Despite the risk
Property values have increased 7% across Volusia County, according to the VCARD 2024 report from Volusia County Property Appraiser Larry Bartlett.
Bartlett said that increase is due to Volusia’s ongoing population growth.
“We don't have a state income tax. So people from all over the country want to come here to live and have a business,” he said.
Florida is one of nine states that has no individual income tax.
Despite the risk of hurricanes, Bartlett said not having a state income tax, along with Volusia’s 47 miles of beaches, makes the county and state attractive to potential residents.
“Our studies show that they're coming from places like California and New York, where they have their own weather problems, but they also have a state income tax there,” he said. “And because of that, you have a high demand and a relatively short supply now, and when you have that prices go up.”
According to the U.S. Census Bureau, Volusia County’s population grew by more than 35,000 people from 2020 to 2023.
Residents & renters
As property values increase in Volusia County, Bartlett said it could result in property taxes that are unaffordable for some home and property owners.
“But I think, by and large, people are happy when their property values increase,” he said. “It doesn't necessarily mean that their taxes are increasing because when you have an increased population it spreads the tax burden among more taxpayers.”
If property taxes rise as a result of Volusia’s increased property values, it could result in a trickle down effect on renters.
“The increase in property values, including the value of apartment complexes, result in increased rents if the taxes go up, because landlords are going to pass along the increased tax burden,” he said.
Although increasing property values can be positive for many home and property owners in Volusia County, there are still residents in need of affordable housing.
“Volusia County is supporting an affordable housing initiative for people that don't have the income necessary to pay some of the rents or buy houses,” he said. “So the county is aware that we need help to find affordable housing for folks. But they haven't done anything to affect property values because they really can't.”
