CAPE CORAL, Fla., - Cape Coral City Council voted unanimously to maintain the millage rate in Cape Coral at a public hearing on Thursday.
The City Manger recommended the move.
“I implore you not to artificially make us unsustainable by having a great economy and lowering the millage rate,” said John Szerlag, City Manager of Cape Coral.
The millage rate is now 6.75 mills.
However, with the growing economy, property values have gone up. So even though the rate will stay the same, the amount you’ll have to pay in property taxes could go up, on average 4.81% next year.
However, a homesteaded property's value can only increase by 2.1% this year based on the Consumer Price Index. Using the same tax rate means their taxes will increase by 2.1% rather than the 4.81%.
City Council considered lowering the rate but voted for an increase in order to replenish funds used after Hurricane Irma.
“I want to make sure that our needs are covered by this millage rate so I’ll be supporting it,” said Counilman Dave Stokes.
The new budget is expected to generate the City more than 92 million dollars next year.
Here's an example of how you might be affected.
A $100,000 “taxable” value will increase to “$102,100.” Last year, this property paid $675 in taxes ($100 x 6.75). This year, this property will pay $689.18 ($102.1 x 6.75).