Cape Coral adopts $1.43B budget, rolled-back property tax rate

Cape Coral City Council approved a new $1.43 billion budget for the upcoming fiscal year beginning Oct. 1, 26% higher than last year’s budget. The increase was most pronounced in the city’s Enterprise Fund, which soared from $385.7 million to $742.7 million in fiscal 2026, reflecting the need for utility improvements, such as vast irrigation water resources, as the city expands. The need to hire personnel, including fire, police and code enforcement employees, also is one of the most significant costs in the new budget. At the same time, council members voted to slightly lower the property tax rate for the coming fiscal year to 5.1471 mills, or about $5.15 for every $1,000 of assessed property value. With the increasing value of the city’s real estate, the rolled-back rate keeps ad valorem revenue the same as last year. Council also established a 0.1608 millage rate to cover debt service.