TAMPA, Fla. (WFLA) — One Hillsborough County Property appraiser said the surge in real estate values are likely to negatively impact property owners late this summer.

According to Bob Henriquez, property taxes are likely to hit record numbers with some seeing nearly a 20% increase overall. New homebuyers will be most affected.

“If you have a homesteaded property, your taxable value can’t go up more than three percent this year, but where you’ll really feel it is if you’re a new home buyer, if you have new construction,” Henriquez said.

Homeowners won’t be the only residents feeling the pinch. If you’re a renter, the property increases could also impact your monthly rate.

“There are a lot of investors that will be hit the full 20 percent most likely and then they will pass that through to their renters, so they’ll be negatively affected as well,” he added.

Henriquez encourages residents to get involved when city or county leaders are making decisions about their tax dollars.

“Encourage them to be engaged this year as those milage rates are being set by the taxing authorities because ultimately that’s the only way they can help to lessen that burden a little bit this year.”