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Dear Neighbor,
If you own property in Fort Lauderdale, then very soon you will receive your yearly TRIM (Truth in Millage Rate) notice from the Broward County Property Appraiser’s Office. A TRIM notice is NOT a tax bill; it simply allows you the opportunity to review your proposed property taxes, assessment, and exemptions to ensure that your November tax bill is correct and that you are receiving the eligible tax-exemptions allotted to your property.
The amount of taxes that you owe is determined by two factors: the assessed value of your property and the tax rate. The Broward County Property Appraiser determines the assessed value of your property; his office does not set the tax rates. The tax rate is determined by the entities that have taxing authority over the community in which your property is located. In Fort Lauderdale, this includes the Broward County Commission, the Broward County School Board, City of Fort Lauderdale Commission, the hospital district, and multi-county districts such as South Florida Water Management. The property appraiser compiles these individual millages proposed by those entities and sends an all-inclusive TRIM notice to every property owner.
As staff prepares the budget for FY 2024, the City received positive news regarding one of the largest revenue sources: ad valorem (property) taxes. Property taxes account for approximately 47.3% of ongoing General Fund Revenues. The Broward County Property Appraiser's June 1, 2023 estimate indicated an increase of 11. 7% in the City's taxable property value. This is an increase from $48.8 billion to $54.5 billion based on the final valuation for 2023. Of the $5.7 billion increase, $1.0 billion is associated with new construction, which is a positive outcome of the City's ongoing focus on smart growth and economic revitalization. Overall, this increase is expected to yield approximately $20.9 million of additional revenue that the City can use to offset its increasing expenses.
A portion of this increased property value will result in an increased transfer of funds in the amount of $1.2 million to the Community Redevelopment Agency (CRA), due to the growth in taxable values in the CRA areas. CRA funding comes from the property tax dollars generated above the special district's baseline property value when the CRA was first established. The City's FY 2024 transfer to the Northwest Progresso Flagler Heights CRA will be $9.4 million and the transfer to the Central City CRA will be $1.1 million based upon June 1 estimates.
Because of the significant increase in taxable values, I am very proud to say that the City can maintain its current low millage rate of 4.1193 for the seventeenth (17th) consecutive year (unheard of in Broward County) and produce, year over year, a structurally balanced General Fund Budget.
Each taxing authority is required to hold two public hearings before they set the tax rate. I encourage everyone to attend the annual public meetings and give input on the tax rates being set as several other entities are responsible for a larger portion of your tax bill than the City of Fort Lauderdale. The largest portion of your tax bill is derived from the Broward County Commission and Broward County Public Schools. The taxing authorities’ phone numbers, as well as the dates and times for each of the meetings being held, is included in your TRIM notice. The City of Fort Lauderdale will hold two Budget Hearings in-person at The Parker (707 Northeast 8th Street) on September 5, 2023, and September 13, 2023, at 5:01 P.M.
If you feel that your assessed property value is too high, please contact the Broward County Property Appraiser’s Office. A representative will be more than happy to speak with you and address your concerns. If after speaking to the property appraiser’s office, you still feel that your market value is too high, you can file a petition with the Value Adjustment Board (VAB). The Broward County Value Adjustment Board (VAB) is the independent appeals board that has initial jurisdiction over challenges to any property valuations (the "assessed value"), denials of exemptions, denials of classifications, and other similar matters. The statutory deadline to file with the VAB is September 18, 2023.
Property values and the corresponding tax rate have always been, and will continue to be, a top concern for the residents in our community. As property values and the tax rate both serve as the driver for your tax obligation, understanding the methodology for the rates proposed in your TRIM notice is a very important step in joining the conversation and having your voice heard.
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