Jacksonville could collect taxes on an extra $3.3 billion in property tax value this year because of the escalating real estate market.
Duval County Property Appraiser Jerry Holland said Friday total taxable property value rose to $58.6 billion, a 6 percent increase over last year’s value of $55.3 billion.
That’s according to the estimates that are required to be provided to all taxing authorities before June 1 by the property appraiser.
Holland spoke Friday to the Northeast Florida Builders Association Sales and Marketing Council.
Holland released the numbers Wednesday to the City Council Finance Committee while presenting his office’s 2016 Annual Report.
Yet to be decided is whether Mayor Lenny Curry and the council will adopt the same property tax rate as last year, or go with a rollback rate.
If the city approves the same rate, homeowners would see a tax increase and the city would collect the extra revenue, he said.
If the city adopts the rollback rate, it would help homeowners break even and generate the same tax revenue as last year.
Holland attributed the rising tax values to Jacksonville’s rapidly expanding real estate market and new construction.