Today we learned that the tax rates are probably going up for 13 area towns. The good news is ad valorem taxes won’t be going up in Lake Worth. We have not yet learned about special assessments, if any.
On July 16th (the first public hearing) Lake Worth set its millage the same as last year—5.4945. With the inclusion of the County Fire MSTU millage of 3.4581, our tax rate will be 8.9526 leaving the City 1.0474 to work with. However, our city will be making more money in this new tax year because property values have increased. This year for the first time in 6 years there is an increase in the taxable value of real and personal property (4.81%). This rate will result in an increase in the actual tax revenue collected. The 4.81 is the total increase in taxable value (includes CRA district), and the increase attributable to the City outside the CRA is 3.96. I don't recall if any projection figures were offered at this meeting.
There are several towns that have increased their rates, one of which is Gulfstream where Bill Thrasher is city manager. Mr. Thrasher is a Lake Worth resident who used to be on our Financial Advisory Board. Their taxes are going up by 19.4% and the money that is generated will be used for road improvements and beautification as well as to replenish Reserves.
With all the money that we paid out for Greater Bay’s shake-down as well as possible millions in payouts to FEMA for the questionable charges submitted to them, constant and never ending raises to police and fire pensions as well as our unfunded liability, and this Commission's vote to wean us off dependency of millions from the Utility that has afforded us to operate our city, we have the flexibility to roll our rate forward should we realize that we won't generate enough revenue from higher property values.
Millage will be finalized at our September 12th city commission meeting.
No comments:
Post a Comment