayor Alvin Brown will outline his spending plans for the upcoming year.  Brown has said he has no intentions to raise property taxes to cover the shortfall in revenue.

 

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