CAPE CORAL SEEKS DEVELOPERS
Cape Coral officials have issued two Requests for Proposals, one for a hotel and ice rink adjacent to Sun Splash Family Waterpark and another for an Academic Village and Research Park in the city's northeast section.
The city owns the land and will lease the land to developers, who will build and manage the projects. The deadline for the hotel/ice rink proposal is Thursday, Oct. 30; the Academic Village deadline is Tuesday, Dec. 23.
For more information, contact Mr. Mike Jackson, Director of the Economic Development Office in Cape Coral:
City of Cape Coral
Economic Development Director
Phone: 239-574-0444
Fax: 239-574-0452
Email: mjackson@capecoral.net
Name: Paige Rausch
Email: Contact Paige Rausch
Office Phone:(239) 443-2500
Cell Phone:(239) 691-4321
Fax: (239) 425-8653
1326 S.E. 47th St. Cape Coral, FL 33904
Tel: 239.425.2500 Fax: 239.425.8653
IMPACT FEE RECOMMENDATIONS
An independent study funded by the county recommends increasing most road impact
fees and lowering the school fee. According to the report:
PROPOSED IMPACT FEES
School Impact Fee Update Study (477 KB)
Direct to Public Hearing (BCC) Sept 9, 9:30 a.m.**
Local Planning Agency (LPA) Sept 22, 8:30 a.m.**
Affordable Housing Committee (AHC) Sept. 22, 2:00 p.m.*
BCC Public Hearing Sept 23, 5:05 p.m.**
Road Impact Fee Update (1.73 MB)
Direct to Public Hearing (BCC) Sept. 9, 9:30 a.m.**
Executive Regulatory Oversight Committee (EROC) Sept 10, 2:00 p.m.*
Land Development Code Advisory Committee (LDCAC) Sept 12, 8:00 a.m.*
Local Planning Agency (LPA) Sept 22, 8:30 a.m.**
Affordable Housing Committee (AHC) Sept 22, 2:00 p.m.*
BCC Public Hearing Sept 23, 5:05 p.m.**
Second BCC Public Hearing (optional) Oct 14, 5:05 p.m.**
*1st FL Conference Room, 1500 Monroe Street (Community Development Bldg.)
** County Commission Chambers
Summary of the Results:
· Road fee: $8,976
· Recommended road fee: $9,634
· School fee: $4,309
· Recommended school fee: $4,116
· Road fee: $15,837 per 1,000 square feet
· Recommended road fee: $11,788 per 1,000 square feet
General office
· Road fee: $7,305 per 1,000 square feet
· Recommended road fee: $7,841 per 1,000 square feet
Talk about incentives to buy existing buildings???
The cost to build with the increases sure won't spur additional construction...maybe forcing growth to go where the infrastructure is already in place will help achieve "SMART GROWTH"?
Anone got an opinion? Do you increase, keep the fees the same, or remove the fees to generate construction?
Name: Paige Rausch
Email: Contact Paige Rausch
Office Phone:(239) 443-2500
Cell Phone:(239) 691-4321
Fax: (239) 425-8653
Gulf Gateway Realty Inc. 1326 S.E. 47th St, Cape Coral, FL 33904
Tel: 239.425.8652 Fax: 239.425.8653
For starters, let's clarify whose on the hook and for what?
A short sale - where the lender allows a house to be sold for less than what's owed on the mortgage - may enable a homesteaded owner to walk away from the loan without incurring any costs.
However, investor and secondary-home owners likely will get a surprise from Uncle Sam next tax season: a tax bill based on the amount forgiven by the lender.
Late last year, as lenders started to permit more short sales, President Bush signed the Mortgage Forgiveness Debt Relief Act. Before the legislation, all homeowners had to pay income tax on the loan amount written off by the lender. Under the new law, owners won't have to pay taxes on that amount, up to the original mortgage amount on the purchase of the home. But that's only if the home is their primary residence.
The president and legislators apparently took no pity on investors who gobbled up properties by the dozens during Florida's red-hot housing boom and now can't pay their mortgages. Those buyers, if they're lucky enough to get a lender to agree to a short sale, will be stuck paying the resulting income tax.
That goes for owners of secondary homes as well, said Sue Hales, spokeswoman for the IRS. Homeowners who work out a short sale should receive a 1099 tax form with their lenders, she said.
Once they get the form, she said, they should carefully check the values of the shortfall amount and the house value.
For example, if a homeowner owes $250,000 on a mortgage and the lender agrees to let him or her sell the home for $200,000, the lender would forgive the $50,000. But if the owner doesn't live in the home, he or she will have to claim the forgiven $50,000 as income.
