Cape Coral: Sell your houses and leave (Tampa, Fort Myers: sales, real estate market)

[ChrisA70]

Originally Posted by BakinMama

Isn't that their job? Don't do something that is illegal and maybe you won't get pulled over!

Hey I don't worry about it, I drive the speed limit, but really...... In the last 5 years they have gone overboard on the speed traps, harrassment, etc.

[Robert.L.]

Originally Posted by ChrisA70

In the last 5 years they have gone overboard on the speed traps, harrassment, etc.

A brick to hold back a huge tsunami !?

[SWFL_Native]

I'm sooooo glad I never purchased any property in CC... Hard to see the area I grew up in go through these things but sae lave...

[SW_Pirate]

Originally Posted by Robert.L.

Do not believe realtors, speculators, flippers, etc. Prices will NEVER go back up again. Next year, property taxes will have to go up, unless the city will have to default on its bonds.



L-E-A-V-E !!

Stupid is as stupid does, Robert you obviously have a problem with reality.
Tax increases are regulated by save our homes. Robert doesn't have a clue because he lives in a tree. Bankruptcy may be your future, but the Cape is Solvent

[Compression]

Originally Posted by Robert.L.

Do not believe realtors, speculators, flippers, etc. Prices will NEVER go back up again. Next year, property taxes will have to go up, unless the city will have to default on its bonds.

Well, I'd never say never. But I do believe it is very likely they will not go back up. IF they do, it will be a very long time from now, OR only in the context of a severely devalued dollar, in which case we're talking about relative values.

Personally, I havent looked into the theory that the Cape is near bankruptcy. Do you have a link, or source for your allegation?

I dont discount it much. After all, if the past 18 months have taught us anything, it's that many institutions that appeared to be solvent, very suddenly were found to be not so much......

YC.......

[justNancy]

This article about property taxes in Florida appeared in Time last June. I'm posting it because it has some relevance to the thread topic.

[url=http://www.time.com/time/business/article/0,8599,1907198,00.html]Florida's Property Taxes Go Wacky in Housing Slump - TIME[/url]

[BakinMama]

Originally Posted by ChrisA70

Hey I don't worry about it, I drive the speed limit, but really...... In the last 5 years they have gone overboard on the speed traps, harrassment, etc.

I've been living here four years and I don't notice a difference except during Click It or Ticket.

[rikoshaprl]

Originally Posted by justNancy

This article about property taxes in Florida appeared in Time last June. I'm posting it because it has some relevance to the thread topic.

Florida's Property Taxes Go Wacky in Housing Slump - TIME

I don't know about anyone else but my property taxes have gone down from $5,000 to $1,300 in the last three years.

[Robert.L.]

Originally Posted by yachtcare

Well, I'd never say never. But I do believe it is very likely they will not go back up. IF they do, it will be a very long time from now, OR only in the context of a severely devalued dollar, in which case we're talking about relative values.

Personally, I havent looked into the theory that the Cape is near bankruptcy. Do you have a link, or source for your allegation?

I dont discount it much. After all, if the past 18 months have taught us anything, it's that many institutions that appeared to be solvent, very suddenly were found to be not so much......

YC.......

CREDIT SUMMARY
Cape Coral is located on the southwest coast of Florida in Lee County approximately 10 miles south of Fort Myers and 125 miles south of Tampa.

Historically known as a residential and vacation community, the city is more recently associated with the collapse of the U.S. housing market which has crippled the city's tax base and revenue raising capacity through traditional resources. The 2010 budget proposal identified $35.3 million in new recurring non-ad valorem revenues; however, city council opted to increase revenue more modestly, largely through an increase in the communication service tax (CST) and ad valorem tax rate that generate approximately $3 million in additional revenue on a combined basis. The ad valorem tax rate adopted for fiscal 2010 is 7.97 mills, up from 4.85 mills in 2009, leaving the city with considerably less flexibility under the 10 mill constitutional limit.

The general fund operating budget adopted for fiscal 2010 represents a two-year reduction in spending exceeding 20%. The budget includes approximately 200 fewer positions than in 2008 (a 10% decline) spread across departments and functional areas including public safety. Wage and benefit concessions were negotiated with each of the city's collective bargaining units, health care costs were reallocated, and support for non-essential programs and maintenance scaled back.
Officials feel the ability to cut spending further is extremely limited without affecting service levels. In Fitch's view, city council's willingness to adopt alternative revenue sources is a key to rating stability, given the expectation for additional tax base declines and the magnitude of spending cuts enacted to date.

As a result of the city's aggressive spending cuts reserve levels remain adequate at approximately 19% of spending at the close of fiscal 2009 (unaudited) despite a $3.5 million drawdown of the general fund balance.

The 2010 budget does not appropriate fund balance. Officials report no major variances in actual results relative to the budget through the first several months of the fiscal year.


Additional information is available at FitchResearch

[ChrisA70]

Originally Posted by BakinMama

I've been living here four years and I don't notice a difference except during Click It or Ticket.

Must be coincidence.... my mother lives there and every time I go there, I see Capes finest all over the place either hiding, or already pulled someone over. She even thinks they are out a lot more in the last couple years.