HomeMy WebLinkAboutPublic Hearing Tax Rate 08.29.23FY 2023-2024
Proposed Budget
Public Hearing – Tax Rate
August 29, 2023
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Comparison of Assessed Value
Tax Years 2022-2023
Certified Certified Inc/(Dec)%
(in Billions)2022 2023 2022-2023 Inc/(Dec)
Total Market Value 5,402 5,945 543 10%
Less Caps & Exemptions 1,633 1,707 74 5%
Taxable Value 3,769 4,238 469 12%
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Tax Rate Calculation
FY 2023-2024
•No New Revenue Tax Rate (Previously Effective Tax Rate)
•Basically, the tax rate needed to generate the same amount of taxes as last year
•Voter Approval Tax Rate (Previously Rollback Rate)
•The highest tax rate a taxing unit can adopt without holding an election
•New legislation in 2021 created a modification of formula used for the M&O rate
•Change in maximum rate from 8% to 3.5% without requiring an automatic election
•Calculation resulted in a required $.04 reduction in proposed property tax
rate
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Proposed Tax Rates
FY 2023-2024
Calculated: FY2023 FY2024 Inc/(Dec)
No-New Revenue Tax Rate 0.617512 0.547795 (.07)
Voter Approval Tax Rate 0.691535 0.648641 (.04)
Proposed:
M&O Rate 0.434681 0.398468 (.04)
Debt Rate 0.256854 0.250173 (.01)
Total Proposed Tax Rate 0.691535 0.648641 (.04)
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Proposed Tax on Average Homestead
FY 2023-2024
2022 2023
FY2023 FY2024 Inc/(Dec)
Average Homestead Taxable Value $82,245 $91,390 $9,145
Tax Rate .691535 .648641 (.04)
Tax on Average Homestead $568.75 $592.79 $24.04
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