Name: Paige Rausch
Email: Contact Paige Rausch
Office Phone:(239) 443-2500
Cell Phone:(239) 691-4321
Fax: (239) 425-8653
Gulf Gateway Realty Inc. 1326 S.E. 47th St, Cape Coral, FL 33904
Tel: 239.425.8652 Fax: 239.425.8653
In 1980, the legislature passed the "Truth-in-Millage" (TRIM) act. This law is designed to inform taxpayers which governmental entity is responsible for the taxes levied and the amount of tax liability owed to each taxing entity. The Notice of Proposed Property Taxes is known as the TRIM notice.
TRIM establishes the statutory requirements that all taxing authorities levying a millage must follow, including all notices and budget hearing requirements. These requirements were revised in 2007 to provide for maximum tax levies for counties, municipalities and independent special districts. After fiscal year 2007-08, the maximum tax levy allowed by a majority vote of the governing body will be based on the rate of growth in per capita personal income in Florida. Ad valorem taxes may be increased at a greater rate only with a supermajority or unanimous vote of the local government governing body. For more details on millage rate calculations and property tax caps resulting from 2007 legislation, see 2008 - 2007 Maximum Millage Levy Calculation Information.
The Notice of Proposed Property Taxes (TRIM notice) enables the taxpayer to compare the prior year assessed value and taxes with the present year assessed value and proposed taxes, and the amount of taxes if there is no budget change for the upcoming year. The notice lists the date, time, and location of all budget hearings at which the taxing authorities will hear from the public. The notice also shows the deadline for filing a petition to protest the assessment and any denial of exemption.
Taxing authorities establish the millage to be levied against the parcel of land shown on the TRIM notice at the budget hearings. The millage and budget hearings are the best opportunity for taxpayers to provide input into the budgets established by taxing authorities, and the procedures are monitored by the department to ensure compliance with the law. The hearings are designed to ensure taxpayer awareness of the proposed millage changes, the proposed budget changes, and, if any, the percent of change in the rolled-back rate. Rolled back rate is defined as that millage rate which provides the same property tax revenue for each taxing authority as was levied during the previous year (exclusive of New Construction, Additions, Rehabilitative Improvements Increasing Assessed Value By At Least 100%, Annexations, Deletions). Non compliance by the taxing authority could result in the loss of revenue sharing funds.
Florida Law requires that the just value of all property be determined each year. The Supreme Court of Florida has declared "just value" to be legally synonymous to "full cash value" and "fair market value."
The fair market value of your property is the amount for which it could sell on the open market.
The Property Appraiser analyzes these market transactions annually to determine fair market value as of January 1.
It’s no small task, however, since fair market value must be determined for every piece of property in Lee County each year - over 478,000 parcels of land, including thousands of acres of citrus, pasture and farmland, buildings and improvements, and ±60,000 tangible personal property accounts. The Property Appraiser must also oversee ±100,000 homestead exemptions as well as widow, widower and disability exemptions. In addition, exemption eligibility must be determined for certain religious, charitable, educational, and governmental use. Finally, Agricultural classifications are reviewed annually.
There are three approaches to value stipulated in the Florida Statutes:
1.) "Direct Sales Comparison"
2.) "Replacement Cost"
3.) "Capitalization of Income"
In Lee County, they use a computer assisted mass appraisal system that incorporates elements of all three approaches to value. Please keep in mind, however, that the best evidence of the fair market value is when several properties similar to yours sell.
The property’s fair market value can be determined employing one or more of three different methods.
The first method is to find properties like yours which have recently sold. However, their selling prices must be analyzed very carefully to get the true picture. One property may have sold for more than it was really worth because the buyer was in a hurry to occupy it and would pay any price to get in. Another may have sold for less than it was really worth because the owner needed cash right away, so was willing to sell to the first buyer making an offer. The Property Appraiser must always consider such over or under sales price to arrive at a fair valuation of your property.
The second method is based on how much money it would take, at current material and labor costs, to replace your property with one just like it. If any improvements are not new, the amount of depreciation must also be determined.
The final method is used in addition to the other two if you own property which does, or could, provide an income, such as an apartment complex, retail store space, or office building. In that case, the Property Appraiser must consider such dollar facts as your revenues, operating expenses, insurance, maintenance costs, degree of financial risk incurred by owning the property, and finally, the return most people would expect to receive on that kind of property.
WHY DOES APPRAISED VALUE CHANGE FROM YEAR TO YEAR?
When the market value changes, naturally so does appraised (just) value. For instance, if you were to increase the total market value of your property by building a swimming pool in your backyard, the appraised value will increase proportionately. Similarly, should your property’s value be decreased by fire or storm damage, the appraised value will decrease to reflect the downward effect on your property’s market value. In addition, the entire community’s economy, as well as the forces of supply and demand, will affect your property’s appraised value.
