Coral Springs, Florida – Coral Springs property owners may be asked to pay more in city taxes and fees in the next fiscal year.
According to the new plan announced on Friday, the city is proposing to drop the millage increase in the $147 million 2021-2022 fiscal year budget from the rate proposed in July of 6.2 to the new proposed rate of 6. The rate for the current 2020-2021 fiscal year is 5.8.
If the city moved forward with the millage rate proposed in July, it would have been a nearly six percent increase in mileage from the current year to next year – and it would have been one of the largest millage increases among Broward County cities for next year.
According to city officials, with the new proposed millage rate of 6, a homeowner with an average taxable value of $256,213 would pay about $2,293 a year for property taxes and city assessment fees (fire, stormwater, and solid waste).
Officials say that would amount to about $145 more in taxes and fees next year than what was paid in the current year.
City commissions will have a public hearing on the proposed millage rate and budget on Monday at 6:30 pm at City Hall at 9500 Sample Road. Commissioners will take a final vote on Sept. 22. The millage rate increase proposed in July had drawn criticism from some property owners who spoke at previous public meetings and commented on social media sites. They often argued that the tax increase wasn’t necessary since rising property assessments could provide extra funds the city needs to cover the rising costs of paying for city workers and maintaining city buildings, parks, and roads.
According to city officials, they are now able to reduce the proposed millage rate to 6 — from 6.2 in July — because of two reasons:
– The city is expected to receive more tax revenue from the state Department of Revenue than was originally projected.
– Officials are planning to tap Federal American Rescue Plan Act funding.
In a statement, City Manager Babinec explained the reasoning for reducing the proposed millage: “The financial sustainability of our city is one of my greatest responsibilities. Our city’s five-year forecast originally called for a .2025 increase to the millage rate, I am pleased that city staff were able to further reduce the planned millage increase to .1500. From strategic planning to building our FY2022 budget, I challenged staff to determine their needs versus wants to ensure we can fulfill our vision to be the premier city in which to live, work, and raise a family. The budget process is just that, a process in which we seek public input, take into consideration new information about taxable revenues and federal funding opportunities, which led to a 57% reduction to the original proposed millage rate.”