A proposal to cut property taxes by 2% has been upped to a proposal to cut by 3% bby Commissioner Mary McCarty, with residents with homestead exemptions having no change in their county tax bills. The 3% tax rate cut would offset the rise in property values, with homeowners paying $4.30 for every $1000 in assessed values instead of the current $4.45.Public hearings on the budget are set for July with voting in September. The 2006 budget was $3.9-billion; the 2007 budget calls for a $4.3-billion spending plan.
With a 21% spike in property values, about $100-million in extra revenues was created, even after McCarty’s proposed tax rate cut. Property value growth is expected to slow in 2007 due to a softened real estate market.
The Economic Council of Palm Beach County submitted a letter saying the tax rate reductions being discussed aren’t enough, considering the county has benefited from a soaring real estate market in recent years.
A 9% property tax cut was voted on for Broward County, although new projects proposed there might eat deeply into that tax cut.
