Lake County Property Taxable Value Hits Another Record

Lake County Property Taxable Value Hits Another Record

    Lake County Property Appraiser Carey Baker has released the 2024 Best Estimate of Taxable Values to the taxing authorities. A record total property taxable value of $39,989,776,209, with a record for new construction at $2,408,428,754. This increase is a 72.98% over last year's new construction values.
    "This total taxable value is absolutely the highest property value in Lake County's history," said Baker "New construction represents the driving force of additional value added to the property tax roll."
    The Property Appraiser is required by law to submit the “Best Estimate of Taxable Value” to the county, all cities, and all other Lake County taxing authorities. The estimate includes all real estate property (residential, commercial, agriculture, and vacant land); all Tangible Personal Property (business equipment); and all centrally assessed railroad property. Not counting new construction, property values increased by 7.3%.
    “Lake County is growing at a stunning rate,” said Baker.  “Our new construction number of $2.41 billion nearly doubles the previous year’s growth.  This new construction increase represents a 72.98% over last’s year strong growth.”
    The county taxable value increase came at 14.80% and all cities throughout the county are up in taxable values, with 11 of the 14 cities experiencing double-digit increases. Leading the cities in growth in both percentage and total dollar value is Leesburg at 38.18% and a $965,321,753 increase respectively, fueled by the The Villages construction. South Lake continues to lead the county in percentage growth with Minneola at 30.75%, Mascotte 25.64%, Groveland 18.30%, and Clermont at 14.93%.
    “This is the 11th straight year of very strong growth for both our county and cities in taxable values. This should allow our taxing authorities the room to adopt a reduction in their property tax rates,” expressed Baker. “Some cities have done this in recent years including the county, and some have not.”