The City of Lauderdale Lakes Commission will consider adopting a Fiscal Year 2015 Budget which, if passed, would lower the millage rate from 9.00 to 9.50. 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 same scenario with the proposed millage rate of 9.00, a property owner could realize a slight savings.
The proposed millage rate of $9.00 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% increase in their home value would pay $703.40 in City property taxes. As it relates to the fire assessment, a new rate structure is proposed to fund fire services, totaling $302.60 for single family and $378.25 for multi-family with proportional increases to all non-residential rates.
The total proposed City of Lauderdale Lakes Fiscal Year 2015 (All Funds) Budget is $33,504,026. Of that total, the City’s Fiscal Year 2015 General Fund Budget is $16,616,468.
While the City’s assessed values increased by approximately $33 Million for Fiscal Year 2014, the City’s proposed $9.00 rate will generate approximately $236,832 less in property taxes compared to the current fiscal year budget. Despite the property tax revenue decrease, the City will be able to fund the increased cost to BSO for public safety services and other essential governmental services and programs that benefit its City residents and businesses.
This budgetary information only pertains to the City of Lauderdale Lakes which consist of a small portion of the overall tax bill. The taxing authorities include Broward County, Broward County School Board and other special taxing districts. For more information on the City’s proposed Fiscal Year 2015 Budget, please contact Financial Services at 954-535-2828.
“Our City residents have stood steadfast with the City Commission and City Staff in getting the City back on a sound financial footing. I am pleased that the City will be able to provide property tax relief to our residents. We have worked hard to improve the City’s overall financial outlook.” said Lauderdale Lakes Mayor Barrington A. Russell.