Title
MOTION TO ESTABLISH THE MILLAGE RATE TO BE ADVERTISED IN THE TRIM NOTICE PUBLISHED BY THE BROWARD COUNTY PROPERTY APPRAISER DUE FRIDAY, AUGUST 2, 2024.
Summary Explanation and Background
SUMMARY EXPLANATION AND BACKGROUND:
1. The City's millage rate to be advertised for the TRIM notice must be sent to the Broward County Property Appraiser by Friday, August 2, 2024.
2. Once the City’s millage rate for the fiscal year 2024-25 has been published in the TRIM notice, the City may subsequently adopt a lower operating millage rate than the one advertised, but CANNOT adopt an operating millage rate that is higher than the published rate.
3. The July 1, 2024, taxable value for the City is $18.9 billion and represents an 8.39% increase over the 2023 final taxable value of $17.4 billion.
4. For fiscal year 2024-25 the operating millage rate being recommended for the TRIM notice is 5.6690, which is same as the current year’s millage rate.
5. The proposed aggregate millage rate including the debt service millage rate of 0.3208 will be advertised at 5.9898, which is 0.0202 below the current year. The impact on the median residential property is $85.23 due solely to the median residential taxable value increasing by $15,610, moving from $186,840 to $202,450.
Adopted
Proposed
2023-24
2024-25
Change
Operating Millage
5.6690
5.6690
-
Debt Service Millage
0.3410
0.3208
(0.0202)
Total Millage
6.0100
5.9898
(0.0202)
6. Based on the July 1st taxable value, the proposed operating millage of 5.6690 would generate $101.7 million in ad valorem revenues.
7. Regardless of the operating millage rate selected, only a majority, which is three (3) affirmative votes of the Commission, is needed to approve the rate to be advertised in the TRIM Notice.
8....
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