It’s good news, so-so news for Florida after the oil spill. Pres. Barack Obama swam in the sapphire blue waters off Panama City with his daughter, hoping the picture perfect scene would reassure tourists. The Pensacola News Journal reports that property values in the Gulf Coast county have dipped, but not due the spill.
Appraisers crunched their numbers before the April 20 BP oil spill began. Escambia County’s total taxable property value fell 4.76% from last year while Santa Rosa endured a 4.46% dip. Pensacola suffered a more modest 2.78%.
County appraisers were not surprised by the reduction in value, seeing this as a continuing correction to an overheated real estate market and too many condos being built for too long a time in these waterfront counties.
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