Title
A Resolution Of The City Commission Of The City Of Hollywood, Florida, Fixing The Amount And Rate Of Taxation For The Fiscal Year Commencing October 1, 2026; And Making The Tax Levy For The Year 2026.
Strategic Plan Focus
Financial Management & Administration
Body
Staff Recommends: Approval of the attached Resolution.
Explanation:
The City Commission, in accordance with Florida State Statutes §200.065, is required at this time to fix the ad valorem millage rate pursuant to and in accordance with said law.
According to the Broward County Property Appraiser’s Office, the gross taxable value for the City for tax year 2026 (“FY 2027”) is $28,681,831,965, which is a net increase of $1,649,799,267 or 6.10% over last year’s final gross taxable value amount of $27,032,032,698.
The accompanying resolution sets the Fiscal Year 2027 Operating millage rate at 7.4293 mills, which is flat as compared to the FY 2026 operating millage rate. The resolution also sets the voted debt service millage for FY 2027 at 0.5075 mills. The total proposed millage rate is 7.9368 mills, which is a net decrease of 0.0238 mills compared to the combined rate in FY 2026.
Fiscal Impact:
The Operating Budget millage rate of 7.4293 mills is calculated pursuant to Florida State Statute §200.065 and is 6.06% or 0.4242 mills above the roll-back rate of 7.0051 mills. Approval of this rate requires a two-thirds vote by the City Commission in order to meet State statutory requirements. A millage rate of 7.4293 would generate net property taxes of $202.6 million, which is $9.2 million more in property taxes than FY 2026.
Recommended for inclusion on the agenda by:
Duncan Brown, Jr., Director, Office of Budget & Strategy
Adam Reichbach, Deputy City Manager