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Property appraiser Matt: Lee County taxable value up 4.84% even as market 'just value' falls in some sectors
Summary
Lee County property appraiser Matt told commissioners the July 1 taxable estimate shows a 4.84% increase driven in part by new construction and structures returning to the roll after Hurricane Ian, but he reported declines in 'just value'—notably in older condos—complicating next year’s budget planning.
Property appraiser Matt told the board at a June 3 workshop that Lee County’s July 1 taxable value estimate shows a 4.84% increase but cautioned that the county is seeing declines in 'just value' in several property classes, especially older condominiums.
“Remember, we are here because of the June 1 estimate,” Matt said, explaining the timetable that leads to the July 1 certification used to compute rollback rates and TRIM notices. He emphasized that the Department of Revenue’s report bundles several categories of activity into 'new construction,' a grouping that includes both truly new builds and structures returning to the roll after being zeroed out by storm damage. “We are talking about $4,500,000,000 in additional taxable value,” he said.
Why it matters: the taxable value that appears on the July 1 roll determines what taxing authorities use to set millage and budget targets. Matt said caps that apply to homesteaded and other properties (for example a 3% Save Our Homes cap and a 10% cap for non‑homestead properties) and the staged return of improvement values after hurricanes can make 'just value' (market) and taxable value move in different directions, complicating revenue forecasts for county budgeting.
Commissioners pressed Matt for specifics. One commissioner said, “I was shocked at the readjusted value,” after receiving a personal statement showing a materially lower assessed value. Matt said staff will provide more precise counts of parcels still off the roll — he estimated 'south of 10,000 parcels' but said he would supply exact figures — and will continue targeted reviews of coastal and damaged properties through the June 30 work that precedes July 1 certification.
Matt also highlighted local market dynamics. He and the board discussed softness in older condo stock driven by aging buildings, large special assessments to meet new long‑term maintenance requirements, and the effects of the Surfside law changes on condominium marketability. Those factors, he said, explain why some residential strata show year‑over‑year declines in 'just value' even while the taxable base grows because of new construction and returned improvement values.
What comes next: Matt said his office will continue to vet exemptions, agricultural classifications and nonprofit/institutional property designations, and to review coastal jurisdictions where hurricane damage is most concentrated. He told the board that changes between June 1 and July 1 can alter the county’s final certified roll modestly, and committed to deliver the exact parcel counts and a follow‑up briefing before July 1.
The discussion concluded with commissioners noting the practical budget challenge: a mix of declining assessed values in some areas and the timing of recovery and construction creates uncertainty for the FY 2025–26 budget process.
