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Cape property valuation plummets 15.66 percent

By Staff | Jul 1, 2010

Cape Coral property values fell 15.66 percent according to Property Appraiser Ken Wilkinson, a slight bump from the estimated percentage of 16.28 released June 1.
Countywide, values dropped 14.15 percent and, as in the Cape, that figure is slightly better than the estimated 15.3 decrease projected a month earlier.
Total taxable valuation countywide is $55,738,091,451, better than the $54,987,933,000 estimated in June but down more than $9 billion from the final taxable tally of $64,924,773,335 in 2009.
Total taxable value in Cape Coral is $8,851,587,294, slightly better than the $8,786,412,000 projected but down significantly from from the 2009 final taxable value of $10,494,876,370.
Wilkinson said it is common for the numbers fluctuate between the estimated and preliminary values.
He said his office works continuously between the time when the estimated and preliminary numbers are released, and the numbers are then adjusted according to other things, such as trends they spot in the valuations.
The numbers are due to Tallahassee today.
Homeowners will have their TRIM notices by mid August, and will then have 25 days to appeal the valuation of their home or property.
Final numbers are determined after the completion of the appeals process.
“If we can’t satisfy the homeowner with an explanation, they have 25 days to file a petition for an independent hearing with a special magistrate,” Wilkinson said.
In three years, Lee county’s total valuation decreased by 55 percent, according to Wilkinson.
He said while that number is extremely dramatic, it does make sense considering the meteoric rise of the county property values during the boom years.
“It’s amazing to me but it makes sense,” Wilkinson said. “During the run, we led the nation. It’s common sense we would lead in decreased value.”
Preliminary taxable values in Fort Myers fell 18.56 percent, rising slightly from estimated percentage of 17.78.
Sanibel’s preliminary taxable values declined by 6.77 percent, slightly better than the estimated figure percentage of 7.43 percent.
Fort Myers Beach posted posted a 11.65 percent decrease in preliminary taxable values, better than the 12.68 estimated percentage.
And Bonita Springs posted a 13.59 percent decrease in taxable value, slightly better than the 15.47 estimated percentage released in June.