Property tax deadline is Monday
It’s that time of year once again: Property taxes in Lee County are due.
Residents have until Monday, March 31, to submit payment, and can do so online by visiting www.leetc.com.
All unpaid real estate property taxes become delinquent on April 1. At this time a 3% penalty and advertising fees are added to the gross amount due.
All unpaid tangible personal property taxes become delinquent on April 1. At this time a 1.5% penalty, collection fees, and advertising fees are added to the gross amount due.
“Any property owner who cannot pay their taxes before April 1 should contact the Lee County Tax Collector to explore their possible options,” Lee County Property Appraiser Matt Caldwell said.
How are property taxes determined?
“Property taxes are composed of two parts: ad valorem based on the value of the property and non-ad valorem assessments — flat rate,” Caldwell said. “In the latter category, for example, every property owner pays a flat rate for Solid Waste. As for ad valorem taxes, those are based on the value of the property, which is developed using a mass appraisal model that takes all of the sale and lease data from the previous year(s) and boils it down to a Just Value for each property.”
Caldwell said value is then modified by exemptions such as homestead, disability, widows, and other variables.
“Finally, the taxing authorities set their respective millage (tax rates) and those are multiplied against the taxable value of each property to arrive at the ad valorem taxes due,” he said. “Taxpayers are encouraged to visit www.leepa.org for more information on each of these issues, including informational videos about the most asked about topics.”
Discounts are given for early payment November through February. Residents can check the status of their property tax account online.
Taxes paid in November receive a 4% discount, December is a 3% discount, January is 2% and February is 1%.
According to the Property Appraiser’s website, a property’s fair market value can be determined by one or more of three different methods.
The first is to compare similar properties that have recently sold, which are analyzed carefully to get the true picture.
The second is based on how much money it would take to replace an individual’s property with one just like it.
The final method is used in addition to the other two if an individual owns property which does, or could, provide an income, such as an apartment complex, retail store space, or office building. In that case, the Property Appraiser must consider such dollar figures as revenues, operating expenses, insurance, maintenance costs, degree of financial risk incurred by owning the property, and finally, the return most people would expect to receive on that kind of property.
If an individual believes their assessment does not represent the fair market value of the property, they may file a petition with the Clerk of Court for a hearing before the Value Adjustment Board (V.A.B.).
For more information, visit www.leetc.com, or www.leepa.org.
Extension for hurricane
According to the IRS, combined with earlier tax relief provided for taxpayers in counties affected by Hurricane Debby and Hurricane Helene, affected taxpayers in all of Florida now have until May 1 to file various federal individual and business tax returns and make tax payments, including 2024 individual and business returns normally due during March and April 2025 and 2023 individual and corporate returns with valid extensions and quarterly estimated tax payments.
The May 1, 2025, filing deadline applies to:
• Any individual or business that has a 2024 return normally due during March or April 2025.
• Any individual, C corporation or tax-exempt organization that has a valid extension to file their calendar-year 2023 federal return. The IRS noted, however, that payments on these returns are not eligible for the extra time because they were due last spring before the hurricane occurred.
• 2024 quarterly estimated tax payments normally due on Jan. 15, 2025, and 2025 estimated tax payments normally due on April 15, 2025.
• Quarterly payroll and excise tax returns normally due on Oct. 31, 2024, Jan. 31, 2025, and April 30, 2025.
To reach CJ HADDAD, please email cjhaddad@breezenewspapers.com