By Sallie James
Municipal taxes in this city are holding the line, but homeowners will still see a hike in their property taxes because assessed values have skyrocketed.
The city initially proposed a municipal tax rate of $7.1766 per $1,000 of assessed value but lowered that rate to $7.00 per $1,000 of value during two recent budget hearings on September 14th and September 26th. The municipal tax rate of $ 7.000 will generate $41,476,648 in revenue.
The approved municipal tax rate for the 2023-2024 fiscal year is the same rate residents paid last year.
The total assessed value of property in Tamarac jumped from $5,332,804,719 in 2022 to $5,925,235,436 in 2023, an increase of $592,430,717, according to the Broward County Property Appraiser.
Under the approved city tax rate of $7.00 per $1,000 of assessed value, the owner of a $450,000 home would pay $3,150 in municipal taxes. Residents who purchased homes in 2023 will see a more significant jump in property taxes after the taxes reset based on the home’s new market value.
Municipal taxes, however, are only a small portion of a resident’s property tax bill. A typical tax bill also includes charges for the Broward County Commission, Broward schools, the South Florida Water Management District, the Children Services Council, and the hospital district. Tamarac property owners also pay a solid waste assessment, a stormwater assessment, and a fire rescue assessment.
This year, Tamarac residents’ fire rescue assessment fee was raised by $70 a year from $350 to $420. The annual residential rate has remained the same since 2017. Non-residential rates are determined by the classification type and the square footage of the specific property.
The fire rescue assessment will raise $16,824,210, part of which will help pay for a new fire truck for Tamarac Station #36 at 7499 NW 72nd Ave, which has been operating since that station was built without a fire truck.
The city’s $90,489,937 general fund budget includes $107,000 for renovations to the City Manager’s office and new furniture; $379,209 to the Broward Sheriff’s Office to cover legislative changes made to pension rates and hourly wage adjustments for school crossing guards; $175,000 for increases in recycling costs; $1,040,000 for the Shaker Village property acquisition and $225,000 for three city surveys and consulting work.
Got News? Send it to Tamarac Talk. Don’t miss reading Margate Talk, Coral Springs Talk, Coconut Creek Talk, and Parkland Talk.