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Lee County Manager's Blog

Lee is Lending

Dear Citizens,

 

The Fort Myers Regional Partnership, Lee County's Economic Development Office and a number of local banks in Lee County have developed a small business joint venture initiative to help promote lending to local businesses and increase economic activity in the county.

 

"We know that if companies are to thrive here, they need working capital.  That's why Lee County and a number of local banks have formed a unique partnership.  Participating banks are ready to lend money to qualified local businesses for investment, expansion and to create much-needed, high-paying jobs," said Jim Moore, Executive Director for the Fort Myers Regional Partnership.

 

For information and a list of participating banks, call Sue Noe, Business Assistance Director at the Fort Myers Regional Partnership at (239) 338-3161 or log onto www.LeeIsLending.com for a list of participating banks.

Tax Bill

The following example is a history of an actual tax bill for a homeowner in the unincorporated area.  The homeowner is homesteaded and the recapture rule is in effect.  It shows the run-up in just value (also known as market value), assessed value, homestead exemption (and doubling of the exemption in FY 08-09), and the recapture as market value declined.

 

The recapture is best described as follows:

 

Florida law requires that the just value (market value), assessed value, and taxable value (assessed value less exemptions) of all property be determined each year. 

Save Our Homes, also known as Amendment 10, places a limitation on the amount of increase that can occur to the assessed value of homestead property.  The increase in assessed value cannot be greater than the lesser of the Consumer Price Index or 3%.

 

In instances where the property's just value exceeds the assessed value, the assessed value will increase within the above limits until the just value and assessed value are equal.  This is termed the "Recapture Rule"  (see Florida Administrative Code 12D-8.0062).

 

Being in the unincorporated area, this homeowner paid all of the tax rates;

General Fund

Capital (Conservation 20/20 and CIP, until FY 06-07)

Library

Unincorporated MSTU

All Hazards

 

As well as these other taxing districts:

 

Public Schools – Local

Public Schools – State

South Florida Water Management District – Okeechobee Levy

South Florida Water Management District – District Levy

South Florida Water Management District – Everglade Construction

Iona McGregor Fire

Hyacinth Control

Mosquito Control

West Coast Inland Waterway

Solid Waste Assessment

 

 

 

Here is the history:

 

FY 04-05 (tax base increased 16.4%)

 

Market Value                                                                 $186,570                                  

Assessed Value                                                            $186,570           (home purchased prior year)                                                       

Homestead Exemption                                                      25,000

Taxable Value                                                                $161,570

% change in tax value from prior year                                     N/A

Total county taxes paid                                                           $   1,157

Total tax bill                                                                                 3,230

 

FY 05-06 (tax base increased 27.5%)

 

Market Value                                                                 $210,630           (increase of 12.9% from prior year)                                 

Assessed Value                                                            $192,170                                                          

Homestead Exemption                                                      25,000

Taxable Value                                                                $167,170

% change in tax value from prior year                                     3.5% increase

Total county taxes paid                                                           $   1,108

Total tax bill                                                                                 3,233

 

FY 06-07 (tax base increased 40%)

 

Market Value                                                                 $308,200           (increase of 46.3% from prior year)                                 

Assessed Value                                                            $197,930                                                          

Homestead Exemption                                                      25,000

Taxable Value                                                                $172,930

% change in tax value from prior year                                     3.4% increase

Total county taxes paid                                                           $   1,018

Total tax bill                                                                                 3,055

 

 

 

 

 

 

FY 07-08 (tax base increase 7.6%)

 

Market Value                                                                 $333,960           (increase of 8.4% from prior year)                                   

Assessed Value                                                            $202,880                                                          

Homestead Exemption                                                      25,000

Taxable Value                                                                $177,880

% change in tax value from prior year                                     2.9% increase

Total county taxes paid                                                           $      967

Total tax bill                                                                                 2,994

 

FY 08-09 (tax base decreased 12.4%)

 

Market Value                                                                 $295,400           (decrease of 11.5% from prior year)                                

Assessed Value                                                            $208,970                                                          

Homestead Exemption                                                      50,000           (homestead exemption doubled per legislation)

Taxable Value                                                                $158,970

% change in tax value from prior year                                 (10.6)% decrease (3.4% increase net of additional exemption, representing the recapture)

Total county taxes paid                                                           $      850

Total tax bill                                                                                 2,902

 

FY 09-10 (tax base decreased 23.2%)

 

Market Value                                                                 $208,210           (decrease of 29.5% from prior year)                                

Assessed Value                                                            $208,210                                                          

Homestead Exemption                                                      50,000

Taxable Value                                                                $158,210

% change in tax value from prior year                                   (0.5)% decrease (recapture in effect)

Total county taxes paid                                                           $      845

Total tax bill                                                                                 3,075 (increase primarily due to school district and fire district)

Karen B. Hawes

Karen B. Hawes