INDIAN RIVER COUNTY — Property values increased across the county last year, although the rate of growth has cooled since 2023-2024. Fellsmere was the only city to see its rate of growth increase from the previous year.
Orchid showed the largest increase at 10.5%, Property Appraiser Wesley Davis said Wednesday. Yet it represented a tiny drop from its 10.6% growth in 2023-2024, according to the Property Appraiser’s Office.
The taxable property value countywide rose from $29 billion to $31 billion, a 7.6% increase, but the rate increase chilled from 2023-2024, when Indian River’s values were up 10.3%, from $26.6 billion to $29.2 billion.
The highest property value is in Indian River Shores at $5.7 billion, up 8.9% from $5.3 billion. Yet that, too, is less growth than in 2023-2024, when the town had the county’s highest rate of increase, 12.6%.
Vero Beach’s taxable value cooled the most, falling to 5.8% from 8.1%. Fellsmere’s increase grew from 6.8% in 2023-2024 to 7.7% last year. Growth in Sebastian slowed to 7.7% from 9.4%.
The estimated tax roll, which is subject to change before July 1, reflects the value of all properties in the county on Jan. 1. Taxing authorities, such as the school district and municipal governments, use the data to plan their budgets over the coming months for the 2025-2026 budget year, which begins Oct. 1.
The state requires property appraisers to release estimated tax rolls by June 1 each year.
“I am noticing that each municipality has seen an increase in property values,” said Davis. “Vero Beach saw the smallest increase because it is almost completely built-out and the slight effect of the damage from Hurricane Milton.”
What are the numbers for?
Each individual government levies taxes based on property values. As government leaders develop their 2025-2026 budgets over the next few months, they may adjust their tax rate.
“These numbers are preliminary and can change before July,” said Davis. “These numbers are just for the municipalities to get a feel for where they are at before budget season.”
Increasing the tax rate can generate more revenue from property taxes, but as the value of homes and other taxable property increases, even a lower tax rate can increase owners’ tax bills and bring in more revenue as well, officials from the Property Appraiser’s Office explained.
The estimated taxable values and increases for each municipality are:
Nick Slater is TCPalm’s Indian River County Watchdog reporter. You can reach him at Nick.Slater@tcpalm.com and 224-830-2875.
This article originally appeared on Treasure Coast Newspapers: Indian River property values increased during 2024; Orchid recorded greatest increase
Reporting by Nick Slater, Treasure Coast Newspapers / Treasure Coast Newspapers
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