Coral Springs, Florida – New 0.1500 millage rate increase for the 2022 Fiscal Year approved by Coral Springs city commission at its Sept. 22 meeting.
With a mill representing the amount in taxes that a property owner pays for every $1,000 of a property’s taxable value, the 2022 millage rate will increase from 5.8732 to 6.0232 mills.
A home with an average market value of $397,066 and an average taxable value of $256,213 will pay $2,293.08 in 2022. The increase averages $145.24 a year, including a $15.72 increase in the fire assessment fee and a $32 increase in the solid waste assessment.
The commission also voted to increase the millage rate back in 2018, but in 2020, they left it unchanged. City officials do not project a millage rate increase for 2023, but documents show rate hikes are possible in 2024 and 2026.
In June, City staff discussed raising the millage rate and eventually proposed a 0.3500 increase. According to City Manager Frank Babinec, due to planning and American Rescue Plan Act funding, they anticipated the rate increase to be less than 0.2 mills.
The city revealed the final proposed rate increase on Sept. 10 —57% less than initially proposed.