Lee County 2020 Estimated Taxable Values Are Back To High From 2007
Lee County Property Appraiser, Kenneth Wilkinson has released the June 1st estimates for the 2020 tax year for all property assessed and taxed within Lee County. Nearly 13 years later, Lee County’s estimated total real estate values are back to pre-Great Recession levels. The 2020 values, based on a valuation date of January 1, 2020 are estimated to be $119 Billion.
Reminiscent of the last time values reached this peak in 2007, the current highs come with a valuation date that is just preceding a recession, which the National Bureau of Economic Research recently stated began in February 2020. According to an article in the News-Press, “The county’s larger communities saw the biggest increases in values. Taxable values in Fort Myers increased by 7.34%; Cape Coral’s taxable property was up 5.75% and Bonita Springs increased by nearly 2.5%.”
These higher values should allow for municipalities throughout the County to maintain their budgets from 2019 while rolling the millage rate back slightly. However, the concern of city and county officials is the effect that the COVID-19 shutdown will have on other revenue sources such as sales tax and gas tax. Cape Coral Mayor Joe Coviello said “The reservation I have is what is the effect of COVID-19 is going to be on revenues,” he said. “We’ll have to look and see what kind of changes we’ll have or look at some other means of slimming down and making cuts in other areas to reduce the (tax) rate.” This is certainly something to keep an eye on!
If you would like to inquire about the preliminary 2020 value your property(s), please feel free to reach out to me directly at firstname.lastname@example.org. You can also learn more about the June 1st Estimates and what they mean on our latest blog post.
On July 1st, Lee County will submit their final tax roll for certification by the Florida Department of Revenue. Once the certification is complete, the 2020 TRIM Notices will be sent out to the property owners in mid-August with the appeal deadline to follow in mid-September, 25 days after the mailing of the TRIM notices.
The amount you will pay in property taxes for 2020 is directly based on the County’s opinion of Market and Assessed Value for your property. With property values on the rise amidst the challenges presented by the COVID-19 pandemic, it is important for a qualified property tax professional to review and analyze your properties to ensure that your values are fair and equitable. If you feel the value of your property is too high or just wish to have an independent review, then we encourage you to call us at (954) 282-2005 or email Brian at email@example.com or Nick at firstname.lastname@example.org.
FirstPointe Advisors, LLC is a full service ad valorem tax service provider. We provide you with the experience of a national firm with a regional focus. At FirstPointe Advisors, LLC, you come first. We strive to provide innovative solutions to your property tax needs. With our experience and first class client service, we will create an easy review and appeal process for you. Our experience spans across Florida’s 67 counties in representing owners of residential and commercial properties.