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, 2024, And Making The Tax Levy For The Year 2024.
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 2024 (FY 2025) is $25,465,441,781, which is a net increase of $2,231,790,294 or 9.61% over last year’s final gross taxable value amount of $23,233,651,487.
The accompanying resolution sets the Fiscal Year 2025 Operating millage rate at 7.4479 mills, which is a decrease of 0.0186 mills as compared to the FY 2024 operating millage rate. The resolution also sets the voted debt service millage for FY 2025 at 0.5653 mills. The total proposed millage rate is 8.0132 mills, which is a net decrease of 0.0714 mills compared to the combined rate in FY 2024.
Fiscal Impact:
The Operating Budget millage rate of 7.4479 mills is calculated pursuant to Florida State Statute §200.065 and is 8.76% or 0.5997 mills above the roll-back rate of 6.8482 mills. Approval of this rate requires a majority vote by the City Commission to meet State statutory requirements. A millage rate of 7.4479 would generate net property taxes of $182.2 million, which is $15.2 million more in property taxes than FY 2024.
Recommended for inclusion on the agenda by:
Jonathan Antista, Director, Office of Budget & Performance Management
Adam Reichbach, Assistant City Manager for Finance and Administration