Island property values climb by over 5 percent
Overall taxable property valuation jumped by more than 5 percent in Pine Island/Matlacha last year.
Estimated at a 3.99 percent increase a month ago, the overall taxable valuation of properties within the Matlacha-Pine Island Fire Control District came in at a 5.15 percent increase, according to numbers released by the Lee County Property Appraisers Office Thursday.
The increases come despite some predictions that the COVID-19 pandemic would negatively impact Southwest Florida property values with Lee County communities seeing an increase nearly across the board. Only properties with the Fort Myers Shores Fire District saw a dip, in that case of 1.03 percent.
Total taxable valuation of properties within the islands fire district rose to $1,881,909,038 — a value change of $92,126,089, according to the still-preliminary tax roll values produced by the Property Appraiser’s Office.
It’s the first valuation done under the direction of Property Appraiser Matt Caldwell, after Ken Wilkinson retired from that role after 40 years.
Caldwell said the just valuation countywide broke the record that was set in 2007, finally putting the real estate bust behind Southwest Florida after 13 years.
“Our goal is to get the number right on behalf of the taxpayers, but it is a sign of a very healthy market,” Caldwell said. “People are moving to Southwest Florida and they are leaning into the opportunity Lee County offers them.”
Lee County saw its total taxable valuation increase 7.69 percent, up from the estimated 6.30 percent last month, with an estimated $96,179,154,738 in property valuation, up from $89.30 billion in 2020.
School District taxable valuation increased from a 6.72 percent jump in June to an 8.53 estimated increase.
In terms of taxable valuation, the city of Cape Coral is looking at an increase of 10.88 percent, Fort Myers is looking at a 10.77 percent increase; the city of Sanibel at a 3.74 percent increase; the town of Fort Myers Beach at a 4.72 percent increase, the city of Bonita Springs at a 6.13 percent increase and the Village of Estero at a 4.28 percent increase.
The July valuations, which are transmitted to the state, are traditionally slightly higher than the June 1 estimates.
Within the Bayshore Fire District in North Fort Myers, overall taxable valuation increased from the preliminary 6.29 percent to 7.92 percent, while overall property valuation within the North Fort Myers Fire & Rescue District increased from a preliminary 4.66 percent to 6.72 percent.
The San Carlos and Lehigh Acres Fire District saw increases in overall taxable valuation of 12.60 percent and 10.94 percent, respectively.
Caldwell said he expects the numbers next year to be as strong, if not stronger, judging by the hot market now, and that the numbers we’re seeing appear to be durable.
That doesn’t mean he’s not concerned there could be another hard landing when the market finally cools off.
“There was a lot of pent-up demand between COVID and hangover recovery from the recession. What will be interesting will be next year because we’ve seen more spectacular increases,” Caldwell said. “That has me concerned about the possibility of a bubble.”
Throughout Lee County, total taxable valuation increased 6.96 percent for 2020 over the year prior.
Local governments use overall taxable valuation to set tax rates and formulate their budgets.
Increased taxable valuation means an increase in revenue at the current rate of taxation; the “rollback” millage rate keeps revenue flat.
The final figures of all taxing districts will now be sent to Tallahassee for final approval. TRIM notices are mailed to property owners in August. Property owners will then have 25 days to resolve any disagreement in value with the property appraiser.