South Florida Taxes and Property Valuation: What You Need to Know
Cape Coral and Fort Myers real estate agents quickly point out the sharp increase in property values in the area. Commercial real estate in Fort Myers and Cape Coral largely missed the brunt of the economic downturn stemming from 2020 and the Coronavirus pandemic. Downtown Fort Myers real estate, especially, is one of the healthiest markets in the state – in the country, for that matter. Residential homes – whether in the suburbs of Cape Coral or downtown Fort Myers real estate – are also in high demand.
What Fort Myers and Cape Coral real estate agents also see happening with the rise in property values is a rise in taxes. It’s straightforward how this happens. Take a downtown Fort Myers real estate property as an example. The median time before a property goes under contract once listed is 12 days. Median sales prices are up in 2022 by over 17%. With such demand and real estate construction struggling to keep up an adequate supply, appraisal values are going up, meaning property taxes follow.
You May Qualify For Tax Relief
Cape Coral and Fort Myers real estate agents see an upward trend in home values and associated property taxes. People just buying their first homes are paying at the very high end for both. But if you are moving to another house within the state, you may be able to save money through a statute known as “portability.”
The Portability Transfer of Homestead Assessment Difference rule has two inherent benefits. If you are a property owner with Homestead Exemption, you qualify for the Save Our Homes Cap – the increase of the annual assessment of your home is limited to 3%, no matter the rise in market value. These homeowners can then transfer (or Port) the difference between those annual assessments and market values from their old home to the new homestead property – as long as it does not exceed $500,000. Alec Salameh’s Cape Coral and Fort Myers real estate agents can help you through this process. This Portability clause is valid anywhere in Lee County, whether purchasing a home in Cape Coral or downtown Fort Myers real estate.
Commercial real estate in Fort Myers and Lee County is trickier to find tax relief, but possible when you have experienced Fort Myers and Cape Coral real estate agents helping you. Commercial real estate in Fort Myers is some of the most sought-after in southern Florida. You may be able to sell any existing commercial properties and defer paying capital gains taxes with a 1031 Exchange. This is a great way to upgrade your commercial real estate investments in today’s market. Commercial real estate in Fort Myers has the potential to bring you better returns than almost any other place in Florida.
Residential and commercial real estate in Fort Myers and Cape Coral is experiencing unprecedented increases in property value. Rising taxes are a consequence. There are options available to help you lower your monthly property tax payments. For the most knowledgeable Cape Coral real estate agents and Fort Myers real estate agents to help you realize more advantages in reducing your tax bill, contact the realtors at alecsalameh.com.