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2006-01-27 08:36:12
Government
The City of Cape Coral operates under the City Manager form of government. City council members are elected at large from seven districts. The mayor also is elected at large and is the eighth member of council. The mayor presides over council meetings. The City Council enacts ordinances and resolutions, adopts the budget, comprehensive plan and land-use regulations. The Council appoints the City Manager and City Attorney, as well as the members of all boards and commissions. The City Manager hires all department directors and oversees the day-to-day operations of the city.
Taxes
The City of Cape Coral (as with all of Florida) has no personal income tax. Sales tax is 6 percent, and there are no taxes on personal services. The corporate income tax rate is 5.5 percent and is assessed on gross receipts and not on existing inventory. The city has a total real estate property tax, which includes county, school, miscellaneous taxes, that averages 22.1330 per $1,000 of assessed value (the City of Cape Coral portion is 6.1049). Florida has a Homestead Exemption law that allows eligible homeowners to deduct $25,000 from the assessed value prior to computation of taxes due. Cape Coral also is one of only three cities in Florida that does not have public services taxes. This results in considerable savings for residents. The public service tax charged by other cities can range up to 10 percent and is based on consumption of electricity, water, telecommunications, and bottled or metered gas.
Tax Advantages
The State Business Tax Climate Index, the Tax Foundation ranks the 50 states on how "business friendly" their tax systems were at the start of 2003. Florida's State Tax System ranked 7th on the list. Florida clearly provides a business-friendly environment. Florida has a variety of tax advantages for corporations.
No corporate income tax on limited partnerships
No corporate income tax on subchapter S-corporations
No corporate franchise on capital stock
No state personal income tax
No state-level property tax assessed
No property tax on business inventories
No property tax on goods manufactured or produced in FL for export outside the state
No sales tax on purchases of raw materials incorporated in a final product for resale including non-reusable containers or packaging
Other Resources
Small Business Administration: www.sba.gov
Cape Coral Chamber of Commerce: www.capecoralchamber.com
Lee County Economic Development: www.leecountybusiness.com
Why Choose Cape Coral, Florida?
Cape Coral is one of the largest master-planned communities in the nation. Founded in 1970, the city was designed to be a
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