Preliminary approval granted for business tax increase in Coral Springs
Coral Springs, Florida – The city of Coral Springs is considering a business tax rate increase. This decision was preliminarily approved by the city commission on May 17th, calling for an increase of the current tax structure by five percent. However, a secondary review and formal vote are yet to be conducted before this increase is ratified.
Under this proposed adjustment, the majority of businesses within the city would witness their annual tax rate climb from $153.14 to $160.80, a modest augmentation of $7.66. This applies predominantly to a diverse range of sectors including business offices, contractors, professionals, entertainment, education, home-based businesses, general businesses, financial services, healthcare, and personal services.
Furthermore, housing businesses would be subject to a slight increment from $12.14 to $12.74 per housing unit. However, the tax alteration for restaurants, retail and manufacturing industries would be contingent on several variables including the number of seats for restaurants, monthly retail and wholesale stock for merchants, and the number of employees for manufacturing businesses.
The projected tax hike for small restaurants with a seating capacity of fewer than 75 seats is slated to increase from $229.71 to $241.20. This rate escalates from $577.35 to $606.22 for larger establishments.
In terms of merchant, retail, and wholesale businesses, those maintaining $10,000 or less in monthly retail or wholesale stock are expected to see their tax obligations rise from $215.13 to $225.89. For those holding up to $100,000, the tax increase is projected to be from $385.30 to $404.57. Those dealing with up to $250,000 in stock would see their tax obligations rise from $773.05 to $811.70, while businesses with stock exceeding $250,000 would experience a rise from $1,160.79 to $1,218.83.
As for the manufacturing sector, businesses with fewer than 50 employees will witness their taxes rise from $229.72 to $241.21. Companies with a larger workforce would see an increment from $619.90 to $650.90.
To be in compliance with the city’s land development code, businesses must possess a valid receipt from both the city and county to operate. According to city data, approximately 6,450 businesses currently hold tax licenses, and the city processes about 650 new tax receipts annually.
The proposed tax increase is intended to keep pace with the rising costs of city operations, explains George Soberon, the city’s code compliance manager. The state law permits municipalities to raise business tax rates by a maximum of five percent every two years. Prior instances of such increments occurred in fiscal years 2021, 2019, 2017, 2015, 2013, 2004, and 2002.
The motion to approve this business tax rate increase was moved by Commissioner Joshua Simmons and seconded by Commissioner Nancy Metayer Bowen. The unanimous approval from the commission takes this proposed increment one step closer to enactment. A secondary review and final vote will be held at the city commission’s meeting on June 7th, starting at 6:30 p.m.