Taxable Property Values Continue to Rise in Polk

Growth in Polk County continued to record steady, rapid growth year over year in 2024, according to preliminary taxable value figures released by the Polk County Property Appraiser's office. The county had been flagged as one of the nation's fastest growing.

The total value of new construction in Polk last year was valued at $2,823,688,596, a $92 million increase over activity in 2023. That brought the county's total valuation to $72,161,387,998. An 8.8 percent jump.

The figures have importance for the various government boards, which must set new tax rates and budgets based upon the anticipated income the valuations will produce.

Courtesy Polk Property Appraiser

Lake Wales Recorded Faster Growth

Lake Wales saw new construction during last year valued at $54,151,708. The total value of all real property in Lake Wales is now assessed at $1,379,687,603, an 11.67 percent increase.

That $54 million figure nearly doubled the prior year's increase of almost $29 million, but lagged far behind the smaller community of Eagle Lake, which experienced almost $86 million in new construction, down from over $90 million the previous year.

Neighboring Cities Grew Rapidly

Dundee also saw a surge in growth, registering nearly $25 million, almost matching Lake Wales' rate of increase at 11.83 percent to reach a total valuation of more than $436 million.

The Town of Lake Hamilton led the way with a 63.08% rise from the prior year at .

Bartow registered more than $119 million in new construction, a 15.28 percent jump, while Frostproof saw over $7.5 million in new building values, an increase of 11.24 percent.

Frostproof counts $251 million in value. The Village of Highland Park, which saw only $650 in new construction, has real property assessed at $19 million, while the Town of Hillcrest Heights, which saw no new construction, came in at $22 million.

Fort Meade experienced a slowdown, with almost $3 million in new construction, a drop from the prior year's $4.8 million.

Despite the widespread changes recorded last year, growth in Polk appears to be slowing. The county has gained new notoriety as being among those with the highest foreclosure rates in the nation in recent months. Area Realtors report that the market has changed from favoring sellers to one favoring buyers, with houses remaining on the market for much longer.