Estimates released Friday by Indian River County Property Appraiser David Nolte may indicate the long and steady decline in property values has finally come to an end.

After five years of having to make due with waning property tax revenues, local governments and taxing authorities, such as the Indian River County Commission and the Indian River County School Board, are sure to receive Nolte’s preliminary estimates as good news. 

Overall, the total value of taxable property in the county rose an estimated 1.19 percent in 2012, with most of the gain coming in the final month of the year, according to Nolte.

County Budget Director Jason Brown said the slight increase in the tax base will mean an additional $460,000 in revenue for the county’s general fund, and an additional $300,000 for constitutional offices, such as the Tax Collector’s and the Supervisor of Elections.

The County Commission will still be challenged to balance the budget in the coming year, Brown said.  Sheriff Deryl Loar has asked for an additional $1.9 million, and a new state-mandated increase in employer contributions to the Florida State Retirement Fund will cost the county $1.7 million.

For the Vero Beach, the slight increase in the city’s property tax base, from $2.09 billion to $2.12 billion, will raise another $70,000, which comes as at least some solace to City Manager Jim O’Connor.  O’Connor and the city’s department heads are looking for budget cuts of $2.2 million to take effect October 1.