Property Tax Increase
Residents of the city of Naples will likely see a property tax increase this fall due to a recent decision by city council. The council gave preliminary approval to hold the millage rate the same at 1.8 mills for the upcoming year. It’s the first time in 7 years property taxes will increase.
What does this mean for homeowners? For owners whose property values increased, this means your taxes are going to increase. The increase in tax revenue will mean an estimated $2.1 million in additional tax revenue for the city. Residents who are seasonal and do not qualify for the homestead exemption will be impacted the most. Homeowners who qualify and have applied for homestead will see a cap of a 3% increase in their tax rate. The biggest impact will be for residents and commercial businesses who do not qualify for homestead as they will see a property tax rate increase up to 10 percent.
If you are a seasonal homeowner and you’ve been on the fence about filing for homestead, now would be a good time to re-evaluate how much time you would like to spend in Naples on an annual basis. While you won’t be able to avoid the increase this fall, you do have the opportunity to explore applying for homestead to minimize your tax burden for the fall of 2017. Learn more about homestead…..
Bottom Line:
Even though taxes for the city of Naples will be increasing, the tax rate still remains one of the lowest rates in the state.
When you’re ready to start searching for your vacation home in Naples or Bonita Springs or are considering upgrading to a larger home, let me be your guide!
About Matt Klinowski
August 25, 2016 Posted by Matt
