Lee County Florida saw a record number of property tax appeals for the 2006 tax year. 2,896 property owners appealed their taxes, while only 250 were granted.
It’s not surprising people would appeal their 2006 taxes as property values increased dramatically in 2005. 2006 tax assessments are based upon property values set Jan 1, 2006. 2006 was a year in which property values declined, but much of the decline wouldn’t be included in the 2006 tax bills as it was based upon Jan 1, 2006 data and not November data when tax bills actually came out.
2007 property tax assessments should be lower as they will be based upon January 1, 2007. Keep in mind that there are two components to your final tax bill, the assessed value and the millage rate. Politicians set the millage rate, and the property assessor sets the assessed value. While assessed values should go down, we don’t know what the millage rate will be for 2007, so stay tuned.