SHAPING OUR FUTURE
Property values show boost of 10.25 percent in Port St. Lucie
Increase attributed to rise in construction projects in area
KEONA GARDNER
ST. LUCIE COUNTY — Property values countywide are up 6.75 percent this year from last year, according to preliminary estimates released by Property Appraiser Michelle Franklin.
“For the fifth year in a row, St. Lucie County is steadily making gains and continues to capitalize on the upward momentum in the recovering real estate market,” Franklin said in a news release.
The increase is thanks to 1,200 construction projects, mostly new single-family homes in the Tradition community of Port St. Lucie, said Vincent Rahal, director of assessments, tax roll and tangible personal property.
The largest increase was seen in Port St. Lucie, where property values increased by 10.25 percent, according to the preliminary estimate.
“The jump in our community’s assessed valuation is very encouraging and an important indication that we’re moving in the right direction as we continue recovering from the Great Recession,” Port St. Lucie Mayor Greg Oravec said Tuesday.
Fort Pierce property values rose by 5.25 percent, or $2.2 billion, thanks to the city’s aggressive annexation policy and an increase in new construction, such as the Square Grouper restaurant on Hutchinson Island and new homes at Bent Creek, a 692-home subdivision south of Orange Avenue that was approved in 2005. Construction there stopped in late 2008 or early 2009 but has now restarted.
The city’s annexation policy requires anyone wanting city utilities to agree to annexation once their property becomes contiguous with city boundaries. Over the past three years, the city has expanded its southern border at U.S. 1 from Midway Road to Ulrich Road to include the car dealerships.
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