Mayor wants a tax cut to offset Cape Coral soaring property values

Could soaring property values spark a local tax cut? The mayor of our largest city said it absolutely should.

Construction in Cape Coral is a good sign that the city is on solid economic ground. New homes generate new property taxes. The city anticipates it will take in a great deal more in tax revenue this year. Joe Coviello, mayor of Cape Coral, wants to share that revenue with property owners.

In a statement to WINK News, Coviello said:

I’d like to see our City Council explore the possibility of a reduced millage rate…maintain the levels of service our citizens expect, and still provide some tax relief for our residents.

There are people in Cape Coral who believe the city should use the surplus to fight the water crisis.

But, it is not only Cape Coral seeing rising property values. Lee County sees a similar increase.

“The algae situation and the red tide situation directly affects our property values,” said Jim Fentress, a Lee County homeowner.

New developments mean good news for other homeowners next door. George Halper, who lives in Lee County, hopes it will follow Cape Coral’s lead. He said the money should go back to homeowners.

Trevor Moore, a realtor in Lee County, told us that he expects the trend to continue to the point before the last recession.

“By the end of the year, I do think the property value will go even more than what it is now,” Moore said. “As appraisal starts to pick up with this new development, you’ll see neighborhood values going up.”