The newly proposed $286.4 million city budget would result in higher fees and taxes for Coral Springs residents

Coral Springs, Florida – Coral Springs passed a $286.4 million budget this week for the upcoming fiscal year, which includes higher fees and taxes for property owners despite a stay of the city’s millage rate.

Following two public hearings, the 2024–25 fiscal year budget was approved by the city commissioners through a series of votes.

According to city estimates, the owner of a typical property in Coral Springs assessed at $609,432 will pay $2,810 in taxes and fees next year, up $141 from the current year, if the millage rate of 6.0232 stays steady.

Additionally, the owner of a typical Coral Springs condominium, valued at $210,372, will have to pay $1,541 in taxes and fees in the upcoming year, an increase of $106 from the previous one.

According to city records, the total taxable assessed value of properties in the city increased by 8.4% to $15.1 billion, which is the reason for the tax increases.

The increase in property values is expected to generate an extra $6.4 million in revenue for the local administration.

In reference to the budget, Commissioner Nancy Metayer Bowen stated during the meeting, “I want our residents to know that this is not something we take lightly.” “To ensure that we are giving our residents here in Coral Springs the best quality of life, this is something we discussed and worked through with various departments.”

Everybody pays taxes, too. We are affected too, just as much as you are. Furthermore, I’m certain that I want to reside somewhere I’m proud to call home. I have a specific aesthetic in mind. I desire inclusivity in the programs. She went on, “I want to make sure that our public services are accessible.

Mayor Scott Brook continued, saying, “I believe the city offers excellent value.” We offer first-rate services in a wide range of formats.

“We’ve managed to maintain the current millage rate by diversifying our tax base in a fairly healthy manner,” he continued.

The updated budget additionally comprises:

– There will be a $19.46 increase in the fire assessment cost for residential (single and multi-family homes), going from $267.72 to $287.18. There will be a $4.08 increase in fire for commercial premises, from $31.73 to $35.81 per 100 square feet, and a $0.59 rise for industrial warehouse structures, from $4.20 to $4.79 per 100 square feet.

– A weighted average of 5.1% will be added to water and sewer rates.

– Each single-family property will now pay a $434 special assessment instead of $370, an increase of $64 in comparison.

– Additionally, the rate of storm-water assessment will rise to $144.87 per ERU from $133.87 currently.

A $27.4 million capital improvement plan is also included in the new budget.

Four traffic accident investigators, two police officers, and two code inspectors are among the new posts included in the new budget, which is estimated to cost $1.8 million.

According to officials, the extra jobs are necessary to keep up with the city’s expansion.