Cape Coral Property Taxes Lee County Florida

Cape Coral Florida Property Taxes can be confusing at best with all of the recent changes both legislatively and through voter amendment to the state constitution over the past twelve months here in the State of Florida. The Lee County Property Appraiser has made a tremendous amount of information available concerning these changes.

Change # 1 Property taxes in the State of Florida this year was instituted by the Florida legislature. During the June 2007 session state legislators froze the current millage tax rates as the new millage tax rate caps.

Change # 2 Local county, city, and special taxing districts had to reduce an additional percentage below the roll back rate. These Local governments had to cut additional property tax revenues 3, 5, 7 or 9 percent based on how much their taxes had increased between years 2001 and 2006. They also placed limits on future tax increases. A roll back rate is the millage tax rate a governing body needs to generate the same amount of revenue they did in the previous fiscal year.

Change # 3 Florida Voters approved changes to the state constitution and property taxes through the adoption of Amendment 1 the new Homestead Exemption. This made several changes. It raised the $25,000 exemption to $50,000 on homes with assessed values greater than $75,000. As an example if the county had your home assessed at $200,000 you would pay property taxes based on a $150,000 taxable value if you used the property as your primary residence aka homestead.

Change # 4 Florida Homesteaded property owners are now allowed to transfer or port their Save-Our-Homes benefits to a new property. The total amount of exemption couldn’t exceed $500,000 and if a resident purchased a property with less value than their current property the Save Our Homes exemption amount would be applied proportionally to the new property.

Change # 5 This exempted business owners from paying the intangible taxes on the first $25,000 of assessed value on tangible personal property.

Change # 6 Limits were placed on assessment increases of non-homestead properties (Vacant, Commercial, etc…) to ten percent each year. This is the first time there has ever been a limitation placed on tax increased on such properties.

Although removed from the November 2008 ballot proponents plan to place the amendment up for vote again in 2010 to remove the state required portion of school taxes from you property tax bill. If approved by Florida voters this will further reduce property tax bills on average between 25% and 40%. It will also limit non-homestead property tax increases to 5% per year similar to Save Our Homes on homestead property.

The Lee County Property Appraiser has a tool for perspective home buyers to use to estimate taxes on a home they intend to purchase. You simply fill in the property address, click on the strap number, and the click the link that says tax estimator. The link also provides a disclaimer on the use of the tool and also offers some insight into just “How do they calculate my property taxes?”

For more information on property taxes in the State of Florida read my other blogs entitled:

Florida Real Estate Property Tax Exemptions Most Favorable in Comparison - a look at how Florida Real Estate Property Taxes compare to other states throughout the nation.

Canadian Florida Property Owners Tax Information - an inquiry on how property taxes affect foreign nationals and citizens of the United States of America who live outside of the State of Florida.

Cape Coral Taxes Decrease - a look into millage rate changes in the City of Cape Coral over the past ten years.

ADDITIONAL QUESTIONS ? Contact me at any from my site or by calling me direct.

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Scott Slocum, REALTOR
Licensed Real Estate Broker Associate
Florida Future Realty, Inc.
2816 Del Prado Blvd South Unit 2
Cape Coral FL 33904
Direct: 239-340-1384
ScottSlocum@FloridaFutureAgents.com
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