Triple Crown Homes is happy to report that property values are on the rise in Marion County! Last year, Marion County saw a pretty decent sized boom in commercial and residential construction. Experts say that 2019’s construction boom has played a significant role in the record-high property values Marion County has experienced in 2020. A recent article published by Ocala.com says, “The value of local property increased by 7.7% to $22.55 billion in 2020, surpassing the previous high mark of $22.35 billion in 2007, according to preliminary data released by the Marion County Property Appraiser’s Office. The overall preliminary taxable property value is projected to be $1.61 billion higher than the final value for 2019, which was $20.94 billion. Villie Smith, the county’s property appraiser, said there was not one single large project added to the rolls, unlike most years. Rather, the growth was due to overall brisk growth in construction in commercial and residential projects.”
New construction, remodeling, and additions in 2019 accounted for an additional $500 million in the 2020 tax roll. This number is up from the $480 million reported the year before and the $325 million reported in 2018. Property values are expected to continue to rise in 2021, thanks to three new projects that will be added to the tax roll next year. One of the biggest and most widely anticipated is the completion of the new World Equestrian Center in Ocala. The other two projects are the new Dollar Tree and Amazon facility currently in the works. However, it’s uncertain if those projects will be added to the 2021 or 2022 tax roll as construction has been inhibited by the COVID-19 pandemic.
In addition to commercial construction, residential building has remained steady. According to the Ocala/Marion County Association of Realtors, “The average sales price for homes rose by 8.9% in March when compared to sales in the same month last year.” Data also shows that the city of Ocala has seen a considerable increase as well. Reports show that property values have risen by 8.37% in 2020.
To learn more about Marion County’s record-breaking property values, click here. Interested in learning more about building a new home in Marion County? Triple Crown Homes can help! Contact our team to learn more about the amazing communities we build in, our affordable home designs, and our move-in ready homes.