Central Florida Property Values Surge in 2024: What This Means for Homeowners and Local Governments
Property values in Central Florida are experiencing a significant upswing in 2024. Driven by billions of dollars in new construction and development, this spike is poised to impact local tax revenues and the housing market profoundly. Here’s an in-depth look at the trends, key city highlights, and the implications for Florida homeowners and policymakers.
Central Florida Property Values Climbing: An Overview
Across Central Florida, property appraisers report rising taxable values, bolstered by ongoing residential and commercial developments. This trend comes despite high-interest rates and a slowdown in home sales.
"Interest rates are relatively high, and we’ve certainly seen a slow down in residential sales," said David Johnson, Seminole County’s property appraiser. "But what we have not seen is a decline in the values, or what people are selling their houses for."
Property appraisers are legally required to provide annual “Best Estimates of Taxable Values” reports to local governments and school districts. The latest data reveals widespread increases, with some cities recording double-digit growth in taxable values.
Significant Taxable Value Growth Across Key Central Florida Counties
Orange County Highlights
- Windermere: Leading the surge, Windermere’s taxable values have risen by over 19% to just above $1.2 billion for 2025. This growth includes the annexation of the gated Chaine du Lac community earlier this year, adding hundreds of properties.
- Apopka: Central Florida’s second-largest city in Orange County, Apopka, faces nearly a 14% jump in taxable value, expected to reach $8.2 billion in 2025.
Seminole County Spotlight
- Sanford: Forecasted to experience a near 11% increase to $6.7 billion in taxable property values for 2025. This growth largely stems from recent residential development, including thousands of single-family homes near the Orlando Sanford International Airport.
Osceola County Insights
- St. Cloud: Poised for a nearly 15% surge to almost $6 billion in taxable values.
- Kissimmee: Expected to reach $6.9 billion in taxable values, a 10.5% increase, fueled by rapid construction.
Lake County Developments
- Montverde: Saw a remarkable 24.6% jump to approximately $212 million in total taxable values.
- Mascotte: Close behind, with a 21.8% increase reaching nearly $602 million.
Why Are Property Values Rising So Fast?
The primary drivers include:
- New Construction Boom: Across Central Florida, new homes, apartments, and commercial structures are drastically increasing the housing stock, pushing up property values.
- Population Growth: Central Florida remains one of the fastest-growing regions in the U.S., attracting residents who fuel demand.
- Economic Development: Infrastructure investments such as road expansions and airport improvements make these areas more desirable.
Katrina Scarborough, Osceola County Property Appraiser, notes:
"We’re one of the fastest growing counties in the country," which underscores the rapid construction and overall real estate expansion.
Impact on Local Budgets and Property Tax Debates
These rising taxable values are generating billions of dollars in additional revenue for local governments. For instance, Orange County’s budget has expanded by $1.7 billion in the last five years. This influx supports public services and infrastructure but also reignites debates on property tax burdens.
Governor Ron DeSantis’ Position:
- Advocates for property tax relief amidst this windfall.
- Proposes a $1,000 property tax rebate to every Florida homeowner by December.
- Pushes for structural changes to limit property tax growth going forward.
However, as of mid-2024, the Florida legislature has not passed any property tax reform legislation despite ongoing budget discussions.
Understanding Taxable vs. Market Values
- Taxable Value: Used by local governments to calculate property taxes. Florida law caps the taxable value of primary residences under the Save Our Homes (SOH) amendment, limiting rapid tax increases.
- Market Value: Reflects what properties are likely to sell for, affected by condition, location, and market demand.
Central Florida Market Values in 2025:
| County | Estimated Market Value | Year-over-Year Increase |
|---|---|---|
| Orange | $345.8 billion | 4.6% |
| Seminole | $87 billion | 4.2% |
| Osceola | $70 billion | 4.3% |
| Lake | $68.4 billion | 6.3% |
Real Estate Market Conditions and Mortgage Rates
- Central Florida had over 12,000 homes listed in May 2024.
- The average home remained on the market for approximately 76 days, reflecting a slower pace compared to previous years.
- Current mortgage rates hover at 6.87% for a 30-year fixed and 5.95% for a 15-year fixed, according to Zillow.
This combination of rising interest rates and property costs creates a challenging environment for homebuyers, even as real estate values climb.
What This Means for Florida Homeowners
Rising property values mean increased property tax assessments unless capped by state laws. While local governments gain more revenue for services, homeowners, particularly those on fixed incomes, may find the tax burden increasing.
Homeowners should:
- Regularly review their property appraisals.
- Stay informed on any legislative changes regarding property tax credits or rebates.
- Consider consulting with real estate and tax professionals to plan finances accordingly.
Final Thoughts
Central Florida’s property market remains dynamic in 2024, balancing rapid growth, high valuations, and complex tax debates. Whether you are a homeowner, prospective buyer, or policymaker, understanding these trends is essential for making informed decisions.
For more detailed information on local property values and tax regulations, visit the Florida Department of Revenue and your county’s property appraiser website.
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By staying updated on the evolution of property values and tax policies, residents of Central Florida can better navigate the shifting landscape of homeownership and local governance in 2024 and beyond.