The Property Appraiser does not create this value: he simply discovers it as it exists and values the property accordingly. Buyers and sellers set value by their transactions in the market place.
WHAT IF I DISAGREE WITH THE PROPERTY APPRAISER’S MARKET VALUE?
The Florida Constitution and Statutes require that they make appraisals at market value. Annually in August, the Property Appraiser sends the Notice of Proposed Property Taxes (TRIM Notice) to all property owners. Read this Notice carefully – important information is provided regarding the time frame allowed for filing appeals with the Value Adjustment Board should you wish to dispute the value of your property. If you agree that the value of your property is at least as much as shown in the notice, you do not have to do anything. However, if you have any questions about this value, Ken Wilkinson encourages you to contact his Office to discuss values with the property analyst familiar with your parcel. Please be sure to verify your homestead exemption status as it is reflected on the TRIM Notice. If you have any questions, you must contact the Appraiser’s Office immediately to insure that you receive your exemption for the tax year.
If, after contacting them, you still believe that the appraisal exceeds the market value of the property, you may file a petition before the Value Adjustment Board ( VAB ). This Board is created by State Law and is comprised of three members of the Lee County Commission and two Members of the School Board. Petitions to the Board are available from the Property Appraiser’s Office. The Board appoints Special Masters, who are qualified real estate appraisers or attorneys, independent of the Property Appraiser’s Office, to conduct valuation hearings The Special Masters are appointed only to determine is whether the appraised value of the property exceeds its market value as of January 1. Further details concerning this process can be obtained from the Property Appraiser’s Office or on the TRIM Notice.
Property Tax Reform
On January 29, 2008, the people of Florida voted in overwhelming numbers to save nearly $10 billion in property taxes with the approval of Amendment 1. This tax relief is in addition to the $15 billion tax cut passed by the Florida Legislature in 2007. Together, they add up to almost $25 billion in property-tax cuts over five years for Florida homeowners and businesses.
For information about how to receive these new benefits, please read below or visit the Department of Revenue’s Web site online at www.myflorida.com/dor. You may also wish to contact your local property appraiser’s office.
Citizens will gain the freedom to purchase a new home without huge tax penalties. Rental home owners, second home owners and businesses will benefit from limits on future tax increases. The amendment contains two provisions that we have long advocated: doubling the homestead exemption and the ability for Florida families to take with them their Save Our Homes tax savings.
Specifically, the constitutional amendment:
The passage of Amendment 1 will help jump start Florida’s housing market and make Florida even more business friendly. Again, I encourage you to please read below or visit the Department of Revenue’s Web site online at www.myflorida.com/dor for information about how to receive these new benefits.
"Save Our Homes" is a constitutional benefit approved by Florida voters in 1992 which places a limitation of 3% on annual assessment increases on Homestead properties. For all property granted Homestead Exemption in the prior year, that assessed value will be the base value for the implementation of "Save Our Homes". Thereafter, the assessed value will not increase more than 3% or the percentage change in the Consumer Price Index, whichever is less.
Exceptions to that limitation include new additions or construction which escaped taxation in the past. Another exception would occur when a homestead property sells: the assessed value returns to the fair market value in the year following the sale. That fair market value assessment then becomes the base value for "Save Our Homes" purposes for the new owner/homestead applicant .
DOES THE PROPERTY APPRAISER LEVY OR COLLECT TAXES?
The Property Appraiser only appraises property and is neither a Taxing Authority nor the Tax Collector and has nothing to do with the amount of taxes levied or collected. However, as a property owner, you are also interested in how the amount of taxes you pay is determined.
Three separate government entities each having unique and distinct duties involved in producing your November tax bill. First, the Property Appraiser annually appraises all property in Lee County at the market value as of January 1. Next, each taxing authority within Lee County sets their own millage rate based on the amount of tax dollars necessary to fund their annual budget. Lastly, the Tax Collector takes the amount of taxes due in order to bill and collect all taxes levied within Lee County .
Calculating the amount of taxes due is done by the Property Appraiser prior to sending the information to the Tax Collector.
Below is an example using an average home value of $100,000 with a $25,000 Homestead Exemption:
|
MILLAGE |
VALUE |
TAXES |
|
|---|---|---|---|
| County Levy |
4.0000 |
75,000 |
300.00 |
| Lighting MSTU |
1.5000 |
75,000 |
112.50 |
| Water Mgmt |
.5000 |
75,000 |
37.50 |
| Schools |
9.000 |
75,000 |
675.00 |
| *Mosquito Control |
.1000 |
100,000 |
10.00 |
| *Fire District |
2.0000 |
100,000 |
200.00 |
|
Total Taxes |
1335.00 |
||
The millage rate is multiplied by the value of the property then divided by 1,000 to determine the amount of taxes. The reason: "millage rates" are in dollars per thousand of assessed value. You may also note that certain districts marked with an asterisk do not deduct the Homestead Exemption value prior to calculating the amount of taxes due. These districts are authorized by Florida Statute to use assessed value without exemptions in their tax calculations.
