Combined property values in the Florida Keys jumped by about $1.49 billion in a year's time to an overall approximate value of $22.81 billion, the Monroe County Property Appraiser's Office reported Tuesday.
Higher valuations are driven by increasing sales prices of real estate and new construction.
"Our preliminary numbers indicate a median sales price for single-family homes of about 3 percent over last year," Property Appraiser Scott Russell said Friday. "That continues a steady increase but it appears to be tapering off a bit."
Florida Keys valuations continue to recover from the burst of the real-estate bubble around 2008.
Preliminary 2016 figures indicate the highest value of Keys land and real property in eight years. Final figures, including more details on new commercial construction, will be set by July 1.
The $22.81 billion valuation remains notably below the Keys' peak countywide valuation of $28.5 billion, reached at the peak of the real-estate boom. By 2010, the countywide valuation had plunged to $19.5 billion.
The valuation estimates are issued to local taxing agencies for use in calculating property-tax rates that fund budgets for schools, emergency services and government operations.
Agencies set their millage rates that determine property-tax bills in September.
The Monroe County School District has a preliminary $24.5 billion taxable base, owing to fewer property exemptions. That is up from $22.99 billion last year and $21.25 billion in 2014.
Other property value gross estimates for municipalities and special districts and one-year increases:
- Key West has a $6.35 billion taxable value, up from $5.98 billion.
- Marathon has a $2.15 billion taxable value, up from $1.97 billion.
- Islamorada has a $2.99 billion taxable value, up from $2.8 billion.
- Key Colony Beach has a $643 million taxable value, up from $587.9 million.
- Layton has a $54.46 million taxable value, up from $49.24 million.
- Key Largo Fire and Emergency Medical Services District has a taxable value of $2.76 billion, up from $2.58 billion.
In the 2015-16 fiscal year, Monroe County government -- not including the School District or municipalities -- raised about $80.2 million from property taxes.
That includes $63.7 million for general county operations and expenses; $10.67 million for the Lower and Middle Keys Fire-Ambulance District; $4.15 million for road-patrol law enforcement; and $1.66 million for various special taxing districts.
Key West collected $15.8 million in property tax. Islamorada collected $6.8 million, while Marathon collected $4.39 million. Key Colony Beach collected $1.27 million and Layton collected $115,286.