Property Values in Lee County on the Rise!

Finally the numbers for 2016 are in and verified by the county. Almost every part of Lee County showed a gain in property values. The big question in a lot of minds is…will property values continue to rise…will they level off…or is a possible correction coming? Read More…..

So far for 2017, the following increases in property values from 2016 are listed:

Cape Coral=7.87% increase.

Fort Myers=8.09 increase.

Sanibel Island=5.87 increase.

Fort Myers beach=4.84 increase.

Bonita Springs=5.93 increase.

Estero=4.64 increase.

Lehigh Acres=no figures reported

The total taxable value in Cape Coral is estimated to be $12,990 billion. Fort Myers taxable value is estimated to be $24,780 billion. Total Lee County taxable value is estimated at $67,880 billion. These numbers are important and the timing of them being posted will set the millage rate for each home owner. The millage rate has several options…leave it the same as current…increase it…impose a rollback. No matter what is done about the millage rate here locally, Tallahassee will make the final approval.

Property owners will receive their TRIM notices in August for 2017 taxes [remember you pay your taxes in arrears here], and then there is a 25-30 day period where homeowners may challenge and resolve any individual disputes in assessed values.

For me as a long time realtor here, a lot of what happens  to prevent a downturn or market correction takes place when spending gets out of control at both the private sector, as well as the city and county levels. As long as things don’t get crazy with rapid new construction and prices soaring…things will be ok.

I would like to see a roll back in the millage rate, based on the sharp increase in property values shown above.

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