Population

While Florida has no individual state income tax, a corporate income tax is imposed. Inheritance tax is confined to the amount allowed as a credit to the State from the tax levied by the United States government.

In January of 2008, the voters of the State of Florida passed a constitutional amendment that provided tax relief to the State’s property owners. This amendment, known as Amendment #1, provided an additional $25,000 homestead exemption for properties exceeding $50,000 in value on top of the original $25,000 exception for residence, portability of the “Save Our Homes”, a constitutional amendment that provides that a resident property owner’s taxable assessment may not grow more than 3 percent per year or the inflation factor whichever is less and a $25,000 tangible property exception for businesses. A 10% cap on non-homesteaded property annual assessment increases became effective in 2010. It is a state law that all tax appraisals must be at 100% of value.

The Florida corporate tax is 5.5%, with an exemption and no surcharge.

In November of 2018, Lee County voters passed a school half-cent sales tax which is to be used toward building new schools, maintenance, school safety and technology. Gas, groceries and medicine are exempt from this half-cent sales tax. The tax went into effect January 1, 2019 and will last until December 31, 2028.

The Board of County Commissioners of Lee County, the School Board of Lee County and the Fort Myers City Council are each limited by the Constitution of Florida to an ad valorem tax levy of 10.0 mills per $1,000 of assessed value for operating expenditures.

The City of Fort Myers has been ranked 8th in “Best Small Cities to Start a Business” in the nation in 2023, and 2nd in "Best Places to Retire in Florida" in 2021 by Wallet Hub. Wallet Hub compared the business-friendliness of more than 1,300 small-sized cities in America to determine the business list and 120 cities for the ideal places to retire.

Fort Myers and Lee County have been selected by many Fortune 500 businesses for branches or headquarters relocation such as Gartner, Chico’s, and Hertz. The exceptional quality of life, educated workforce, and business-friendly community make it ideal for companies and their employees alike. Florida has been ranked second in “Best States for Business” by Chief Executive Magazine for 2023 as a result of it's low taxes and a steady influx of new employers/employees to the state.

The total personal income of Lee County residents increased 11.3% from 2021 to 2022.

The industries with the highest growth include Manufacturing at 19.3%, Transportation & Warehousing 17.5%, and Finance, Insurance & Real Estate at 16.8%.

The Services industry makes up the largest percentage of Lee County’s residential personal income at $5,410,421 or 21.3% of the $25,428,314 total.