Property taxes in SW Florida may be dropping by as much as 11.1% if Lee County commissioners vote for the proposal. Taxes could actually be cut even further at a later date. The 11.1% is the minimum taxes would go down if approved.
Overall taxes won’t actually go down though, just the tax rate. Taxes are based upon a millage rate multiplied by an assessed taxable value. Assessed taxable values have been rising in recent years due to the increase in property values in SW Florida real estate.
A typical homeowner who owns a $200,000 home would save approximately $129, a $250,000 home would save approximately $165, and so on.