The Florida real estate market is showing signs it has finally hit bottom, which is good news for schools suffering budget cuts due to a declining property tax base.
Martin County officials reported the county’s property tax base declined 1 percent last year. That’s less than county officials expected and the smallest decline in five years.
It could mean more money in the state budget too.
Of the $1 billion in new funding Gov. Rick Scott proposed for schools this year, $220 million was replacing declining property tax revenue.
Even in counties where the tax base is still declining, officials believe the turnaround is close.
“I think most of the foreclosures will have been flushed through the system,” Hillsborough County Administrator Mark Merrill told the Tampa Bay Times. “Commercial is starting to recover. Jobs are coming back.”
And home prices in Orange County, near Orlando, have risen between January and June. Fewer homes are also on the market, according to real estate data.