Rising Property Values Set to Increase Tax Bills in Coral Springs’ 2024 Budget Plan

Rising Property Values Set to Increase Tax Bills in Coral Springs' 2024 Budget Plan

{City of Coral Springs}

By Bryan Boggiano

It is budget season once again in Coral Springs.

The city commission laid out the tentative budget for the 2024 Fiscal Year at their June 28 special meeting, giving a look into what residents can expect on their tax bills. 

Although the millage rate will remain the same, residents can expect to see an increase in the taxes they pay because of increasing property values. 

Preliminary fire assessment rates for residential properties are $267.72, up from 262.72 in the year prior. For commercial properties, this rate increases from $31.00 to $31.73. According to city documents, industrial and warehouse businesses will increase from $3.52 to $4.20, while institutional settings will go up from $50.19 to $51.31. 

Similarly, the preliminary stormwater assessment fee slightly increased from the year prior, going up from $129.97 to $133.87. Ongoing projects through the upcoming fiscal year include improving drainage at Commerce Park, the Meadows and the Dells, and Westchester.

Residents may notice more significant changes in their solid waste assessments, where the city projects rates could increase from $330 to $380. Just under half of that projected increase comes from recycling costs.

According to John Norris, public works director, commodity and processing prices are responsible for this. He also said prices have been volatile since 2018, when China stopped taking recycled material from the United States.

Disposal costs, also included in the solid waste assessment, could increase due to the lack of available open land to transfer solid waste. To help these costs, the city entered an interlocal agreement with other cities in Broward County.

What do these budget changes mean for the average homeowner? 

For a property with an assessed value of $583,427 and a taxable value of $304,410, the monthly tax and assessment increase would be $8.84, amounting to $106.13 per year or $2,574.41 per year. 

This includes an annual increase of $50.59 in ad valorem taxes to $1,736.99, assuming a resident’s homesteaded property. 

For condominiums, the city uses a figure of $158,832 for the average market value, with an acreage taxable value of $107,197. The average monthly increase in taxes and assessments would be about $6.03, totaling roughly $72.41 per year to $1,380.09. 

The figure includes a $19.54 annual increase in ad valorem taxes to $670.84, assuming the property is homesteaded. 

Of all the property taxes a resident pays, only 30 percent goes to the city, 32 percent to the school board, and approximately 27 percent to the county. The rest goes to children’s services, the South Florida Water Management District, the hospital district, and Florida Inland Navigation. 

Ultimately, the commission voted unanimously in favor of the preliminary rate increases and budget. The commission will not vote on final rates until Sept. 13.

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Bryan Boggiano

Bryan Boggiano
Bryan has a degree in journalism from the University of Florida and earned his masters in geosciences from Florida International University, where he focused in atmospheric sciences. His interests include weather, entertainment, and municipal government.