Sinkhole property decline continues in Hernando
BROOKSVILLE — Last year was the first year Hernando County had a decline in the number of sinkhole properties reported to the property appraiser’s office, and 2014 is on track to continue that trend.
A report this month shows only 347 sinkholes have been reported to the appraiser’s office as of Oct. 3. And, of those, all but seven have already been repaired.
A sinkhole that formed on Eldridge Road in Spring Hill grew to roughly 40-by-40 yards and swallowed a driveway and parts of two yards. FILE
“It’s the biggest decline so far to be seen and we only have the last quarter to go,” said Kevin Johnston, chief deputy of valuation and tax roll with the property appraiser’s office.
More good news: This is the first year since the property appraiser’s office has been tracking the numbers that the market value depreciation on unrepaired sinkhole homes has only been reduced 40 percent instead of the historical 50 percent average.
So a single-family home valued at $150,000 with sinkhole activity would be valued at $90,000 instead of $75,000.
Johnston said the marketplace accounts for how much depreciation occurs and, for whatever reason, there are more buyers willing to take a chance on these homes.
“Whether it is because we are running out of properties in Hernando County or it’s legislation that is finally coming to fruition so to speak, the number of sinkholes that are being reported to the county is significantly down,” Johnston said.
This is probably the best news on the sinkhole front since 2000, when the property appraiser’s office began tracking the activity.
There were 1,314 sinkhole claims lodged with the county in 2013, down 33 percent from the 1,957 in 2012.
That compares to 1,655 in 2011, 877 in 2010 and 402 in 2009.
State legislators in 2011, recognizing that bogus sinkhole claims were eating away at county budgets, amended existing law to make sure homeowners repair legitimate sinkholes on their property.
Before that, many homeowners pocketed the money and left the homes unrepaired. Worse, some packed up and left, leaving a damaged home on the market and leading to a glut of depreciated homes on the market that affected property values of neighboring properties.
That new law appears to be working as more people are repairing sinkhole properties than ever before. For example, of the 1,957 properties reported in 2012, only 908 were repaired.
Overall, the percentage of homes with sinkholes that remained unrepaired has dropped from 60-65 percent a few years ago to 45 percent this year, as of Oct. 3, the appraiser’s report said.
County Commissioner Jim Adkins said unrepaired sinkholes and the subsequent de-valuation of property has plagued Hernando County for years.
“I’m just glad to see it turning for the better,” Adkins said of this latest report.
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