Coral Springs property owners could pay more to the city next year as proposed budget increases assessments and revenue
Coral Springs, Florida – Property owners in Coral Springs are expected to pay more to the city next year under the proposed budget plan, with the increase coming from a combination of rising property values and higher city assessments.
According to city documents, the owner of an average Coral Springs home would pay about $3,140 to the city during the upcoming fiscal year, which is an increase of approximately $106 compared with the current year. The proposed changes were discussed during a special City Commission meeting held on Thursday, July 2, when commissioners set the tax rate and assessments that will appear on property owners’ upcoming Truth in Millage, or TRIM, notices.
The vote established the maximum tax rate the city can use for the new budget year. Commissioners still have the ability to lower the rate before the final budget is approved in the fall, but state law prevents them from increasing it beyond the amount already set. The city’s fiscal year runs from Oct. 1 through Sept. 30.
Under the current proposal, Coral Springs would keep its property tax rate at $6.02 for every $1,000 of taxable property value. Although the rate itself is not increasing, the taxable value of many homes has grown, meaning some property owners will pay more in city taxes.
The Broward County Property Appraiser lists the taxable value of an average Coral Springs home at $360,581. That value has increased by 2.7%, raising the property tax portion of the average bill to about $2,145, an increase of $56 from the previous year.
Because the proposed tax rate is higher than the state-required rolled-back rate of $5.75 per $1,000 of taxable value, the city must advertise the proposal as a tax increase. The rolled-back rate represents the amount needed for the city to collect roughly the same amount of property tax revenue it received the previous year.
City documents show that maintaining the proposed rate would generate about $4.07 million more in revenue than the current budget.
In addition to property taxes, residents also pay several city assessments that support specific services. Three assessments are included on property tax bills, and each one is expected to increase under the proposed budget.
The fire assessment would rise from $308.18 to $324.92. The solid waste assessment would increase from $434 to $464, while the stormwater assessment would move from $144.87 to $149.22. Property owners will also continue paying $56 toward voter-approved debt.
When the property tax, assessments, and debt payment are combined, the average homeowner’s total payment to the city would reach $3,140.18. That amount represents an increase of about $8.86 per month compared with the current year.
Condominium owners would also see a higher city bill. The average condo owner is expected to pay about $1,777 to the city next year, an increase of $71.
The city’s portion represents only part of a property owner’s overall tax bill. Officials noted that Coral Springs receives about 30% of the total property tax payment. The Broward County School District accounts for approximately 34%, while Broward County receives about 27%. The remaining amount goes to several smaller taxing districts.
Before the final budget is approved, residents will have opportunities to comment on the proposed spending plan. The city will hold a Budget Town Hall on Aug. 25 at 6 p.m. in the City Hall Commission Chambers. Additional budget meetings are scheduled throughout August.
The City Commission must also hold two public hearings before making the final decision on the budget and tax rate in September.
Until those final votes take place, the current proposal remains subject to change. Commissioners can still reduce the tax rate before adopting the final budget, giving residents an opportunity to share their opinions before the city’s spending plan for the next fiscal year is finalized.
