According to Osceola County officials, there is good news for homeowners: Property values across the county have increased by around 20%.

The bad news, they say, is that increase in value may translate into a significant increase in property taxes for some homeowners.

They will know for sure later this month when Truth in Millage (TRIM) notices are mailed out to all property owners on Aug. 18.

Osceola County Property Appraiser Katrina Scarborough says the notices are not bills but will show property owners what their expected tax liabilities are.

“So, if you bought a property that the previous owner homesteaded, that homestead is going to go away, the cap is going to go away and your value is going to go up to the market value is, which could double (the property's) taxes in some cases,” said Scarborough.

She says the hike could be a surprise for many in what is considered one of the fastest-growing counties in the country.

Scarborough said that growth is why property values have gone up so quickly.

She explained that those property owners who have a homestead exemption will have a cap on the amount the county can increase their property's value each year.

“If they have homestead, it will keep taxes at a minimal increase every year because the value can’t increase more than 3%,” said Scarborough.

LPT Realtor Jennifer Adams, who grew up in the county, says the market is doing well and that’s the reason for increase in property values.

“Were still in a multiple offer situation on a lot of listings,” she said.

Adams said she does not expect the tax bills to change the marketplace, except for some new home buyers.

“It is going to hurt is some instances being qualified for mortgages, because that plays into their debt-to-income ratio, which is going to cause somebody that would qualify for a certain amount to maybe qualify for a little bit less because they have to make up for that distance," she said.