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Rick Singh Report

Orange County Growth Reaches New Highs

With near-record new construction and historically high property values, Orange County's total market value now tops $206.1 billion for the first time. Data compiled by Orange County Property Appraiser Rick Singh, CFA, reveals increases across the board, with select municipalities recording double-digit growth. Moreover, as the county has steadily recovered from the 2008 economic downturn, new construction values have doubled over the last 10 years.

Rising market values are great news for Orange County residents whose communities will benefit from the additional tax revenue for years to come. The resulting increase in revenue can help fund schools, infrastructure, and parks in the area.

OCPA Wins a Stevie

The Orange County Property Appraiser's Office has been named Customer Service Team of the Year and has received a Gold Stevie® Award for excellence in the 17th Annual American Business Awards!

OCPA won top marks from the judges for our customer satisfaction metrics, labor efficiency, and for pioneering multiple outstanding programs, including community outreach, satellite offices, and the compliance initiatives that collectively returned $1 billion to the tax roll since Rick Singh took office in 2013.

With a 99.8% satisfaction score, the customer service team at OCPA has changed the culture of the entire organization, showing all OCPA staff the importance and effectiveness of excellent service to taxpayers. The entire agency supports these efforts and takes great pride in serving the residents in our community.

OCPA Recognized at the Florida Chapter IAAO Conference

In May, the Orange County Property Appraisers Office celebrated recognition across multiple award categories at the Florida Chapter IAAO conference. Six OCPA staff members were recognized for their professionalism with the Tony Hodge Award, an honor given to Florida members who receive two or more professional designations. In addition, OCPA is extremely proud to announce that Terry Taylor, Director of Residential Real Estate, was named FCIAAO Member of the Year for his dedication to serving the taxpayers of Orange County and his commitment to advancing the appraisal profession. It is a privilege to have such knowledgeable, qualified staff working for the agency.

Hurricane Preparedness

Another hurricane season (June 1 - November 3) is upon us. It's time to prepare ourselves, our family, and our property for oncoming storms.

Recently, Rick Singh and Terry Taylor represented OCPA at the Governor's Hurricane Expo, offering insight into the role of the property appraiser's office in the event of a storm and encouraged residents to prepare now.

OCPA serves residents of Orange County before, during, and after the storm - publishing up-to-date information on social media pages, assessing property damage, and disseminating accurate information to authorities in the area.

If we all prepare now, we'll be ready when the next storm hits. For more information on the role OCPA plays during a natural disaster, please click the image above for the agency's #OCPANow video on the topic. 

International Investment in Orange County

Orange County real estate is popular with foreign investors ... especially for purchasers from Latin America and the Caribbean. In 2018, almost $23 billion in Florida residential real estate was purchased by foreign investors, with almost $2.1 billion invested in the Metro-Orlando market. But those figures represent a slight decrease from 2017 when more than $24 billion in residential real estate in Florida was purchased by foreign investors - with $2.6 billion of that located in this region.

While sales from Canada and Latin America are stable, European investment has been trending downward. This may reflect a combination of global changes, including European trade uncertainty due to Brexit.

The countries currently investing the most amount of capital into the Florida real-estate market are highlighted in the graph.

  • Investors from Latin America and the Caribbean make up 35% of the international investment market.
  • Canada and Venezuela account for 8% each.
  • The UK, China, and Colombia make up 7% each.
Here is more in-depth information on these purchases:
  • Half of all of Florida's foreign investors coming from Latin American and Caribbean countries purchase homes in the Miami and Orlando markets.
  • More than half of sales are paid in cash.
  • Almost all of the purchases are for single family homes or condos that will be used for vacation homes and rentals.

*Source: 2018 Profile of International Residential Real Estate Activity in Florida

As the real estate market in Orange County continues to tighten, some worry that foreign investors could beat local buyers with better offers.

What do you think? Head over to Facebook and sound off in the comments of the corresponding post.

Taste of Haiti

OCPA staff had a great time celebrating Haitian history and culture at the Taste of Haiti event on May 4. Staff members were happy to meet with residents, and answer questions about exemption opportunities.

OCPA Web Demo Workshop

OCPA hosted a web demo workshop on May 8. It was our pleasure to meet with the taxpayers of Orange County to explain our website and answer questions from those in attendance. We host educational events regularly, and will post opportunities here and on social media. 

50+ FYI Expo

On May 17, the OCPA team met with attendees to discuss special exemptions, and unique property-related benefits for seniors.

7th Annual Asian Pacific American Heritage Month Celebration

Rick Singh and the OCPA staff had a fantastic time at the 7th Annual Asian Pacific American Heritage Month Celebration on May 21. The event combined heritage and information perfectly and was so much fun to attend.

Orlando Carnival Downtown

Rick Singh and the team met hundreds of Orange County residents at Orlando's Carnival festival. The event was an excellent way to celebrate Caribbean culture and heritage.

Orange County War Memorial Commemoration Ceremony

On Memorial Day, Rick Singh attended the Orange County War Memorial Commemoration Ceremony in honor of our fallen service men and women. We owe them a deep debt of gratitude, and Mr. Singh was proud to pay homage to their memory alongside the residents and community leaders of Orange County.

Asian Cultural Festival

In another celebration of Asian-American Heritage Month, OCPA joined Orange County residents at the Asian Heritage Festival on June 1. Staff had a wonderful time learning about culture and speaking with taxpayers about their property-related issues.

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