Property values ââin the North Fort Myers and Bayshore Fire Districts have virtually returned to levels they reached in 2007, before the Great Recession.
This could mean more property tax revenue for the two districts.
However, both chiefs agree that while property values ââhave risen, inflation has also risen, meaning it is more expensive for agencies to buy the things they need.
In other words, neither can say that they are quite back in terms of ministerial funding, even if they are getting close.
Bayshore’s still preliminary property assessment, which was released on July 1, rose 7.92 percent, from 6.29 percent estimated last month and 4.94 percent last year. The preliminary taxable assessment for all properties in the district is $ 494,353,130, up from $ 458,066,646 last year.
The North Fort Myers Fire and Rescue District saw an increase of 6.72%, up from 4.66% last month and 4.22% a year ago. The preliminary taxable assessment has increased to $ 3,289,732,876, an increase from $ 3,082,478,622 in 2020.
At the current tax rate, Bayshore’s new chief, Doug Underwood, said this is expected to result in a budget increase of over $ 108,000, which is huge as the district is withdrawing from the SAFER grants it has used. to finance three firefighters per year.
“Our shared cost for the employees that we had of the grant has been reduced by approximately $ 70,000, which gives us another $ 38,000” said Underwood. “We’re back to where we were 15 years ago and see the light at the end of the tunnel.”
Underwood said the district did not come out of that tunnel as prices increased for many of the department’s needs, such as insurance, benefits and equipment.
âWe only have three paid employees per shift and in 2006 we had four, so due to the cost of insurance, salaries and other expenses over which we have no control, we cannot add staff “ said Underwood. “We asked for another grant to have a fourth person bring us back and hopefully in three years we’ll be back to four per shift.”
In North Fort Myers, the focus was on putting money into reserves that ran out during the recession. More importantly, they said, they can take better care of their residents.
âWe’ll be able to put our reserves back where they belong and that’s always a positive thing when we have more to work on. “ said North Chief Ronald Beecroft. “Our population has grown, so with that, we will have the means to use and grow to keep up with the growth.”
Beecroft said he was also concerned about inflation, as well as the possibility of another real estate slowdown or economic blow.
“Many signs are the same as in 2007 with the cost of new homes” Beecroft said. “We have seen increases over the last decade and this one is really needed.”
TRIM – Truth in Millage – notices are mailed to landowners in August. The owners then have 25 days to resolve any valuation disagreement with the real estate expert.
Tax agencies that derive income from property tax assessments base their budgets on the taxable assessment. An increase in ratings gives agencies options.
They can leave their tax rate unchanged and continue to receive additional income; they can opt for the “Rollback rate”, and reduce the tax rate to generate the same amount of income; they can still lower the rate and lower taxes; or they may increase the tax rate, depending on the funding deemed necessary to pay for the operations.