The value of all property within the Lake Wales city limits surged past the billion-and-a-half dollar mark at a rate topping other area cities in the past year, according to figures released by the Polk County Property Appraiser’s office.
Annexations, new apartments, restaurants, and scores of new homes added $187,209,619 property valuations for the City of Lake Wales, which recorded the second-fastest growth rate in the county during the 12-month cycle reported by the appraiser’s office.
Major projects being conducted by the Community Redevelopment Agency also benefit from rising values within the defined boundaries of the district, as the CRA captures a significant portion of that increase and reinvests it within the area. The streetscaping projects and the redevelopment of the Walesbilt Hotel are transforming the city’s downtown Historic District.