Cape Coral Florida Sees Drop in Taxable Real Estate Values

By: Brad Wozny

According to Property Appraiser Ken Wilkinson, taxable real estate values in Cape Coral dropped 4.13 % over the past year.

This means a plunge of close to $1 billion.

For long-term real estate investors, developers, and home buyers in the Cape Coral, FL area that's great news.? In 2006, Cape Coral taxable property value held at about $21.6 billion in 2006, while the most recent reports suggest that the value is now closer to $20.7 billion.

Wilkinson is quick to point out, however, that the numbers are a preliminary estimate only and that final figures will be released later this month.

Taxable real estate values are used to help Cape Coral, Florida plan the budget for the city. The budget must be completed and approved by October 1.

One reason why the taxable real estate values in this southwest Florida city are different this year may have to do with an increased in new construction in the area. Last year, $867 million in new construction created new taxable real estate in the city. This year, $1.6 billion of taxable real estate was added to Cape Coral, FL through new construction.

One thing that investors will want to consider when looking at this information is that lower taxable property values do not mean lower property taxes. If you already own real estate in Cape Coral, Florida, what authorities decide to do with their tax rate and budget will determine property taxes for the upcoming period.

In fact, Cape Coral is expected to discuss tax reforms in coming months, and these reforms may affect future property taxes in the area.

The Figures for Real and Personal Property in Cape Coral:

Total Just:
2006: $29,114,084,950
2007 (estimate): $27,355,539,000

Total Authority Assessed:
2006: $22,715,695,620
2007 (estimate): $21,821,138,000

Total Taxable:
2006: $21,683,370,120
2007(estimate): $20,787,566,000

Total New Construction Just:
2006: $1,472,045,520
2007 (estimate): $2,143,222,750

New Construction Taxable:
2006: $866,905,970
2007 (estimate): $1,595,721,200

One thing to be mindful of is that these new construction values aren't indicative of first time homebuyers or local homeowners.?

Over the past 5 years Cape Coral has seen an influx of speculative real estate investors conducting pre-construction real estate investing.?? From personal experience in the area during that period of time, if you didn't sell your property at the top of the market beforehand, then you'll be stuck with a property that now has to compete with all the other real estate listings throughout the Cape Coral, FL area which seem to be increasing almost daily.

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