Much of Okaloosa county, Florida borders the Gulf of Mexico. The recent oil spill from the Deep Water Horizon has caused great difficulties for residents on the Gulf, including a decrease in property values and tourism.
The Okaloosa County property appraiser takes this factors into to account when making the determination about the value of a piece of property in that county.
Properties that could be directly effected by the oil spill, such as those located on the Gulf, would likely have a lesser value placed on that property. However, the tax bills for this year had already been determined, which means that residents would not likely see a decreased tax bill, even if they were directly effected by the oil spill. Yet, The county and state have allowed for residents to apply for exemptions and a decrease in taxes, if they were effected.
In addition, properties located off of the gulf in the county, may also be subjected to lowered taxes. Those that were considering buying property in the area, and those which were planning vacations, may have changed their minds as a result of the oil spill. These factors can impact properties that are not located on or near the gulf, but are within the county limits.
The Okaloosa County property appraiser must take these factors into account when determining the fair market value of property, but they must also follow state laws.
