Florida voters will consider a proposal that could change how much many property owners pay in local property taxes and how cities like Cape Coral fund services. This article is intended to explain how property taxes work today and what kinds of questions residents may want to consider as they learn more about the proposal.
How local property taxes work
In Florida, property taxes are a primary source of revenue for cities, counties, schools, and special districts pay for day‑to‑day services. Each local government sets a millage rate, which is the amount charged per $1,000 of taxable value, and your tax bill is calculated using your property’s assessed value minus any exemptions.
For a typical property, the basic formula is:
(Assessed value – exemptions) × total millage rate = property tax…