Seminole County's tax roll increased by $1.6 billion last year, or 5.6 percent, with the vast majority of the gain due to the rising prices of homes. The total tax roll for the county summed $28.58 billion for its 2016 Estimated Taxable Value.
There were 6,359 single home sales in the county last year, with the average price rising 6.6 percent. All told there are 125,500 homes in Seminole County, all of which are reassessed each year.
The rocketing rise in home prices accounted for $1.3 billion of the $1.6 billion tax roll increase.
The development points to the hot market for home sales in Greater Orlando, with 345-square-mile Seminole County one of the spots most in demand.
The remaining $300 million of the tax role increase can be attributed mainly to apartments that completed construction. Some of the notable multi-family developments that opened their doors include The Lofts at Savannah in Lake Mary, Belle at Lake Forest in Sanford, Station House at Lake Mary and The Elan in Sanford. All told, 640 apartment units were added in Seminole County last year.
The 5.6 percent gain for 2015 compares with a 5.8 percent rise the year before, which Seminole County Property Appraiser David Johnson calls "slow and steady. While prices are rising, we're not having big spikes; we're not overheating."
One area that gave just a modest contribution was offices, although that will change next year. CNA is building a four-story regional headquarters in Lake Mary, part of the commercial building that is going on in that area.
Seminole County, which is quickly running out of large parcels of land to build on, may get a major boost in coming years if developers win approval to turn the 269-acre San Pedro property, near Winter Park, into a residential and retail center.
Plans call for a $300 million-project that would include single family homes, townhomes, an assisted living facility and 50,000 square feet for retail and other commercial use.
A breakdown by city shows Altamonte Springs' 2015 tax roll rose 4.5 percent, to a 2016 Estimated Taxable Value of $2.76 billion; Casselberry rose 5.5 percent to $1.21 billion; Lake Mary increased by 5 percent to $2.08 billion; Longwood rose 4.8 percent to $938 million; Oviedo increased 6 percent to $2.3 billion; Sanford rose 4.7 percent to $2.77 billion; and Winter Springs rose to $1.97 billion, or 6.7 percent.