Cape News
Cape Council to weigh property tax rates on Thursday
Cape Coral City Council will discuss two millage rates Thursday during the first public budget hearing for Fiscal Year 2025. The two are the not-to-exceed rate of 5.2188 mills, which Council established on July 24. This rate is 2.55% above the "roll back" rate of 5.0888 mills, the other property ta rate on the table. One mill is equal to $1 for every $1,000 of taxable assessed valuation. The "roll-back" rate is the rate at which overall property tax revenue received by the city is flat. The city manager’s proposed budget, based on 5.2188 mills, has a General Fund, or operation budget, $258,485,438. For all funds the budget is $1,058,403,269. The 5.0888 mills rolled back rate would generate $254,793,553 for the General Fund. The total budget would be $1,054,711,384. The proposed millage rate to pay back the voter-approved $60 million Parks General Obligation Bond is an ...