The example shown above shows the calculation for ad valorem taxes only. However, there are several districts in Lee County that levy non ad valorem assessments for the benefit of the residents in those districts. These assessments are not required to be shown on the Notice of Proposed Taxes but will appear on your final tax bill .
WHAT IS AN "AG" CLASSIFICATION?
An agricultural classification is the designation of land by the Property Appraiser, pursuant to F.S. 193.461, in which the assessment is based on agricultural use value.
HOW DO I QUALIFY?
To qualify for Agricultural classification, a return must be filed with the Property Appraiser between January 1 and March 1 of the tax year. Only lands which are used for bona fide agricultural purposes shall be classified agricultural. "Bona Fide Agricultural Purposes" means good faith commercial agricultural use of the land.
The Property Appraiser, prior to classifying such lands, may require the taxpayer or the taxpayer’s representative to furnish such information as may reasonably be required to establish such lands are actually used for a bona fide agricultural purpose.
The Property Appraiser may deny agricultural classification to the following lands:
WHAT IS TANGIBLE PERSONAL PROPERTY?
Tangible Personal Property refers to all assets used in a business or rental activity that are subject to an ad valorem assessment. More specifically, it is furniture, fixtures, tools, machinery, household appliances, equipment, signs, leasehold improvements, supplies, leased equipment -- whatever is used to generate income. Florida Statute 193.052 requires that all tangible personal property be reported each year to the Property Appraiser’s Office. Anyone in possession of assets on January 1 who has either a proprietorship, corporation or is a self-employed agent or contractor, must file each year. Property owners who lease, loan or rent property must also file. The deadline for filing a timely return is April 1 of each year. For untimely filings, Florida Statutes provide guidelines for the penalties that may be applied: 5% for each month the return is filed late, 15% for unreported property and a 25% penalty if no return is filed. Further information regarding Tangible Personal Property may be obtained by writing or calling the Property Appraisers Office.
HOW CAN I HAVE MY INFORMATION REMOVED FROM THE LEE COUNTY PROPERTY APPRAISER WEB SITE?
Florida Statute §119.071 allows for certain information to be exempt from public disclosure. For eligibility requirements and filing information, download this Request for Confidentiality of Personal Information form.
| Main Line: | (239) 533-6100 |
| Main Fax: | (239) 533-6160 |
| Toll Free: | (866) 673-2868 |
| (outside the 239 area code) | |
Name: Paige Rausch Email: Contact Paige Rausch Office Phone:(239) 443-2500 Cell Phone:(239) 691-4321 Fax: (239) 425-8653 Gulf Gateway Realty Inc. 1326 S.E. 47th St, Cape Coral, FL 33904
Tel: 239.425.8652 Fax: 239.425.8653
Property owners may believe their property is worth less now than the appraiser indicates on the notice. They could be right, but Property Appraiser Ken Wilkinson said people need to remember the value is based on comparable sales in 2007. Values may have dropped since then, but only sales made in 2007 can be the basis for the market value. Wilkinson said 80 percent will see reductions in taxable value.
• The "exemptions" box on the trim notice will reflect the additional homestead exemption if it is applicable. But that exemption does not apply to the school district. Therefore the notice has a box for the "school taxable" value, which is different from the taxable value applied to most other taxing authorities.
To keep property owners informed, Wilkinson's office will provide a TRIM guide, an additional pamphlet not required by law, with the notice.
What is market value (Just Value)?
How is property appraised?
Why does appraised value change from year to year?
What if my opinion of market value differs from the Property Appraiser's market value?
What is "Save our Homes?"
Does the Property Appraiser levy or collect taxes?
What is a Homestead Exemption?
Are there other exemptions available?
What is an "ag" classification?
What is Tangible Personal Property?
How can I have my information removed from the Lee County Property Appraiser Web site?
| Main Line: | (239) 533-6100 |
| Main Fax: | (239) 533-6160 |
| Toll Free: | (866) 673-2868 |
| (outside the 239 area code) | |
Name: Paige Rausch Email: Contact Paige Rausch Office Phone:(239) 443-2500 Cell Phone:(239) 691-4321 Fax: (239) 425-8653 Gulf Gateway Realty Inc. 1326 S.E. 47th St, Cape Coral, FL 33904
Tel: 239.425.8652 Fax: 239.425.8653
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