The sky is blue. The grass is green. And Tampa Bay’s housing market is white hot.

Facts are facts, and the fact remains that while it seemed that just when we thought the Tampa Bay real estate market couldn’t get any hotter, this recent article in the Tampa Bay Times says it will.

In fact, the article projects that the total value of taxable property is expected to increase to near double-digit rates this year.

Property appraiser estimates show that taxable values are up nearly 10 percent in Hillsborough County, the biggest increase since the real estate market crashed in 2007.

Expert projections are equally positive for the area’s two biggest cities according to the article, with the taxable value of property rising by 10.4 percent in Tampa and 9.5 percent in St. Petersburg, while taxable values in neighboring Pasco and Pinellas counties are up about 8.5 percent.

According to property appraiser data, the increases are largely attributed to rising home values and nearly $3.4 billion worth of new construction in Hillsborough and Pinellas counties, while the bulk of that – to the tune of $2.5 billion – was in Hillsborough County alone.

The only downside?

Higher taxable values mean property owners will pay more in taxes – even if local tax rates stay the same.

Consider this example: By 2017 tax rates, Hillsborough County could stand to collect an extra $45 million for its general fund and about $20.1 million for services like water, sewer, road maintenance and trash pickup – though such increases aren’t expected to be sustainable in the long run.

So what does the county plan on doing with the ‘extra’ $45 million projected in general funds and $20.1 million for services?

According to the article, the additional revenue is budgeted for affordable housing, school traffic safety projects, and a program to improve the county’s foster care system – for as long as the increases and budgets allow.

In Tampa, the increase in values will mean an extra $18.4 million in property tax revenues, St. Petersburg’s budget will increase $10.5 million, and Pasco County will enjoy almost $16 million in additional revenue.

If you’re ready to jump on the homeowner bandwagon and take advantage of this insanely hot market, let our real estate professionals help you navigate these competitive waters with the experience to back it up to make your homebuying dreams come true.

Because at DeLeon Sheffield Company, ‘We’re More Than Realty; We’re Family.’