INDIAN RIVER COUNTY — The value of taxable property here values increased overall last year, with Fellsmere leading the pack with the largest growth.
Overall, the county experienced a 6.07% increase in taxable values, according to the preliminary tax roll released May 29 by the Property Appraiser’s Office.
“It’s still a healthy real estate market out there,” said Property Appraiser Wesley Davis.
That preliminary tax roll, which could change as it is refined between now and July 1, reflects a snapshot of property values on Jan. 1, as stipulated in state law. By law, that data must be compiled and provided by June 1 to local taxing agencies — including Indian River’s three cities, two towns and the school district — to plan their 2026-2027 budgets over the summer.
Countywide, values grew by more than $2 million, from $31.7 billion in to $33.7 billion. It’s a little flatter than in previous years, said Mickey Umphrey, chief deputy property appraiser. That could be the result of a slowdown in new construction, he said. In 2025, there were about 580 new parcels added to the tax roll, ending the year with about 987 new single-family homes, he said.
By comparison, the 2025-2026 year saw about 693 new parcels and about 1,041 single-family homes added, Umphrey said.
“It’s kind of status quo,” Umphrey said.
Property values up across the county
Fellsmere saw the largest percent growth in property values last year, with a 10.01% increase. Overall, property values were lower in comparison to the other municipalities — from about $186 million to $204.6 million. That increase could be attributed to increasing market value of homes in Fellsmere as the city grows, according to Davis.
Property in Fellsmere is experiencing a larger price increase overall than homes in other parts of the county, he explained. Fellsmere has more new construction, particularly new homes on vacant land, Davis said. While homes in Fellsmere might cost less than those on the barrier island in Indian River Shores or Vero Beach, their price has increased at a higher percentage, indicating a higher percentage change in the property tax roll, he said.
Indian River Shores, with a 7.16% increase in taxable property, had the highest property valuation, from growing from $5.8 billion to $6.2 billion.
In Vero Beach, values increased by about 5.38%, from $4.9 billion to $5.2 billion. Sebastian, which recently annexed two large parcels that could result in more than 1,500 built homes over the next few years, had the smallest percent increase at 4.19%, with values growing only from $2.5 billion to $2.6 billion.
Vero Beach values rose 5.4%, from $4.9 billion to $5.2 billion, while Orchid’s taxable value grew 5.96%, from $691.6 million to $732.8 million
As municipalities prepare their budgets, residents in mid-August will receive TRIM notices — an acronym for Truth in Millage — that lays out their homes’ increases in market value, assessed value and taxable value and their tentative new property taxes.
County property appraisers are required by law to release preliminary tax rolls by June 1. St. Lucie released its preliminary tax roll May 26, while Martin County also released its data May 29.
Impact of statewide changes to property taxes
Last year, half of the Homestead Exemption increased for qualified homeowners, from $25,000 to $25,722, making the total exemption $50,722, due to the passage of Amendment 5 in the 2024 General Election. That addition to the state constitution increases the Homestead Exemption annually at a rate tied to inflation. This year, the second half is due to increase to $26,411, making the total exemption $51,411.
Additionally, Gov. Ron DeSantis recently proposed increasing the Homestead Exemption to $250,000. However, that plan still requires approval from both the Legislature and voters, and would not go into effect until 2027.
Davis said his office is monitoring the Legislature’s special session to see whether the Homestead Exemption is changed. Raising the exemption could impact the budgets of the municipalities, he said.
Staff writer Wicker Perlis contributed to this report.
Colleen Wixon is the Indian River County government watchdog reporter for TCPalm and Treasure Coast Newspapers.
This article originally appeared on Treasure Coast Newspapers: Property values see modest increase across this Florida county
Reporting by Colleen Wixon, Treasure Coast Newspapers / Treasure Coast Newspapers
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