The City of Lauderdale Lakes adopts FY2015 budget with lower tax rate
The City of Lauderdale Lakes Commission adopted a Fiscal Year 2015 Budget, which reduces the City’s property tax rate. City Manager Jonathan Allen has proposed a Fiscal Year 2015 Budget that lowered the property tax rate to 8.9500 from last year’s 9.5000 property tax rate.
Based on the current rate of $9.50 rate for each $1,000 of assessed value, the owner of a $125,000 home who receives a $50,000 homestead exemption would pay $712.50 in City property taxes. Under the proposed rate of $8.95 rate for each $1,000 of assessed value, the owner of a $125,000 home who receives a $50,000 homestead exemption along with an average 4.79 percent increase in their home value would pay $703.40 in City property taxes.
The approved millage rate is 8.9500, and the voted debt service rate is 1.3954. The fiscal year 2015 combined millage rate is 10.3454. The total City of Lauderdale Lakes Fiscal Year 2015 (All Funds) budget is $33,559,741. The City’s Fiscal Year 2015 General Fund Budget is $16,609,683. The majority of the General Fund supports the contractual cost for BSO police and fire rescue services.
The City’s assessed property values have increased by approximately $33 Million for fiscal year 2014. However, based on the City’s proposed $.55 reduction in the tax rate, the City’s proposed $8.95 rate will generate approximately $236,829 less in property taxes compared to the current fiscal year budget.
The City’s FY2015 Proposed tax rate is an overall decrease of 0.72% in its current property tax rate from the Roll Back Rate which is calculated at 9.0147. The Roll Back Rate is the rate needed to generate the same amount of ad valorem tax receipts in Fiscal Year 2015 that were generated in Fiscal Year 2014. Despite the property tax revenue decrease, the City will able to fund increased costs BSO police and fire rescue services and other essential governmental services and programs that benefit its City residents and businesses.
The City will implement a new fire assessment rate structure to fund fire services, including $302.60 for single family and $378.25 for multi-family with proportional increases to all non-residential rates. Note that the City taxes consist of a small portion of the overall tax bill, which also includes County taxes, school district taxes and special taxing districts.
Lauderdale Lakes Mayor Barrington A. Russell Sr. said, “I want to commend City Manager Jonathan Allen and his staff for preparing a budget that gives the residents property tax relief. We have worked hard to improve the City’s financial overall stability.”