CORAL SPRINGS, FL – The average property owner in Coral Springs can expect to pay $70 in new taxes and fees next year under a preliminary Coral Springs budget for fiscal year 2020-21.
The owner of a home with an average value of $377,579 would pay a total of $2,431 in taxes and fees in the coming year, according to the proposed budget presented to Coral Springs City Commission this week.
That includes city taxes, debt payments, and fire, stormwater, and solid waste assessments.
Coral Springs’ taxes and fees make up about 30 percent of the tax bill for property owners in Coral Springs. In all, there are seven government entities on each bill. Broward County accounts for almost 28 percent of the bill, Broward County School Board for 33 percent, and next largest, Broward Health, for 5 percent.
The city’s proposed tax millage rate for next year -- 5.8732 -- is the same as the past three years, according to the budget. The reason the tax payment would be going up is because of increases in property values.
There’s a likely possibility the millage rate will need to be increased in the following year (fiscal year 2021-22) and the year after that (fiscal year 2022-23) to generate more revenue and keep up with city’s growth and initiatives, officials said.
In putting together the new budget, the city is looking at revenue projections showing that up to $11.7 million could be lost in the next three years as a result of the pandemic. The potential reduction is due to declines in federal assistance and short-term and mid-term borrowing to prevent cashflow shortfalls.
To make up for the ongoing and future loss of revenue, city staff has reduced hiring, held off on training, and sidelined many projects.
City Commissioners said the relatively small increase in taxes and fees facing Coral Springs property owners is worth it.
“When you look at everything you get, it’s a great deal,” Commissioner Larry Vignola said.
Mayor Scott Brook said most people are in “alignment with our directive and they have a lot of faith in the city.”
Public hearings on the new budget are scheduled for Sept. 14 and 21.
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