Hillsborough County's Tax Revenue Takes Hit

The taxable value of property in Hillsborough County declined by more than 5 percent this year, good news for some taxpayers but a sign of more tough times ahead for local governments. Only a small portion of the decline comes from a slumping real estate market. The main reason for the drop is Amendment 1, which shielded $6.5 billion in property value from the tax collector. As of Jan. 1, taxable property values in the county totaled $83.35 billion, down from $88 billion the previous year. During the same period, Tampa's property values slipped from $29.62 billion to $29 billion. The figures are based on transactions in 2007 and include homesteaded and non-homesteaded residential property, commercial property and new construction.

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