The Hernando County property appraiser makes determinations about the value of property, based on the same factors used in other counties in Florida. Location is one of the prevailing factors used to determine the value of a piece of property. However, there are many intervening factors which can reduce or increase the value of a property in Florida.
The Hernando County property appraiser must consider the economy when making determinations about value. For example, the real estate market in Hernando County has been greatly affected by the economy, resulting in a significant decrease in home sales when the economy first began to head towards a recession. Eventually, the artificially lowered prices on property in the county, led to an increase in sales. In turn, property values began to increase again in many areas within Hernando County.
The Hernando County property appraiser must always take these types of factors into account when determining the value of property. However, the decrease in the actual value of the house may not be reflected in the tax assessment, as the market value of a home can change very fast. While a property owner may discover that the market value of their home is one hundred thousand dollars less than what it was previously, they are not likely to see that large of a decrease in the Hernando County property appraiser's value of the home.
