Volusia Loses $4 Billion in Taxable RE Value

Property Appraiser Not Overly Optimistic About 2009

It isn't often that a Florida newspaper has a candid one-on-one with the local property appraiser, but "kudos" to the West Volusia Beacon for this interview with Morgan Gilreath. Coming off a year when his office saw a $4 billion drop in taxable real estate value, Gilreath isn't predicting a quick turnaround. According to the Beacon, "the taxable value of real estate in Volusia County dropped 10 percent last year, as an exuberant real-estate market went bust in a hurry, fraught with mortgage defaults, foreclosures and a severe curtailment of home construction." Gilreath says the unprecedented number of foreclosures will now factor heavily into future Volusia property value determinations. He also advises homeowners to keep a close eye on local government spending. "Volusia County taxpayers need to pay attention. The property taxes people pay are based on spending, and what has not gone down is the spending of local governments."