By Hank McCoy
Homeowners may be able to rejoice a bit. Despite a loss in revenue, Coral Springs will avoid raising millage rates for 2021. However, they will still pay more due to property values increasing.
On July 22, the city of Coral Springs held a special meeting to go over the budget plan for the next fiscal year. With the long-term effects of COVID-19 still unclear, the city is being forced to think frugally about where to allocate money in the budget and what to do with the tax revenue brought in.
Without raising millage rates, the average single-family household will still pay an additional $61.59 in property taxes a year, this is based on a home value of $377,579.
The millage rate is the amount per $1,000 which is used to calculate the taxes on a homeowner’s property.
Catherine Givens, director of Budget and Strategy for the city of Coral Springs explained the millage rate for 2021 is $5.8732 –unchanged from 2020 rate — but will still have to be advertised as a tax increase per state law.
“Any millage rate above the roll-back rate is considered to be a tax increase. So while we are saying keep the millage rate the same millage rate, it will be advertised unfortunately as a tax increase,” Givens said.
The roll-back rate is $5.6008.
For the five-year budget forecast, the city is considering an increase in millage rates in 2022 and 2024 by $0.15.
The millage rate of $5.8732 will bring in an additional $2.8 million in revenue for the city in 2021 compared to 2020. State law also requires that to keep the millage rate the same, there needs to be at least a 4-1 vote majority.
“It’s a little over $5 a month for the average single-family home,” said Commissioner Larry Vignola. “When you look at all the services provided by the city of Coral Springs, I think it’s a great deal.
Mayor Scott Brook agreed with Vignola’s sentiment and the commission voted unanimously to approve keeping the millage rate the same.
Send Your News to Coral Springs #1 News Site Here.
- NewsFebruary 1, 2024Coral Springs Commission Honors Stoneman Douglas Victims, Hosts Community Events
- NewsJanuary 12, 2024What Happened to Real Estate In Coral Springs in 2023 and What Are My 5 Predictions for 2024?
- NewsJanuary 1, 2024Coral Springs Commission Unveils Vision Summit, Other Events in 2024
- NewsDecember 28, 2023Coral Springs Police Chief Announces Increased Patrols and SafeKeepers Program