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Millage Rates for TRIM Notification - Establish the Fiscal Year 2024/25 proposed millage rates and set the date, time, and place for the First Public Hearing to tentatively adopt the Fiscal Year 2024/25 County Budget. Countywide (Timothy Jecks, Management & Budget Director)
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Division:
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Management and Budget
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Authorized By:
Timothy Jecks, Management & Budget Director
Contact/Phone Number:
Sara Carrick/407-665-7180
Background:
The Truth In Millage (TRIM) process informs taxpayers and the public of the legislative process local authorities must comply with in determining ad valorem (property) taxes.
Section 200.065, Florida Statutes and Florida Administrative Code 12D-17.003 requires that each taxing authority certify to the Property Appraiser their current year millage rates, the proposed millage rates, the rollback rates, and the date, time, and place of the first public hearing within 35 days of certification of taxable values (August 4th, 2024). This information is mailed by the Property Appraiser's Office no later than August 24th to each property owner via the "Notice of Proposed Property Taxes" (TRIM Notice) and serves as the notification for the First Public Hearing to tentatively adopt the budget. The second public hearing date is set at the Tentative Budget Hearing and is advertised pursuant to Florida Statutes in a newspaper of general circulation.
Public Hearings are proposed as follows:
1st Public Hearing - Wednesday, September 11, 2024 at 5:30pm, BCC Chambers in accordance with federal, state, and county directives.
2nd Public Hearing - Tuesday, September 24, 2024 at 5:30pm, BCC Chambers in accordance with federal, state, and county directives.
Proposed Budget and Millage Rates:
The FY 2024/25 Proposed Budget for Seminole County is balanced as required by State law. The proposed budget has been formulated based on maintaining current property tax rates for all BCC taxing districts as outlined on the attached table.
Pursuant to Florida's "Truth In Millage" law, a tax increase occurs when the adopted millage rate exceeds the rollback rate. The rollback rate essentially generates the same property tax revenue for each taxing authority as was levied during the previous fiscal year; exclusive of new construction and voted debt. Any rate over the rollback rate is considered a tax increase and must be noticed and announced as such.
The rollback ad valorem tax rate is predicated on changes to existing properties. Countywide property values for FY 2024/25 grew by 8.43% with 6.94% of this growth associated with the reappraisal of existing properties and 1.49% for new construction. In aggregate, maintaining current millage rates for all BCC taxing districts with an 8.43% growth in existing property values results in a statutory increase of 6.48% in property taxes levied. Ad valorem revenue generated by the increase in taxable values over the prior year adopted revenue totals $26.6M, with $19M for Countywide General services, $201K for the Unincorporated Road District; and $7.4M for the Fire District.
Requested Action:
Staff requests the Board approve the Fiscal Year 2024/25 proposed millage rates and set the date, time, and place for the First Public Hearing to tentatively adopt the Fiscal Year 2024/25 County Budget.