Look out below! Property values drop in Pinellas County's 2010 property value assessments

Hi. We need to talk.

Please, have a seat. No, you should really sit down.

It's been a rough couple of years, with the market zigging and zagging...ok, mostly "zagging".

I can see the serious money you put in your home...the granite counters, crown moulding, remodeled pool, outdoor kitchen...you've done a wonderful job!

You're probably asking yourself, "Is he going to give me bad news?"

Unfortunately, I am. I don't want to, but it's my job.

Your home's value has fallen - hard. But your not alone...according to the county, my own home's value has fallen 23% from 2009 - 2010. A little excessive, but I won't argue...I want my taxes lowered.

Just so we're clear, Pinellas County has released it's 2010 real estate values in advance of mailing all countywide homeowners their real estate TRIM (TRuth In Millage) notice. The numbers are "preliminary" but I doubt they'll change much.

Also, we're NOT talking true value numbers...we don't use the tax records for that. We would use comparable properties sold w/i the last 3-6 months.

However, for tax purposes, the County is saying our homes' values took a nosedive. Your first thought is probably "Whew" followed closely by "What does that mean for me?"

Well, you MAY be paying lower taxes, as long as the taxing authority doesn't raise your millage rate. GOTCHA!

If you're selling, you BETTER believe buyers are looking at this info. I try to counsel my clients that it should not be relied upon solely for valuation purposes.

If you're curious, go to WWW.PCPAO.ORG and click on "Search our Database" on the lefthand side. Select you method of entry (I used address) and get out the tissues...

Just keep in mind that historically Real Estate has DOUBLED every 7-10 years so we're in a trough now. Our population is increasing (read: demand) and with so few new homes being built, our supply is stable. There will be a stabilization and turnaround, but no one can say when.

Hey, it looks grim but it will get better. As we all know, nothing stays the same forwever...